Flometrica
Technology for remote testing of urinary disorders.
Flometrica has developed a unique patented technology for conducting at-home tests to diagnose issues related to urinary tract disorders, which will save millions of dollars for the healthcare system and improve patient treatment.
52% of funding target
By: David Akunis
Angel Investment
Investment type:
Company Stage:
Category:
Digital Health
Highlights
Highlights
Innovative development for at-home diagnostic tests
Flometrica offers revolutionary digital health solutions that enable patients to perform at-home tests for diagnosing and monitoring urinary tract disorders.
The company's flagship product is a "digital measuring cup" that allows patients to comfortably and pressure-free perform accurate tests at home and directly transmit the results to their attending physician.
Another product developed by the company is a digital urination diary that aids in diagnosing various urinary tract problems.
Flometrica's solution eliminates the need for patients to visit clinics, providing an alternative to the cumbersome and expensive tests currently conducted in hospitals and clinics.
This solution allows patients to perform high-quality clinical tests at home, following the doctor's instructions and at their preferred time, while maintaining complete privacy. It eliminates the need for physical visits to clinics and minimizes disruptions to patients' daily routines. Following the COVID-19 epidemic, the demand for conducting diagnostic tests outside hospital settings has increased.
Fast and direct data transfer to attending physicians
The test results are transmitted in real-time through a unique mobile application to a cloud database for analysis by algorithms and AI. The results and data are directly received by the attending physician, enabling them to adjust the appropriate treatment and monitor the patient's progress without requiring another clinic visit. The physician can guide the patient to perform the test at different times, in various situations, and over multiple days.
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Significant savings in time, workforce, and valuable resources
The utilization of Flometrica's "digital measuring cup" will reduce medical expenses for the healthcare system, shorten wait times for test results, save valuable time for medical staff, and facilitate personalized medical treatments.
The company's technology is protected by a patent obtained in major markets worldwide, including the USA, Europe, Israel, Canada, Australia, China, and India.
Flometrica has signed distribution agreements with distributors in Israel, the USA, and Europe.
Local and global collaboration agreements
The company is engaged in discussions with doctors, medical service providers, urological centers, and hospitals in Israel and abroad to establish product use agreements, conduct clinical studies, and develop additional products.
Among others, the company is in contact with Assuta Ashdod Hospital and the United Health Insurance Fund to explore feasibility within a pilot framework and further incorporate the product in patient care.
Recently, as part of a digital health project by the Innovation Authority, Flometrica was selected by the Mayo Clinic Hospital in the USA from numerous Israeli companies that applied, to test a collaborative model concerning the digital cup and the development of a joint product based on Big Data and artificial intelligence technology (AI).
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A strategic investor that invested in the company is Softeq Venture Studio.
Softeq is an American software development house based in Houston Texas and works with large international clients and medium-sized enterprises, namely: AMD, Intel, NVIDIA, Verizon and others. Softeq also has accelerator services for start-up companies and a strict selection of 12 candidates every year. Flometrica saw Softeq as having a huge contribution to complement and upgrade the software's proprietary data management, mobile app and cloud backend. Flometrica sees Softeq as a strategic investor that can bring great added value also in recruiting large potential customers, investors and open doors in the American market.
A team of highly experienced experts
Flometrica is led by a team of renowned and experienced experts in the medical field. Among them Prof. Ami Sidi serves as the medical director, retired director of the urology department at the Wolfson Medical Center. With over 30 years of experience, he is considered a senior urologist with over 100 scientific publications. Dov Oppenheim, who serves as chief technology manager, has more than 20 years of experience in product design, mechanical planning and transition to production with a specialization in digital medical devices as the founder and development manager of Dario Health, an Israeli company traded on the NASDAQ. They are joined by other leading development and medical professionals in their field.
Flometrica's management and scientific team provides the company with the necessary expertise to launch the product on the international market and meet the company's other milestones.
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Pitch
Pitch
Until now, all diagnostic tests related to the evaluation of urinary system function were conducted in hospitals or specialized clinics. Flometrica is the world's first company to develop a home diagnostic product for diagnosing urological problems associated with the lower urinary system (LUTS).
