Jayiesh Singh, Able Innovations - Patient Transfer Device | LSI USA '24

Jayiesh Singh  0:04  
My name is Jay and I'm the founder and CEO of Able Innovations. So my story began when I was quite young, and I used to volunteer at long term care facilities where my mom used to work. And while there I witnessed her perform the backbreaking task of transfers and injure herself. So she was lifting and moving individuals between beds, wheelchairs, and her back gave out. Now this is a story that didn't occur only to her it happened every single day in healthcare facilities across North America. At Able Innovations, we're developing the first robotic patient transfer device that can conduct these labor intensive transfers at the push of a button. Now, to get more specific, the problem that we're solving is that of lateral supine transfers, so and transferring individuals from a lying down state to a lying down state thing between beds, stretchers tables, etc. And each of these transfers can take anywhere between two to eight frontline staff to exert backbreaking effort, it's a major reason why so many nurses are getting injured, it is the highest. It's a sector where nurses are injured more than construction workers, for example, it's also leading to significant clinical inefficiencies. If you don't have frontline staff to move patients procedures are taking longer, and it results in a very poor and undignified patient experience. So in order to solve this, we've developed the Alta platform, which changes the game. So it's the first of its kind device that leverages the latest breakthroughs in technologies. We have complex algorithms that allow our device to do a lot of the computation the back and move the patient in a seamless manner. And it's a really simple experience for the nurse. Now I'll attempt to play a quick video here. If it works, the way our device works is it looks like a standard stretcher. But we built up everything from the ground up, you line up our device with the patient bed and hit go. A compact and variable type platform then extends out and all of this is fully automated, the nurse is able to put their hand on the shoulder of the patient focused on providing compassionate care then getting involved with the transfer. And then our device starts to seamlessly roll underneath the patient. So the white surface that you're seeing here, it's rotating in the opposite direction. And by doing that, we're able to roll underneath a patient in a manner that exerts minimal force on their skin, and it's much less than existing methods of transfers. And then they can be simply shuttled over to our device. What I showed you right here takes one frontline staff to identify, I need to move patients, assemble a team, and then do the transfer that can take anywhere between five to 20 minutes. We've also really innovated on making everything fully effortless. So it takes a couple of staff to move patients, we fully innovated on the transportation of the patient as well. So our device can crab walk, essentially, it can turn on a dime it has for sensitive handlebars, it also has collision avoidance and detection. And you can kind of see where we're going with this, we're really looking to revolutionize patient logistics in healthcare facilities where we can pick up patients, now we can deliver them in the future we will be adding self navigation to this is also a connected device. There are lots of opportunities because patient workflow is is a black box in healthcare right now, facilities don't really have much insight onto why somebody is waiting for so long, or why things took so long, because it's a very person to person type of handover. With our device. Now you have information on who's using the device, when the device is being used the weight of the patient, and in the future localization data to that can help them extract efficiencies out of the processes. Now, the reason facilities are extremely interested in this technology. To put it very simply, it allows staff to do more with less, it helps them retain staff staff are not getting injured. at such high rates, staff are able to provide compassionate care to the patients, we also enhance clinical efficiency. So I'll give you an example. Think about it. If you're a charge technician on an evening shift, and you're conducting CT scans, a patient arrives on a stretcher, you have to go and figure out how many people I need to transfer them, you need to go and assemble that team because they're not readily available and then conduct the transfer. And that time, you could have done a couple of couple of scans depending on how long it takes for you to get the individuals. And you can see how that plays into the ROI equation as well. And most importantly, it's a very dignified experience for the patient. Right now we're focused on the clinical areas of acute rehab, diagnostic imaging, and most recently, we've received a lot of inquiries from the Oral Surgery space to make the process more efficient. We launched this time last year to great acclaim. We're a Canadian company. So we were in the media quite a lot. And there was a great reception to using robotics in geriatric care facilities. As a result of that initial traction. We're now negotiating POS and six leading facilities, leading to roughly $1.5 million in revenues in the first quarter. Now that business model is quite sustainable. We offer a one year payback for the facilities and on our side we found to make 70% on gross margin. We also have flexible business models as we invent new features and new add ons. We get more into farther away from a capital purchase and more into a A recurring revenue stream and happy to talk more about those later. This is a significant market opportunity. We estimates about $3,000,000,000, 3 to $4 billion today, and it's growing at an unprecedented rate due to what's happening with staff shortages. What happened with COVID-19 and the rising acuity of our patients. As I mentioned earlier, we're not a one product company. So right now we're focused on conducting lateral supine transfers to the general population, but we will be focusing on bariatric motion assist selfcleaning all the way through to bed to wheelchair transfers, in the not too far future. Now, the number one question we get is, why hasn't this been done before. And really, it's every every product that has existed requires manual effort from multiple individuals, people have tried using conveyor belts to transfer people but really that type of technology has failed because it required technicians to operate a frontline staff who doesn't have any time or patience to work with something fidgety is not going to use that type of device, we've really turned it on its head and really developed a technology that I like to say it's more like the iPod compared to mp3 players were changed the user experience and transformed the market. We've been extremely capital efficient to get to this point, we've only raised $3.5 million. So far, we started this product in 2020. And we're 20 full time employees. There's immense IP potential, we have one granted patents, we have plenty more in progress, and we have all the necessary regulatory approvals to take our venture to the next step. And we've gotten here with a great team, my CTO, Phil and I were experienced entrepreneurs, Phil has a specific background in intellectual intellectual property. But we've worked on various products because previously, we owned a product development firm, as well. And we've surrounded ourselves with excellent engineers, advisors, mentors and investors that know what it takes to get us to the next level. Right now we're in a managed growth stage, we don't want to be everywhere all at once, we will do six to eight facilities in total. So part of my Ask is defined leading facilities that want to implement key changes, and demonstrate that they really care about the frontline staff. Next year, we'll be focusing on scaling up working with distributors working with suppliers and contract manufacturers. And from then on, we want to introduce new business models and new product lines. So I'm here today to tell you about our upcoming round, we're going to be raising a bridge between seed to Series A, we're focused on delivering 3 million in devices in the next calendar year. Next year, we're focused on delivering 10 million to $10 million worth of sales, capital will go towards manufacturing, it'll go towards establishing a sales and operations team, as well as really focusing on the Success Initiative, which is something we feel really strongly about. We're all about not just delivering a device, but the experience is what we're really focused on the experience of the nurses and experience of the frontline staff and that's why I think you'll be very successful. Thank you for listening and I invite you to join us on our journey to help improve the quality of lives of millions