The first solution to implement precision physiological monitoring into a compact earpiece, providing automated real-time data, audio and powerful cloud-based analytics.

Bodytrak

90% INVESTMENT RAISED
91% INVESTMENT COMMITED
Maturity

Sales and licensing

Sector Diagnostics
Market

Physiological monitoring and analytics

Equity
EIS Advance Assurance received
£766,201Funds Raised
£850,000Target
9 investors 8days left
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What our experts say

The final rating

Team
82%
Science
73%
Innovation
72%
Business
78%
Finances
80%
Premoney Valuation

£6,009,923

Offered equity

12.39%

Exit Horizon

2020-2022

Minimum investment

£250

The BioExpert Network is an independent and exclusive network of industry experts in the sectors of life science and investment. Only proposals which receive the most positive responses, in terms of novel concepts, scientific validity and financial accuracy successfully progress to funding campaign stage on the Capital Cell online platform.
Precision physiological monitoring and analytics through an earpiece

The first solution to implement precision physiological monitoring into a compact earpiece, providing automated real-time data, audio and powerful cloud-based analytics.

Our team

Founders

Leon Marsh
Founder & CEO (full-time)

Leon is the driving force behind Inova and inventor of the technology. He read design engineering at Brunel University and embarked on a product design career for 10 years with Philips and Nokia, working across design, innovation, product development and manufacturing in the UK, mainland Europe and the Far East. Following this he founded Bodytrak, and his achievements in the business so far include the grant of a worldwide patent and several others pending, raising over £3.0m, and the development of relationships with multi-national and high profile corporations. Leon’s personal ambition is to deliver unrivalled end-to-end solutions to individuals who will experience improvements to their health and well-being.

Geoffrey Drage
Chairman (part-time)

Geoffrey trained as a chartered accountant in the City and has since held Directorships for 25+ years in both private and public organisations. Geoffrey co-Founded two technology companies, one of which is still trading and the other was sold to NASDAQ quoted OSI Systems. Geoffrey is an executive director and shareholder, and has been involved in the business almost since inception and his role is focused around strategy & governance.

Richard Collins
Head of Product (full-time)

Richard has over 10 years’ experience across mobile software, telecommunications and IoT. He has worked at the heart of several mobile and IoT industry ecosystems directing product strategy and development and executing successful go-to-market strategies. Richard leads all internal technology development, manufacturing & supply chain relationships, and external partner development.

Alec Creighton
Head of Business Development (full-time)

Alec has held senior management positions in both the private and public sectors in both the USA and the UK. In the private sector, Alec focused on developing, maintaining and farming key commercial accounts in the banking sector. Within the public sector, Alec was responsible for three key services in primary care as well as developing business strategies for securing funding from multiple public domains.

Stephanie Brand
Financial Controller (part-time)

Stephanie is a senior finance manager with extensive experience in business partnering (finance and non-finance), financial control and financial planning & analysis across a variety of industries from blue chip companies (Orange, P&O Nedlloyd and British Aerospace) to SMEs. Stephanie carries out day-to-day accounting as well as providing the board pack and financial modelling/business planning.

Dr Su-Shin (Ed) Ang
Principle R&D Engineer (full-time)

Ed obtained a BEng from Imperial College London in 2003. He stayed on at Imperial to do a PhD in Electrical and Electronics Engineering, where he went on to specialise in biomedical signal processing, designing algorithms for automated patient monitoring in the healthcare context. Ed is a Biomedical Engineer at Inova, where he continues to conduct research and development work for applications including sport, defence and healthcare. He has published journal and conference papers for the Journal of Real Time Image processing, Field-Programmable Custom Computing Machines, Field-Programmable Technology, and the British Medical Journal.

Calin Soporan
Senior Embedded Engineer (full-time)

Calin leads all firmware development and testing for Bodytrak and Bodytrak accessories, working with project partners where necessary. Calin’s skillset includes embedded systems, embedded Linux, C, C++, embedded C, ARM, device drivers, software design and subversion.

Dmitry Iakovlev
Analytics R&D Engineer (full-time)

Dmitry is in the final stages of completing a part-time PhD but is full-time in the business. Dmitry specialises in biosignal processing and developing algorithms for different use cases from health monitoring and identifying specific events, to performance analysis.

