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Xfinito Biodesigns Private Limited

A deep tech startup developing Intelligent Medtech systems

India, Karnataka
Market: Internet and IT, Medicine, Electronics, Artificial Intelligence, Mobile applications
Stage of the project: Idea or something is already done

Date of last change: 18.04.2021
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Idea

Xfinito is developing a series of intelligent footwear and wearables based on the platform Xeuron, which aims to provide monitoring progression, diagnosis and treatment for degenerative nerve disorders.
The approach is targeted towards the wellness of the ageing population and helps prevent or early detection of age-related disabilities due to nerve degeneration. The system would not only help them in improving their quality of lives but wil also assist in supporting and evaluating interventions. Finally, Xfinito further uses the data for research in Quantifying Pain & bioinformatics.

Current Status

Pre-Revenue
Customers: 50+ early interactions with Customers and Clinicians to received feedback on the product design

Validations – Intervention: Informal Validation on 300+ patients as part of previous startup Fyrsta Innovation by Siddharth.

Awards won: Medtechnovation by IESA and NCFlexe by IIT Kanpur and MeIty

Governement Grants:
Nidhi Prayas – $14000; IISc MSME – $16000

Market

Customer Segments:
- Patients Wellness – Diabetes & Parkinsons
- Wellness Centers
- Rehab Center
- Pharmaceutical research and patient engagement programs
- Sports Medicine

Markets:
Asia, North America and Europe (Later can be expanded to Australia, Africa and South America)

Problem or Opportunity

Problem:
Management of the diseases like diabetic neuropathy, Parkinson's etc., that leads to disabilities due to nerve degenerations.

The leading cause of Neurodegenerative disorder is Aging. Its implications are seen in diseases like Neuropathy, Parkinson's, Huntington, and many more.
And as the Aging population is increasing worldwide, we will see many Disabilities and an increase in Healthcare costs.

If we consider just one case of neuropathy and particularly Diabetic Peripheral Neuropathy; Globally 463 Million, and in India, 77 Million patients suffer from Diabetic Neuropathy. The literature suggests that 1/3rd of patients with diabetes suffer from neuropathy. However, for the case of top-down estimation, we discount the percentage incidence to 10%. Considering these estimates along with an average cost of Rs. 10000 per year for our solution, the estimated TAM and SOM are as follows:

Opportunity:
Global:
Total Patients – 46.3 Million; TAM – 9517.5 Million $/year
SOM @2% Penetration Rate – 190.35 Million $/Year
SOM @6% Penetration Rate – 571.05 Million $/Year

India:
Total Patients – 7.7 Million; TAM – 1640 Million $/Year
SOM @2% Penetration Rate – 32.8 Million $/Year
SOM @6% Penetration Rate – 98.4 Million $/year

Solution (product or service)

Xfinito is developing a series of intelligent footwear and wearables based on the platform Xeuron, which aims to provide monitoring
progression, diagnosis and treatment for degenerative nerve disorders.
The specially designed wearables consider the medical difficulties faced by patients suffering from various neuromuscular conditions, which lead to pain & discomfort. The wearable tracks different parameters, motion and nerve conditions non-invasively. The buddy app receives the data from the wearable. With the help of intelligent hybrid computing, we integrate intelligence and data analytics that could help in early detection, disease monitoring and treatment of neuropathies. Finally, Xfinito further uses the data received for research in understanding Pain, Neurological Diseases and create a bioinformatics model for precision medicine.

Competitors

Currently, the competitors offer either passive footwear or smart insoles measuring pressure or temperature or both. Some of the smart insoles also offer motion analysis. However, none provide holistic measure nor evaluate nerve degenerations.

Passive Diabetic shoes do complement our offering and are potential collaborators. Similarly, some branded footwear giants like Skechers provide comfortable footwear and could collaborate for active footwear development.

The key differentiation & competitive advantage is intelligence backed by objective sensing to provide users with a personalized experience. The footwear and smartwatch could potentially detect various nerve degeneration much earlier than the manifestation of symptoms.

Finally, Given the healthcare space that we will be operating in, most footwear and wellness companies would either look to partner with us or acquire us instead of developing the system in-house, which gives us a defensible moat and opportunity to collaborate instead of competing.

Advantages or differentiators

The key differentiation & competitive advantage is intelligence backed by objective sensing to provide users with a personalized experience. The footwear and smartwatch could potentially detect various nerve degeneration much earlier than the manifestation of symptoms.

Finance

Primary Costs:
- Salaries
- Multisite Clinical Validation
- Manufacturing & Regulatory Approval
- Infrastructure for Quality product development

Revenue:
- B2C & B2B2C – Footwear & Smart Watch
- Technology Licensing
- B2B – Asset sales to the large brands
- Analytic services to the hospital for better treatment control

Business model

Business Model: B2C & B2B2C
Service/Warranty:
- Replacement
- Upgrade training of distributors personnel

Marketing Strategy
- Utilize ReLive for market penetration of Xeuron and other products through a subscription model.
- Leverage advertising agencies print, digital and media campaigns
- Leverage hospital and pharma sales channels and outlets
- Organizing Screening Camps

Value Proposition:
1) Will allow early detection and quantitative diagnosis of nerve degenerations for Clinicians.
2) Monitor progression for nerve degeneration for people showing early symptoms of Nerve degeneration thereby allowing for early intervention and thus avoiding/delaying disabilities or morbidities associated with the disorder
3) Can support in evaluating treatment/therapy efficacy.

Money will be spent on

- Human Resources
- Basic Infrastructure for Certifications
- Product launch of version 1.0 (April 2022)

Offer for investor

We are expecting to dilute up to 10% of the startup in this round however, we are open to negotiation in case of strategic value from the investor.

Team or Management

Risks

With intensive customer interactions and in-depth technical feasibility study, we have mitigated most of the challenges and have
developed a user-centric concept.
However, the technical challenge could be in implementing objective sensing test within the footwear. If we fail in partial or complete objective sensing test, we can still cover the same to the traditional quantitative sensory testing with a set frequency of tests by the patient. We may not be able to continuously monitor the progression of Neuropathy in the case of a Quantitative sensory test. However, the interim data point could still support clinical decision support. Al of the Objective Sensing Results est may not significantly impact the prevention of diabetic foot ulcers.

Incubation/Acceleration programs accomplishment

- Completed Acceleration program Launch and Zoom 3.0 from IIM Udaipur incubation Centre
- To complete incubation period of 1 year at Atal Great Lakes Balachandra Incubator, Chennai
- Pre-incubated at IIT Madras

Won the competition and other awards

- Medtechnovation by IESA and Derbi Foundation

- Flexible Electronics Challenge by IIT Kanput and Meity, India

Invention/Patent

Technology Patents to be filed shortly:
- Xeuron Technology
- Intelligent Computing & Processing
Utility Patents to be filed:
- The Novelty in Shoe and Placements
- Conductive Materials & Sensing Technology
The patents will help in additional revenue through non-exclusive technology licensing. We plan to innovate in materials shortly, giving us an edge for customized
footwear.
Regulation - We initially intend to enter as Wellness Devices for the target patient pool and in 2 years acquire US FDA

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video