23 of Aalto Startup Center ecosystem’s startups are attending the Arctic15 event. Arctic15 is a Startup Investor Event and a meeting spot for startup entrepreneurs, investors, corporates and media from 60+ countries.
Who are you and what do you do?
VitalSigns: VitalSigns is an early stage deep-tech startup in MedTech out of Aalto University. We take the stethoscope, the most used medical device a giant leap forward, integrating multiple bio signals simultaneously, coupled with AI for analysis and diagnostic decision support. Our business model is based on a subscription for AI based data analysis in the cloud that guarantees growing recurring revenue with every additional customer. VitalSigns reduces the time needed to perform essential examinations to a fraction of today’s time spent and increases diagnostic accuracy making better use of scarce healthcare resources.
What kind of team do you have at the moment?
VitalSigns: VitalSigns Oy was incorporated in September 2022 by three founders: a medical doctor, an engineer and a MedTech business manager. The team also includes two developers for our AI platform. Once more funding is secured, we plan to grow the AI development team and manage hardware development with the help of a contract development organization.
What is your innovation?
VitalSigns: VitalSigns will replace the stethoscope with a smart, multifunctional, connected device, which not only detects, records, analyzes, and documents body sounds, but also performs all other necessary examinations simultaneously. Our device takes the temperature, blood oxygen saturation, ECG, pulse, respiratory phase and rate, blood pressure and heart rate variability among others, all during the same time and process of using a stethoscope, almost exactly as doctors have used it so far. This will reduce the time needed to perform these examinations to a fraction of today’s time spent and increase the diagnostic accuracy by AI data analysis. Once longitudinal data are available, we will be able to identify health issues before they become serious medical conditions.
What kind of problem does your innovation solve?
VitalSigns: VitalSigns drastically improves efficiency of medical examinations. Medical doctors today are under an immense pressure, having to manage ever increasing patient numbers resulting in very little time spent per patient. General practitioners in Finland typically have 15-20 minutes per patient, considerably less in most other countries. During this time, they need to read patient’s history, listen to their present complains and perform physical examinations, such as, blood pressure, pulse, oxygen saturation, temperature, and auscultation of (listening to) lungs and the heart, plus other more specific exams to come to a possible diagnosis. They also must document all these in the patient’s file, which at the moment is either by typing or dictating the text. VitalSigns substitutes and expands the functionality of the stethoscope and so drastically improves the efficiency of medical examinations by simultaneous acquisition of multiple bio-signals, providing cloud-based AI data analysis, medical decision support and documentation. This is saving up to 10 minutes of time per patient and would add an equivalent of 300 physicians to the Finish healthcare system immediately.
What is your idea’s impact?
VitalSigns: VitalSigns will enable better healthcare for the today underserved, like rural communities in industrialized and developing countries, the chronically ill, or the elderly in nursing homes. VitalSigns can be used by nurses traveling the countryside, visiting chronically ill patients or working in nursing homes or just anyone. AI data analysis will notify the examining person if there is a serious condition that would need the attention of a medical doctor. With VitalSigns, vulnerable people can be examined more frequently and more consistently, increasing the chances to detect serious medical conditions early when treatments are most effective.
What are your main Sustainable Development Goals?
SDG3 – Good Health and Well-being*
*Source: United Nations: sdgs.un.org/goals
What are you looking for?
VitalSigns: We are looking for funding to kick-off product development. We need about €600k equity investment, which will enable us to receive another €400k BF R&D non-dilutive funding.
What are your main targets in the Arctic15 event?
VitalSigns: Meet with investors, pitch our company and ideas – get funded.