Where did the genesis/idea for your business come from?
The founders of HeartBit are Professor Gyorgy Kozmann and his son George Kozmann Jnr. They complement each other rather well, with Professor Kozmann having skills in body form and mapping technology and electro-cardiology and George having a software development background. With a history of medical device development and commercialisation, together they conceived the concept behind the HeartBit product and business.
What do you believe sets your business apart from those already in the market?
We are confident that no one else in the core technology arena can deliver medical-grade 12 lead ECG monitoring through wearable, comfortable and affordable apparel.
The product manifestation of our core technology will solve known and immutable problems in addition to creating a new category of fitness wearables, “Garment based fitness wearables” as opposed to wrist-based fitness wearables.
What set us apart:
- Highly accurate, real-world, everyday apparel that contains all the features and benefits of a Fitbit, Garmin or Polar with the added advantage of medical-grade ECG waveform monitoring.
- This can be delivered at a retail price point equal to a mid-range Fitbit, Garmin or Polar etc.
- Our male and female form garments can also integrate with a range of ‘in market’ devices via API’s, apple watch, Samsung, Strava etc, providing amateur and elite athletes, who have wrist-based fitness devices, with full integration of a 12-lead medical-grade ECG monitor.
- Our product features integration of AI based algorithms that detect many known heart defects and anomalies and alert users or doctors via direct to SaaS platforms or mobile devices.
- Our garment includes a built-in SIM card that supports the use of our garment without a smartphone. Elite athletes have advised that they don’t train with phones and wrist devices.
- Our R&D team has progressive, future-facing skills that are working on version of HeartBit that integrates all tech into the garment including the battery, accelerometer and gyroscope.
- We have built user-friendly SaaS and app support ecosystems, across iOS and Android, that support users with training programs, VO2 max performance and alerts and indicators for safer and performance enhancing training.
What’s your key demographic?
HeartBit’s go to market strategy is aimed at 3-distinct but potentially overlapping segments:
- Sports Apparel – target customer being Nike, Adidas, Reebok, Under Armour etc
- Sport Performance – target customers being Catapult, Strava, AFL etc
- Fitness IoT – target customers being Garmin, Fitbit, Polar, etc
Each channel has a different value proposition, providing target clients in categories 1 & 3 with market differentiation, recurring income streams and increased sales.
From a user demographic perspective, our research has cited over 300 million people globally who each day run, cycle, swim or row. Most of these athletes fit between ‘above amateur, but below elite’ level in stature. This is our initial target demographic.
What are people most excited by about your product? What do they like most?
Most of the ‘above amateur but below elite’ level athletes use wrist-based devices and are aware the ‘light pulse heart rate monitors’ in them are highly inaccurate and don’t provide detection of heart issues or problems. Elite athletes don’t use them as they are inaccurate.
Your heart rate of 140bpm, does not provide any insights into your heart’s real health. Our 12-lead ECG waveform complexes do. Not only does ECG waveform provide insight into heart health, it can also deliver precise performance peak levels, show users when to rest and when to push harder, all with the notion that the ECG complexes are used to build a 3-dimensional electronic image of the heart’s health. We can also detect up to 11 known and serious heart anomalies using our unique algorithms.
The heart is one of the few muscles in the body that does not repair itself. The time between going into atrial fibrillation (heart attack) and receiving medication attention is critical. HeartBit’s AI based algorithms can see the change in waveform complexes and therefore alert, often before atrial fibrillation occurs, i.e. you’re about to have a heart attack.
What have you learnt about yourself building your company?
Our technology is clever, highly relevant and future facing, solving several real-world problems. What is clear and important is that, notwithstanding the technology, you must build a viable business around the idea and the IP.
We understand we must at the same time build our corporate, financial and HR processes as investors are not only interested in the technology but in the systems which will deliver it. We’ve learnt this important lesson at HeartBit and in previous start-up ventures.
As a business, what have been some of the biggest challenges have faced to date?
Without doubt the biggest challenge has been transforming very clever technology, software and applications into practical product manifestations. There is clearly no point in great ideas if they can’t be commercialised or made appealing to consumers or brands. Having people in Hungary and Australia is challenging due to time zones and language.
Looking ahead to the next 12 months, what milestones do you wish to reach?
We have only just received our first customer order with a USA Company that provides sports apparel to elite teams, i.e. NHL, NBA, NFL etc. Our first order is worth over US $1.5 million. We now have to ‘tool up’ to produce at scale and lower our cost of goods = Milestone 1.
Our other goal is the delivery of $6m in sales in our first year, we are already 25% there = Milestone 2.
We also aim to land a big fish like Nike, who would validate our business model and establish market credibility = Milestone 3.
Interested in getting involved with Heartbit? Contact them via email
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