The 8th SVIEF Star Startup Competition Finale Part I | SVIEF
10:58PM Sep 30, 2018
Let's begin svief star. So we're going to have 15 total teams making their presentations today, and one representative of each team will have five minutes to deliver their elevator style pitch. Our staff will remind the team on stage when there is approximately one minute left, and all the teams will be stopped at five minutes. No exceptions. When the time is up, we'll play music. I'll come up and I'll disturb you. So keep your self paced and also keep in mind that after each presentation, each team will have three minutes for q amp a session with our judges on the stage. And for our judges. Each of you will be using iPads today to calculate the average score and the average of all scores will be the team's final score. And at the end of this afternoon, we will announce the top six winners. So without further ado, let us welcome the first group of judges to to
begin judging today. So Andrew Tang, the partner of Draper associates, and CEO of Draper University. Let's welcome him on stage.
We also have Connie Sheng, founding partner of Nautilus Venture Partners. Please welcome her on stage Alex Wang founding partner Skywood capital
we will have Nathaniel Jewell the board member of the Wharton alumni angels
Hong Xue managing partner of VXP. Partner of cybernaut investment. Welcome him on stage please.
Scott Armanini, angel investor and venture advisor.
Mike Xu Managing Director, Fosun capital
Tiemin Zhao partner of IV IPV capital
fetal, Vitaly M. Golomb, managing director and Global Head of investments IEG
Huican Zhu at managing partner amino capital
Nan Zhou, investment director for Baidu investment
Ashish Aggarwal, Principal of Grishin robotics
managing partner for Bay angels.
Without further ado, we will begin
now judges once you have taken your seats, we have placed an instruction paper and an iPad in front of you. Please take a look at the instruction paper so that you will know how the judging process will take place and use the iPad to score Okay, I think we're just about ready and we're going to first welcome our first presenter, which will be OxiScience to give their pitch today welcome OxiScience.
Um, that's first time she's such a my head on the shuttle. sighs My name is Jing chemistry company from Seattle.
Please play the PowerPoint.
I'm always impressed by the speed of IT technology, especially the blockchain from this conference. Well, it took us 20 years to develop Amazon bestseller products. But I think we shouldn't really believe in $9 billion story of a one drop of blood can tell you everything my college sophomore
science needs a patient's to create the magic what we did in the last two decades to develop new polymers now expanding the polymer two different surfaces a textile plastics and mineral for odor control products. We applied for four patents since 2015 to have been granted we're all serial entrepreneur the first company using the same Technology Co founded by Simon Jeff Hello source for water purification went public in Clinton, UK. My first company also water purification company sold in 2014
well we love the competition odor control first of all the market size huge but same time competition really simple 80% of solution using frequency to cover up PNG for brief actually perfume game $2 billion business charcoal baking soda physical absorption very weak enzymes very trendy my misleading enzyme protein as a chemist apply protein to urine to solve other problems really doesn't make sense to me
what we do is a parliament bond with chlorine first of all as a reaction to form South with ammonia oxidizing sulfur compounds instant and that's basically 99% of order from auto Gani matters but our most important differentiation the long lasting we are the only product can work in the drive for that's why our first lunch product the calculator do the riser be quickly become bestseller on Amazon think about it pets Jenny order 24 seven what pets only really want is go to work on my home order free they don't want chase after the past clean up to their urine thing using spray which doesn't work anyways so
you can consider our technology the battery system we reserve and slowly release oxidizing power through the degradation of the polymer the structure was originally derived from amino acid has very safe chlorine South is also mountain safest element that's why we have not in tap water away gentleman's chlorine from sought after in react with older I'll come back to the salt leaving no smell behind.
Here's a video to show why we are the best products compared to our competitors were using synthetic urine to compare to enzyme baking soda not only we can remove the old the older This not only for color is a live demo but we only remove 10% rule the color and smell instantly the most important after completely dry it after day with job on more urine to our samples we still can do hundred percent removal
so we start working with fortune 500 company in 2015 when we launched product directly in 2016 then we can huge success accumulated for two years we got 200,000 customers this our sales curve on Amazon we have six products for them Amazon choice to have them Amazon bestseller and
the success is not because we are a sales expert. We
we start with six people five of us chemistry PhDs we didn't rely on referrals word of mouth we basically maintaining 4040 to 50% repeat orders well with a fast growth
so we are a product company so we have 525 products in pipelines.
