miiCARE

Idea

Introduction

miiCARE is transforming the way care is provided to the elderly. Our purpose is to keep the elderly safe and healthy in their own homes for as long as possible. We accomplish this with miiCUBE, our AI-based assistive technology solution. miiCUBE is a digital companion device that interacts with an ecosystem of IoT sensors, wearable devices, and telehealth equipment in the home to create situational awareness, learn the normal routines of the elderly, and personally empower them to take control of their own health. In a detected emergency, miiCUBE can inform a designated responder.

miiCARE already has dozens of systems deployed at end-users across the UK and we secured our first contract with NHS England back in 2018 as part of the National Healthy New Towns Initiative. We went on to secure a contract with East Kent NHS as part of the flagship Dementia Village Project.

miiCARE has an existing MVP and is in the process of mass-producing the solution to approach the mass market.

Intended impact

COVID-19 has brought major societal change to the UK as “lockdown” measures are enforced. Over 70s in the UK are at greater risk of infection and have been advised to stay at home for months and not to receive visitors. miiCUBE means they, their families, and their care providers can understand an older adult's physiological parameters (e.g.: oxygen saturation, temperature, activity, etc .) through an app and dashboard without visiting, and users feel safe, supported, and connected with family while in quarantine. The crisis has only highlighted the existing need for support to care and be aware of elderly loved ones' wellbeing.

The targeted UK market is estimated by us to be £8bn per annum. This number is based on a population of ~5.4m people who are over the age of 75, and of which 46% are not digitally connected. The opportunity is massive. The UK care home market is also worth £15.9bn, with over 400K residents in more than 11,300 homes.

Substantial accomplishments to date

For a start-up which formed just 2 years ago, we have achieved much in such a short time on a small budget. Securing our first contract with the NHS in the UK so quickly and our proud acceptance as a Microsoft Partner #AIforGood company are testaments to the demand for our service. Our product has been primarily developed in direct collaboration with the elderly. It provides smart care and companionship for elderly people and peace of mind and health insights to their families and carers. We’ve been through an extensive user validation process supported by academic experts.

250 prospective clients have already expressed interest to purchase the product, and we have secured a large letter of intent for widespread deployment.

miiCARE secured a contract with one of the UK’s largest NHS organisations only six months after our formation, which we believe is due to the uniqueness of our solution.

miiCARE applied for and was accepted into the Microsoft for Startups program in 2019, as well as Microsoft's AI for Good acceleration cohort in 2020.

We became part of the UK’s first dementia village and are in a prime position to be the first to take advantage of the dementia care market. Our experience in this field creates significant value for our customers and shareholders, and is already becoming a force for change in the care industry.

Monetisation strategy

We are enlisting a HaaS (Healthcare as a Service) subscription model to generate our month-on-month revenue. To maximise the monthly revenue stream, the subscription will be per user. This means for every miiCUBE we place in the home of an elderly person, each user (usually relatives) will pay a monthly subscription of £1/day (£30/month) to enjoy access to the data and service. This method allows us to distribute the cost among the family members while making the subscription affordable. We will also charge an upfront cost for the equipment to warrant any damage, misuse or lapsed membership payments.

The same revenue model will apply to our B2B/ B2B2C revenue channels (Care homes, insurance companies, telecom, local authorities). We are speaking with several partners and distributors; the current stance is for a share of the monthly subscription fee. The split in fees will depend on the size of the opportunity and the SLA expectations.

Use of proceeds

Funds raised will be used mainly for commercialising the products and services, creating emergency stock to support future orders. In addition, we have a strong focus on fulfilling orders for clients who have already shared interest in procuring the service, as well as large contracts with corporates such as insurance companies, local authorities, and private care providers.

We also intend to use part of the funds to strengthen our team and bring in new talents that would allow us to scale up rapidly. The new appointees will be mainly data scientists, software developers, and a salesperson. The current core team members who have been supporting miiCARE for over a year on the basis of shares only* will also receive a modest wage.

Other uses of funds include marketing campaigns led by an external agency, and the creation of a small inventory for orders which we are anticipating will come directly from our web marketplace.

The chart above provides a breakdown of the use of proceeds.

*Confirmed with unaudited management accounts.