What is your one-sentence elevator pitch?
We develop technology for use in wearable fitness trackers, medical devices and electronics manufacturing test equipment using micro-magnetic sensors.
How did you come up with the idea for your company?
We began with the vision of developing a relatively low cost sensor for detecting skin cancer that could be used by dermatologists in office environments. We became experts in the sensing, analysis and 3D visual representation of magnetic fields. As we steadily progressed the technology towards skin cancer detection, we invented proprietary applications of the technology that address pain points in other lucrative markets with shorter times to monetization.
The word that best describes your company culture is…?
Collaborative (and magnetic!)
How are you different from your competition?
We believe we are unique in having a proprietary platform technology that will enable disruptive products in a broad range of verticals. Our intellectual property includes the inventions (5 patent applications submitted, 2 more in the works), our sensor circuit designs and a large and growing library of sophisticated software algorithms for statistical analysis and 3D visualization. Our business model is to license the IP to companies with established channels and customer bases in their respective industries.
What is the biggest challenge you face?
We view ourselves as a technology “conveyor belt.”
Because of the great number of applications of our technology, every potential application that is presented to us must be evaluated as to where it fits on our technology evolution path and speed to revenue. The challenge we face is properly prioritizing the applications to monetize, focusing on shortest time to monetization first, while continuing to progress the longer term development towards cancer detection.
How much money have you raised to date?
If someone gave your company $3 million tomorrow, how would you use the money?
The first million dollars would be used to accelerate the monetization of our most immediate revenue opportunities. That would involve, scaling personnel, creating additional prototypes of our mobile heart rate monitor and circuit board testing system and funding the business development activities to shop those to potential licensees
The remaining $2 million would be used to accelerate the development and testing of a proprietary magnetometer design capable of sensing the abnormally high concentrations of iron in skin cancer. We are designing this in conjunction with a magnetometer design expert consultant. These funds would also be applied to in-vitro laboratory tests in conjunction with cancer researchers at the University of Washington, School of Bioengineering.
Why will your company be successful?
1. We’re experienced: our leadership team has over 100 years broad management and technology development experience ranging from Fortune 50 to technology startup organizations.
2. We’re opportunistic: we have identified multiple major markets that could benefit from the application of our technology.
3. We’re smart: We have invented proprietary novel applications that address real pain points in these markets and we’re highly motivated to make a difference where we can.
4. We have a business model which is low-cost yet highly profitable.