We just find three co branding partners will also have more than 10 activities and clients to cover fogging services to RV boat hotels will also cover industrial air filtration to the industrial plants including marijuana plants we also do the food preservation to extend the full life we also cover nursing home with the reusable pads so the number of application of our technology is the only limited by our imaginations right now we're at the fastest growth stage technology is proven product proven this year we should reach about close to $2 million revenue we are trying we're right now raising three minutes to reach $10 million sales in two years thank you
all right thank you so much so now we're going to have a q amp a session judges you have three minutes and the final question will be asked around two and a half minutes
go ahead sir Fosun capital
I hygiene I think we've met before
so how do you calculate the total addressable market
how to estimate your market potential
our motto position it's it's all the controls huge for individual industry so so that's why we use a top reference the February's a PNG a brand with $2 billion business same time tacos across everywhere, as again all industry also billion dollar size, our market size. I mean for individual consumer brands, individual brands can be I mean that can be goes 200 million revenue for individual brands, but we are product coming your technical company we mostly provide the technology besides inside right now, we basically spent our technology by actually signed powered through all the brands through own industries. So,
um, you talked about your
product differentiation, I wonder so how help sort of
the technology that you have
developed that you
would be able to sustain that sort of differentiation or from another perspective how consumer can see that differentiation and actually winning to pay either a lower price or or or less norm grant for that reason
I also second the one Tesla consumer that's why I really liked the for odor control process because consumer can tell the difference right away so that's why I do live them also the one we show the media not only for color we do we do live demo to all our partners they then for for them they really the events were outside that you can see their face while feeling after the so stinky urine smell after like zero orders so that's really the beauty of doing odor control for consumer brands but technology wise we explained we can explain very well because I mean first of all coloring is excellent amazing that's why for anti microbial chlorine bleach still around the dominating a technology the problems the ability that off that's why you buy really concentrate bleach from the supermarket because if they dilute to the concentration that you can use at home the time from shelf life to go by the home is basically 200% water so no effect anymore so that's why they always use a concentrated so stability is the key so we basically using bandwidth polymer kind of battery reserve the oxidizing power can slowly slowly release two months and years now it's kind of the expansion the main differentiation we differ from the Russell products on the market
alright we have time for one actually nope I think we're just about done with their to thank you so much. Oh, did you have a quick question sir?
Oh yeah winder a since you have a consumer report like that and also business on b2b business model what is the long term plan for both side and when you raise the funding and what is the strategy for long term because you're
def cells have productive sales
What do you see key challenges and to try to achieve by raising the funds
well the to run consumer brands individual the ketones definitely sales for scientist I mean the marketing sales stuff and not our specialties but we have beautiful Oh the control that's definitely helps but same time we are trying to build a oxides power like Intel Inside the for technology over 20 years that this technology really solid enough to support hunter medium usages.
All right, thank you with that, so we'll have our next so thank you so much to talk to science will welcome our next presenter tonight, which is going to be Intento incorporation. Thank you, again to oxy science. So
all right, Intento, Inc. will have their video.
Ah, do Thurman Yeah, hi, my name is Konstantin, I'm saying co founder, of Intento from far away from here from Berkeley on, I will be repeating myself probably. So what we do, or we provide a symbol intelligent data to third party AI models for cognitive services, such as machine translation on image tagging, sentiment analysis. So
today, Every company has to use AI. But just a few technology leaders has a critical mass of talented data to build it in house. Others have to use third party models. And that doesn't quite work today. So
are there are thousands of such models available through hundreds of API's for many intense or functions, the process text, image, audio and video. But in this case, use a model trained by another company with unknown data. And the performance is after for time difference. And prices are 300 times different. Meaning that the wrong choice merely to complete mess. And that often happens when companies approach choosing KPI in diverse and way they approach using software that pick a good Brown, which no one was fired for choosing the big set of features, price, and then their lunch, the integration just to find that doesn't quite work for them. And they decide that the is not there yet. Why? Well, they just made the wrong choice, unlike maybe their competitors. So
we propose to approach us and Kenya in this very same way where project hiring humans to source all available models to follow them on your data and to build the right portfolio for your solution. But today, that's insanely expensive, because you need to do lots of an API integrations and Simon lots of contracts. And we saw that with our tools based on our property integration technology. We integrate with all vendors on the market, we put all the models and catalog we provide human friendly tools, delay them for your specific use, and we provide a single eight guy talk says all those medals, vendors and models with an ability of smart routing. When we select the best vendor based on data sent to our platform.