Toby Sherwood
Junior R&D Engineer (full-time)

Toby recently completed a masters in engineering and management which provided an excellenet foundation in multi-disciplinary engineering. Toby’s main role in Inova is in biosignal processing and supporting the development of algorithms.

Cianan O'Dowd
Senior Product Designer (full-time)

Cianan is a former Dyson engineer and leads the product design and mechanical engineering of the technology, including consumer immersion research, requirements setting, concepting, ergonomic design, co-design with our manufacturer, and general problem solving of complex challenges.

Emily McLoughlin
Product Engineer (full-time)

Emily holds a First class MEng in Mechanical Engineering (Biomedical). She previously worked for a global provider of architecture, design and engineering services involving researching and developing designs for high profile projects. Emily is now working as a Product Engineer at Inova and focuses on mechanical design and product development. Emily is also an elite triathlete and has been racing nationally and internationally as an Elite triathlete for the past 7 years and ranked 3rd British Elite Super Series in 2012 and placed 4th British Elite Triathlon Championships 2013.

Lisa Henderson
Sports & Clinical Exercise Physiologist (full-time)

Lisa is a research specialist at Inova and specializes in the development of trial protocols, trial set up and data collection. Lisa is also integral to the assimilation, analysis and distribution of trial data via white papers, and has invaluable experience in this field both with BUPA and Surrey Clinical Research Centre.

Advisors

Michael von Bertele
Defence & Clinical Advisor (CB, OBE, FRCP)
Lewis James
Sports Physiology Advisor (PhD)
Dr Marcela VIzcaychipi
Clinical Advisor (MBBS, MD, EDICM, FRCA, Mphil)

Partners

Flextronics

Contract manufacturer

The Technology Partnership

Design engineering subcontractor

University of Portsmouth

Testing and validation partner

Innovate UK

Grant funding ~£900k

The project

Gold standard accuracy against medical devices (88% - 99% correlation)
Multiple physiological metrics in one device including core body temperature and heart rate
Proprietary cloud-based analytics with machine learning to enable intervention
Ear-worn wearables are growing at a rate of 10X compared to wrist-based wearables.

Bodytrak® uniquely combines the measurement of core body temperature (CBT), heart rate (HR), heart rate variability (HRV), volume of oxygen consumption (VO2) and motion metrics, along with providing two-way communications and ambient sound transparency so the wearer can still hear their surroundings.

Keep reading

Accurate sensor data is sent to a single- or multi-user dashboard where analytics and machine learning is used to provide warnings and flags where physiology is outside normal parameters. Examples of analytics include detecting the onset of heat illness, fall detection, over training, fatigue and so on. Bodytrak® uses the ear as a measuring site which, due to the close proximity to the brain, enables our sensors to pick up very accurate and immediate changes in the body; and is more reliable than other wearables, for example wrist-based devices located at the body’s periphery. Since Bodytrak utilises the ear and provides two-way communications to replace existing devices, the rate of adoption into target sectors should be very high.

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The problem

Bodytrak enables interventions for those at high risk or in remote environments, providing early warnings of, for example, heat stress and cardiac strain to prevent severe illness and costly and disruptive evacuation procedures. Whether a worker on an oil platform, a driver in a vehicle, a soldier on the Brecon Beacons or a patient at home, Bodytrak provides significant advances in the area of health monitoring, illness prevention and risk reduction.

The solution

Bodytrak® is the next generation in wearable technology. Bodytrak provides precision physiology monitoring in a compact earpiece with automated real-time data along with machine learning and intelligent algorithms to give unrivalled insights to enable marginal gains as well as early intervention to reduce risk and associated insurance premiums. It is the only device able to measure core body temperature unobtrusively, continuously and as accurately as medical devices.

Our difference

No other devices exist today which are independently proven to accurately measure core body temperature unobtrusively (plus other metrics) and determine heat illness/stroke. In addition, CBT cannot be directly measured via the skin, so any skin-based solutions (e.g. wrist device) are not a reliable measure.

Business model

The business model

Inova operates a largely enterprise SaaS subscription model comprising both the hardware and data analytics as well as support services. We will first carry out direct sales to customers in professional sport, industrial health & safety and defence to gain endorsements from key opinion leaders (e.g. pro cycling, oil & gas, fire services, MOD), based on phased releases to meet the regulatory requirements of the different sectors.

