Startup Of the Week: Aichom
Can you imagine that over 50 million people globally suffer from Alzheimer’s disease? Even the numbers look terrifying, a fast-developing technology creates a hope to make one’s life with Alzheimer’s a little bit more peaceful. This week we present a HealthTech startup – Aichom that is designing a solution to people who suffer from temporary memory loss which causes fear to get lost and not find the way back home. During the interview, the Co-Founder and CMO of the startup, Aurelija Šilinskaitė describes a unique solution that will help people with Alzheimer’s and their relatives to feel safe and secure in their daily routines.
So what is Aichom? How does it work?
Aichom is a solution created to help caregivers of the people who suffer from aging dementias (Alzheimer). It provides various solutions to ensure the patient’s safety and notifies about changes in the health condition.
The caregiver uses a mobile application connected with a wearable on the patient hand. The first wearable we integrated into our solution is Apple watch. It notifies the caregiver if the patient leaves home, also provides health data and personal advice on how to improve seniors’ health condition.
What are your competitors and competitive advantages?
The app tracks the location of a patient and alerts the caregiver in case of an emergency. With the help of AI, it analyses data, provides voice reminders for the patient and recommendations for the caregiver.
What were the reasons behind coming up with this idea and launching this product?
Globally over 50 million people live with dementia and the numbers increase every day. People with Alzheimer’s suffer from temporary memory loss which causes fear to get lost and not find the way back home.
One of our Co-founders has a father who suffers from Alzheimer’s. His father has already been fighting Alzheimer’s for 10 years. One time, he even went missing for days. Tomas and his family were looking for him desperately in the hospitals, public shelters and fortunate he was found alive and not injured.
People with Alzheimer’s are often collected with homeless people and this perception is very widespread around. From the outside, these people look normal. Also, it’s a low probability they are going to ask for help, as a result, the chance to find them without tracking is very low. After this accident, Tomas started to look up for a solution that would help to avoid even worse consequences.
When exactly did you launch, what were the main challenges before launching?
The first MPV we launched at the end of 2018. After 2 testing phases, we have made a few improvements and launched the second version in 2019. Meanwhile, we are creating a beta version for customers. This version will be introduced to the market in the 1st quarter of 2020.
What are your target customers?
Our primary target customer is a woman-caregiver of the woman-patient with Alzheimer’s disease. The designed solution of Aichom would be a help for people with any kind of dementia.
According to the surveys, one in 10 people age 65 and older (10%) has Alzheimer’s dementia. Almost two-thirds of people with Alzheimer’s are women. Also, most women are becoming as a caregiver (from 53 to 68 %).
Our primary market – the USA.
User profile – a woman at age 45, married, has children, husband and is taking care of her mother or another close relative. Lives in smaller or bigger cities. Very often patient lives alone, a nearby caregiver. Also very often they have no choice but to quit the job and dedicate themselves 100% to the nursery.
What are the main challenges while working on this product and how are you overcoming them?
First of all, it should be 100 percent reliable. The bracelet should always be on the patient’s hand that tracking sensors could provide accurate data. It has to assure that the caregiver would be always informed on the patient’s location and health information. We performed lots of tests to make it happen.
Secondly, we are looking for investors who have experience in the health tech area.
How are you funded? Do you seek extra funding?
Initially, we are self-funded. We got investments from 3 business angels.
At the moment, we are seeking investment from health tech experienced funds.
Please introduce your founders, your core team and your broader team?
Arvydas Plėta, Co – Founder, CEO;
Aurelija Šilinskaitė, Co – Founder, CMO;
Eimantas Vaičiūnas, Co – Founder, Developer;
Danil Ščepanov, Co – Founder, CDO;
Tomas Martūnas, Serial Entrepreneur;
Ričardas Bernotavičius, Co – Founder, Hardware Specialist.
How has business been so far? Could you share some numbers to illustrate this (users, sales, etc)?
Our product is in a testing phase.
Future plans, ambitions? Simply speaking – what’s next?
Our main plan is to finalize the second version of the app. Also, we are looking forward to entering the US market.
Thank you for the interview!
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