The need
Over 50% of the population at the age of 50 will suffer at least one-time in the life from various urological problems that related to Lower Urinary Tract (LUTS) and Beinan Hiper Plasia (BPH) diseases, including: leaks, urinary urgency, urinary incontinence, irritable bladder, prostate cancer, prostatitis, and more. These problems are diagnosed by Urodynamic related tests which reflects a Total Available Market of $3 Billion. Currently, these diseases are diagnosed in hospitals or urological clinics. Uroflowmetry and Voiding Diary tests have been the primary tests used by urologists to make initial diagnoses for decades. However, these tests are cumbersome and require large and expensive equipment, as well as medical personnel to maintain and perform them. Additionally, it is not possible to continuously monitor patients throughout the day or collect enough information for insights and predictions.
These challenges result in delays in diagnosis and treatment since patients often cannot complete the test on time due to difficulties urinating caused by unpreparedness or environmental factors that create psychological pressure. Moreover, some medical issues occur at specific times, such as during the night or early morning, making it difficult to conduct a comprehensive and accurate test that matches the patient's urination profile.
The solution
Flometrica has developed a "digital measuring cup" that makes a revolution in the field of urodynamic tests in the field of urology. The Flometrica cup enables patients to comfortably perform tests at home, without pressure, saving significant time and resources while ensuring high-quality and efficient testing.
Flometrica eliminates the long wait for hospital appointments. Using this unique platform, doctors can guide patients to perform tests in different situations and at different times throughout the day and for several days, based on their symptoms. Compared to tests conducted in hospitals today, this solution offers greater value in understanding the patient's clinical condition and monitoring them during and after treatment. Additionally, the use of Flometrica's digital cup reduces medical expenses for the healthcare system and health insurance funds, which sometimes result from unnecessary and costly follow-up tests. It also significantly shortens waiting times and saves time for medical staff.
The company plans to launch a second product in the second half of 2023: a digital solution for the voiding diary. Currently, this test is done manually by patients for three days, and it helps doctors diagnose problems such as nocturia (nighttime urination), urinary incontinence, and urgency in urination. These issues greatly impact the elderly, causing sleep disturbances and posing health risks. In the future, the company intends to develop more products to complete the full set of urodynamic tests (including residual urine measurement) and provide monitoring capabilities for chronic patients with kidney stones and recurrent urinary tract infections. Additionally, the company is working on an AI (artificial intelligence) and ML (machine learning) algorithm system to analyze patient results based on Big Data, which will serve as an advanced diagnostic tool for doctors.
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The technology
The technology behind the digital cup is based on the principle of electrical capacitance, which serves as a sensor continuously measuring volume over time. Integrated with additional sensors for movement, position, and pressure, it forms a technological platform from which various diagnostic and monitoring products for urinary tract problems can be derived. Flometrica's technology enables the combination of AI and ML algorithms.
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Performing a remote test
The patient can now perform multiple tests at their home or office or at the doctor's clinic, instead of having to undergo tests in the hospital. These tests can be done at any time of the day when the patient experiences symptoms. The test results are transferred to a cloud-based server through a smartphone application. The cloud service collects and processes this information using unique algorithms to provide real-time information to the therapist for immediate diagnosis and monitoring of the patient's problem.
In addition to the convenience and undisturbed environment in which the tests can be performed, the digital cup allows the doctor to access a large number of results from the same patient, enabling more accurate diagnoses. The doctor may also request additional tests during or after drug treatment to assess the patient's response. For surgical treatments, the digital cup enables the monitoring of the patient's recovery and improvement over time.
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(Conference of urologists, Eilat, December 2022)
The Opportunity
For several decades, the medical field has been seeking ways to outsource tests from hospitals to patients' homes to enable continuous or long-term monitoring based on individual needs. The COVID-19 pandemic has further highlighted the importance of remote medicine, especially for diagnostic tests and patient monitoring, eliminating the need for hospital visits for diagnostic purposes.
Intellectual Property
The "digital cup" is protected by a patent and is equipped with sensors that automatically perform urinalysis measurements. The patent was drafted and filed by Luzzatto and Luzzatto - Patent Attorney, one of the leading patent offices in Israel. It is registered and accepted in major markets such as the USA, Europe, Israel, Canada, Australia, China, and India. The first uroflowmetric product is approved by the FDA (American Regulatory Authority) and the Israeli Ministry of Health AMR (Medical Devices and Devices), allowing it to be marketed and sold in the USA and Israel. The company is also in the advanced stages of obtaining the European CE Mark. Flometrica has developed two algorithms in its cloud platform for analyzing the collected information and generating highly accurate results comparable to standard hospital devices, regardless of the user's proficiency.