For example, one for clients, June, which is a fastest growing up in a commerce platform using tanta, to pick the right our model out of 15 machine translation vendors to let the users talk across some current language pairs in real time. Or we localize which a fourth largest American language service provider using times to implement their multi vendor as strategy will launch a product two years ago on with machine translation and to already when global with growing number of customers in NASA States and Europe,
we operate as a value added reseller, charging some market for using our integration solution and having some reseller discount from vendors and we work with partners to all of them. So
the market cloud cognitive, a market estimated average of 47 billion in five years, and it grows 40% New Yorkers are to experience one is a guy in other one is
called penetration. And unlike many other markets, this one gets increasingly more fragmented because of the diet data privacy concerns, and who provide the only solution to navigate this complex landscape. So we're the only player on the market which provides access to the best of breed models and helps to pick the right ones, we attract the top technology talent, we have grown to advisors who helped to grow their companies and to billions of revenue. And this is the same potential here are already raised 1 million will be raising our 2 million and all this era to grow our sales and marketing on yet. Thank you. That's a
Hi, how are you different from companies like data robot data robot
I don't know this company,
they also do something similar, where basically anybody can go to them, they can give you their data, and they have a lot of like, people can, like, write their own algorithms on that. And then they basically figured out which one is the best algorithm for your problem to solve. And then they give you as a kind of like, as an API that you can develop up. And they are currently growth stage company in that. So can you please talk a little bit more about your competition side?
Yeah, so more similar companies to what we're doing is algorithm now and very tone. But very, Tom does that for very specific field media analytics on premise and algorithmic work, smartphone supply side helping to develop the algorithms. But if you go there, as a customer, you'll get little of health because you still have lots of different data as you need to explore. So we work with both stock and custom models which require a little of your in house expertise to develop and you can use them instantly we have, we have to choose the right one. So as I understand data robbers problem, you give your data they helped to augment this data, they build some algorithm so small, like consulting model now. Oh, well, I'll have a look. Thanks.
Kevin Chen on
sorry. Um, but can you give an example of what kind of for a VIP as you're trying to integrate into your customers? Like, do you consider yourself a consulting company or technology company
now, so we provide tools so we provide the gateway to all those third party models are
like, you know, Google has Google Speech API
will give an example and probably example, for example, your incomes in commerce company, you want to take your images of your products, those models up category specific so you you see you have 20 different vendors, you want to avoid them and pick the right one for every category for fashion. For furniture for automotive, without us, you have to make 20 that integration sign to any contracts just avoid them with us use one common line tool to follow them and then you can use them in a vendor agnostic fashion using a single API integration so that's what we do we provide tools sometimes a little bit of professional services to help use those tools
alright one more question
yeah I think AI is very fragmented area so it's vertical they have different training they need a different data different training getting really useful models I'm not sure how this applied virgin that way like for example image you know train for merchants for
shopping clothes and the product is quite different so how you really can automatic sourcing the right algorithm or model to solving certain problem is
really quite need a lot of customized work yeah,
yeah. So I tried to be brief so there are things and AI you should do in house definitely build from scratch the things you should actually outsource us from from a vendor and you have several options you may use stock models pre trained you may use our generic stuff model smells nice stock models you most customizable models if all the substance of the market and you need help you need to be able to compare them for your case that's what we have to do yeah
all right thank you again and that will be the conclusion for Intento Incorporation pitch thank you
all right now we're going to welcome X-Therma and we will have their introduction video for you. Now. I'm so excited to be here to show you access TV for the conversion code coaching
solutions to enable the next generation healthcare. So regenerative medicine to really become the ultimate ultimate power to cure your disease just like car t therapy and rejuvenate your body in the future, from cell therapy to organ transplant. That's $200 billion market readily available for us. But what's in common for those drugs? Well, they are live medicine so that means every single minute we have to fight and won the game was time. So cost storage of courses the insert in fact that become the foundation to enable the advanced manufacturing the delivery process, but this is not the simple codes shipment as you thought to put in the eyes and the ship to a destination involved with so much things. So we have to prevent a freezer burns of all this medicine. So but the current technologies so he does not work is ineffective and toxic. So industries and looking for bottleneck solver. So for example, organ transplant as the largest complex regenerative medicine and can save millions of lives and currently is $33 billion build annually United States however, there has a big problem of 80% of those organs already been donated the currently on the week waste the list because we don't have a way to reduce the temperature below four degrees C and then they only allow for to 16 hours delivery time because of the poor preservation imagining. As I said, if there is a frozen live the organ bank available then we can get to the heart matches perfectly and and save your life change in the medicine. To solve this problem. Experimenting take a complete different approach. We take what nature does the best antifreeze protein from the Arctic Ocean fish and combined with the state of art, nanoscience routed from Lawrence Berkeley National Lab and we came up with x TV for a super molecule that is a 500 times better ice prevention