Keep reading

We will then utilise distribution/white labelling via strategic channel partners to increase penetration, and license our embedded platform to established brands to access mass markets.

We will continue to innovate through insights from KOLs and develop the Bodytrak® capability with strategic partners & academia. Our business model supported by high gross margins and an enforceable intellectual property strategy.

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Use of funds

35% Business development
47.5% Technology development & manufacturing setup
17.5% Continuing market & validation trials, IP portfolio

Market and competitors

The wearable market largely comprises wrist-based and ear-worn devices, with an aggregate size of $40m (2019 forecast). Whilst the market is roughly split down the middle in size, ear-worn wearables are growing at 10X the rate of wrist-based devices, which is a saturated segment and some report is in decline.

Keep reading

The recent casualty of Jawbone is a sure sign of this. Amongst the ear-worn devices segment there are a few biometric devices coming into the market but none measure core body temperature and according to our enterprise customers none work effectively. Conversely, Bodytrak has been validation tested by three leading universities and now a customer. Our customers tell us we have a 12-18 month advantage over the rest of the competition.

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Investments and exits

To date we have raised £2.0m (net) investment, £900k grants, £200k revenue and £60k Director funds. We’ve also put in place a multi-disciplinary team and significantly reduced technical and commercial risk.

Keep reading
We are now seeking £850,000 new investment at a £6,009,923 valuation, with a significant proportion being provided by our existing corporate investor, Breed Reply, and we aim to close the round end-November 2017. The company will accept overfunding to a maximum total of £1.5m at this valuation to accelerate the timeline to manufacture and enable further revenue growth prior to Series A.Inova has received EIS pre-approval and already issued EIS certificates. It anticipates an exit through trade sale or IPO, and the management remain open to appropriate options for exit. Examples of potential acquirers include: those wishing to exploit the wellness mass market, for example, GSK & Fitbit; medical device manufacturers, for example, Medtronics & J&J; or personal protective equipment manufacturers present in the defence and first response markets. Industry exit examples including Toumaz, Catapult Sports and Bodymedia suggest an ROI multiple of x10 exit revenue is achievable. Read less

Lead investors

Breed Reply Ltd Investing £500,000

Breed Reply, Reply's advanced incubator, funds and supports the development of start-ups on the Internet of Things (IoT) in Europe and the USA. Based in London, with operational offices in Germany and Italy, Breed Reply supports entrepreneurs and young talent by quickly bringing new ideas to the market. This is done via three fundamental services: funding at "seed" and "early stage" level; considerable support with significant know how transfer of business, managerial and technological expertise; and, thanks to Reply's ecosystem, medium-term involvement to establish start-ups in their market. In the IoT sector, the main areas Breed Reply focuses on are Fitness and Wellness, Healthcare, Smart home, Manufacturing, Transportation and Energy.

Bodytrak is an exciting IOT-based company with compelling cross-sector opportunities in health and wellness applications. It’s unique positioning against the competition and traction gained to date, along with the management’s timely delivery of the business plan so far, are the main reasons Breed Reply are looking to re-invest in Bodytrak.

Project evolution

October 2017
Existing customers
£200K revenue from MOD contracts
October 2017
Investment to date
£900k in non-dilutive grants and £2.0m in seed investment from Breed Reply and private investors
October 2017
Validation
Technology validation by universities; >40 field trial in progress across sectors

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Investment Oportunity Sheet

Bodytrak

Web: http://www.bodytrak.co

Section: Diagnostics

Pre-money valuation: £6,009,923

Project

Bodytrak® uniquely combines the measurement of core body temperature (CBT), heart rate (HR), heart rate variability (HRV), volume of oxygen consumption (VO2) and motion metrics, along with providing two-way communications and ambient sound transparency so the wearer can still hear their surroundings.

Gold standard accuracy against medical devices (88% - 99% correlation)

Multiple physiological metrics in one device including core body temperature and heart rate

Proprietary cloud-based analytics with machine learning to enable intervention

Ear-worn wearables are growing at a rate of 10X compared to wrist-based wearables.