Cooperation Agreements
Flometrica has distribution agreements with distributors in Israel, the USA, and Europe. The company has also established a collaboration with Asuta Ashdod (Maccabi) for usability testing of the product in a community medicine setting. The experiment involves testing approximately 100 male patients with urinary system problems, comparing the results obtained from the smart cup to those from hospital and clinic systems to highlight the advantages of home-based testing and diagnosis. Additionally, the company is in talks with the Kupat Holim Meuhedet for a pilot plan to provide answers to patients in a urology clinic, which could lead to continued product orders.
Flometrica was selected by the Mayo Clinic hospital in the USA from numerous Israeli companies for collaboration. The parties are working on cooperation agreements to utilize the smart cup for performing both types of tests simultaneously, as well as joint development of an innovative service that leverages collected patient data and a database built in collaboration with Mayo Clinic. This service will provide doctors with advanced diagnostic tools based on artificial intelligence, representing a significant breakthrough in urology diagnostics.
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Target Audience
Flometrica's target audience includes insurance companies, health funds, urologists, and hospital managers who aim to provide optimal treatment using the company's digital cup. Private urology doctors and clinics also form part of the target audience, as they strive to integrate advanced technologies that enhance patient service and allow for efficient work and availability around the clock. Flometrica anticipates that exposure to its products among urologists, family doctors, and nurses will stimulate demand from users, leading to increased insurance coverage and patient interest in purchasing the products.
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Team
Team
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Prof. Ami Sidi has an esteemed background in the medical field, specifically in urology. He served as the Director of the Urology Department at Wolfson Medical Center in Tel Aviv before retiring. With over 30 years of experience, he is widely recognized as a respected urologist and has contributed to over 100 scientific publications.
Previously, Prof. Sidi held positions as an associate professor at the University of Minnesota and Tel Aviv University. He also served as the Director of a clinic specializing in neuro-urology, sexual dysfunction, and prosthetics.
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Dov Oppenheim brings over 20 years of experience in mechanical design and manufacturing of medical devices. He is the founder and development manager of Dario Health, a company traded on NASDAQ that is revolutionizing digital health solutions for blood sugar detection.
In addition, Dov Oppenheim owns a studio that offers development and design services to companies in the medical field. He has extensive expertise in planning and establishing production lines for medical device companies, as well as managing global supply production and operational activities.
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Limor has extensive experience in key management positions within global, public hi-tech, and biotechnology companies, as well as early-stage start-up companies.
She previously served as the CFO of Smart Agro, playing a crucial role in leading the company to its initial public offering (IPO) on the stock exchange.
Limor also served as the CFO of Rosetta Green Ltd., where she successfully guided the company through an IPO before it was acquired by Monsanto. Following the acquisition, Limor was appointed as CFO of Monsanto in Israel.
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Avi is a highly accomplished entrepreneur and business leader with an impressive track record:
He is the founder and former chairman of Blackbay Ltd., which was successfully sold in 2017.
Avi Azulai is a co-founder and co-director of iTouch plc.
He served as a partner and chairman of Vista Diagnostics Ltd., which was sold in 2009.
Additionally, he was a partner and chairman of Handmade Mobile Ltd., which was also sold.
In 2019, he founded TrackIT Global.
In 2022, he co-founded and became chairman of EVDO UK LLP.
Also in 2022, he assumed the role of venture partner at 91 Ventures VC.
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Founder of Derivados del Etilo, S.A., where he worked for over 20 years. The company was later sold to DSM Netherlands (DSM.AS).
He began investing in startups in Israel in 2010 and personally invested in companies such as Medvest, Rewalk, Vitalacy, Origin GPS, and BondX.
In 2012, he founded Tron Capital Partners and Magna Capital, focusing on investments in Israeli startups such as Urogen Pharma (URGN:NASDAQ), Yotpo, Speaking Pal, and Communitake.
In 2019, he established MCP Magna Capital Partners LTD, continuing to invest in Israeli startups including Armenta, Intelligo, Constru, Addionics, Konnecto, Geneyx, HT Biolmaging, Wellsheet, Matricelf, Techsomed, and Pep-Therapy.
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