Healthy.io, which turns your smartphone into a medical device, has gotten on CNBC’s Disruptor 50 list. It took the No. 19 spot. So might this be a sign that Healthy.io stock will hit the markets via an IPO? Perhaps.
But first, let’s get a backgrounder on this innovative startup. The CEO and founder is Yonatan Adiri, and he is truly a prodigy. At the age of 26, he took the position as Israel’s first chief technology officer and was instrumental in fostering a stronger tech community in the country. He then entered the private sector in 2009 when he co-founded Getaround, a peer-to-peer service for car-sharing. This came through his participation in Singularity University.
Then in 2013, he founded Healthy.io. And yes, it may ultimately be his biggest — and best — idea.
The Healthy.io System
The iPhone is still relatively new. Yet it has been able to revolutionize the world. Mobile apps have helped launch a myriad of breakout companies like Uber (NYSE:UBER), Lyft (NASDAQ:LYFT) and Snap (NYSE:SNAP).
But we are also seeing how they can improve our health and even save lives. As for Healthy.io, the company is one of the trailblazers in this category.
Here’s a look at what its system can do:
- Early detection of chronic kidney disease: In the United States, about a third of the population is at risk for this disease but it often goes undetected. Healthy.io provides for a compliant test that is essential for healthcare providers and insurers. It not only reduces costs, but also allows for much better patient outcomes.
- Wound management: This is a major problem across the world, and a big reason for this is the lack of standards. But Healthy.io has a wound assessment that is automated.
- Urinary tract infection testing and treatment: Healthy.io makes it possible to have a home test, which means faster and more effective treatments. Keep in mind that urinary tract infections are one of the main reasons for doctor visits. Healthy.io also has a urine test for pregnant women.
Then how does all this work? The process is fairly straightforward. For the urinalysis, you will receive a kit that includes a dipstick. Then there is an app that uses the camera to analyze the stick. It uses sophisticated artificial intelligence and computer vision (a scan takes about 60 seconds).
Note that this system has received a CE mark for the European Union market and two 510(k) clearances from the U.S. Food and Drug Administration (there are other indications in process). The wound management app also has a CE mark and a registration with the FDA.
Healthy.io Stock: Will There Be an IPO Soon?
Since Healthy.io is a private company, there are no details on the financials. But the company is addressing a huge market opportunity and has the advantage of regulatory approvals. The use of AI in the medical field is another major differentiator.
Given all this, it should be no surprise that Healthy.io has had little difficulty in raising capital. In September 2019, the company announced a Series C round of venture capital for $60 million. This was led by Corner Ventures and included participation from Joy Capital, Ansonia Holdings, Aleph and Samsung NEXT. The former executive vice president of Aetna, Gary Loveman, also joined the board of directors.
With the funding, the company plans to ramp up its global expansion and product development. But then again, with the IPO market heating up — and with continuing interest in medical offerings — an IPO for Healthy.io seems likely at some point.
Tom Taulli (@ttaulli) is an advisor and author of various books and online courses about technology, including Artificial Intelligence Basics, The Robotic Process Automation Handbook and Learn Python Super Fast. He is also the founder of WebIPO, which was one of the first platforms for public offerings during the 1990s. As of this writing, he did not hold a position in any of the aforementioned securities.
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