properties compared to the small molecules and is born to be engineered for scaling up so now we have FDA Treme the holy grail solution the MSL protein and the serum free and complete chemical redefine the solution allow them the ideal the post assault survivors of the cells over 90% non toxic and given reliable potency thanks to the chemical definition so we're not only able to improve the current standard from industry actually create something nobody ever be able to do so we solve all the pain points of the industry currently and remove the needs of the liquid nitrogen and dry ice for shipments and then actually we can use the use the minus 10 minus 20 shipment to to get a fresh never frozen cells available. So this is also give us a license in the also from partners and could even get to revenue share from them. So because of perform so well. Actually a use acceptable to preserve my own sons Kirkland this kids from experiment delivered to Oakland hospital on here is the video if you think about the frozen heart Come back to live there must be cyphy. But today at this moment, this is reality. This is now looking at TV phone, there's a heart a mouse heart preserve access TV, but overnight and come back to beat just as normal. So
and this will ready for transplant the words of the Johns Hopkins So in the last four years who have built this MVP compound and the proof the significance preservation with cells and organs and the global patent the coverage and we have a
beat the other one every single one government grant and the contract or $5 million becomes the most of funded the project and the parent organs in May and the project and and thanks to Lawrence Berkeley National Labs, the hope and the we can access to over 100 $50 million access of equipment and the way collaborating with the world leading top top of the Institute and then be featured on this magazines on the bottom. So the core team will have worked together for over 10 years. And the
scientific adventure from the business family and Dr. Klein has is a key personnel from the DARPA project that actually doing exactly the same chemistry and Ali as a serial entrepreneur has been and founder of Oregon preservation Alliance as well and we have absolute founding team here on average, each one of them, and so they founding father and the progenitor of their fields. Alright,
so thank you for the introduction. Now we will go into our q&a session. So
how does it work? Is it a liquid solution in which you what the Oregon you place the organ in the solution?
Yes, yes. So this is some liquids one non toxic so you soak the heart inside extra goes through the profusion process and then you just sit that into the freezer overnight and it does not freeze that's the key.
So I understand the application for Oregon's is that highest and best use of this technology? Could it be used for food preparation?
Or definitely I did not get chance to go over so actually because of a chemical company on this chemistry invention not only used for Regenerative Medicine actual well scaling up this can be used for any party you need to find ice for the icing airplane better car coolant better ice cream and also for making your skin better
and how would it affect the quality or a taste of the food because I'm not certain I want to eat something that's also used to do is a plane
Yes, that's exactly the current problem. If you buy a non fat ice cream then you have a propylene glycol in it. You don't want to eat that
um. Well I think life sciences a very complicated subject and the human beings Oregon's also are complicated so by using a solution to you know kind of tied to office the organ would that affect other function of the specific you know human beings are going and how the FDA or she FDA in the future to prove that
yes that's a good question so for organs the hard to actually is the hardest all going to be preserved in order for hard to come back to beat actually the function need to be preserved very well you can tell like a we have a control study then then the dead hearts or the damage the hardest not be to be very slowly and we have multiple experiments improve they cause all kinds of chemical reactions happening and build of toxins so for regulatory question actually for we have
two sectors for cell therapy is not even need FDA approval it just needs FDA registration which is another layer of protection for us as much as simple process and for organs is medical device even have a 510 k presence. So it's a much easier process of compared to any biologics or even drug.
I know question please tell the FDA elements and looking at those sectors which one are those are the path of least resistance for you to prove the concept and bring in some value back to the ecosystem and
could you restate that I'm looking at several sectors and
outside the FDA component which one of those would be the easiest for you to enter and provide some value back?
Yes, I think we are intended to set up as PV in the anti aging skincare industry because antifreeze protein has been very hot topic in the entire skincare market. L'Oreal spent millions dollars and looking for who can produce antifreeze protein but now combining with our and special nanotechnology we are able to propagate this market
all right thank you very much. I'll see oh
or Andrew we're going or sorry
I think that we can try
our end Okay. All right. Thank you again Thank you. All right, we're going to have now the Seattle gummy company will have their introduction video and their pitch right after Thank you Hi I'm
Connie Thanks for having me. Here I'm representing Seattle gummy company as the instructor said we're a specialty pharma company focusing on one thing and one thing only that is functional gummy technology. What we do is we'll put the API active pharmaceutical ingredients into our novel gummy matrix to produce our medicines as of today we have raised the $7.4 million and with two strategies the r amp D is a laser focus on the growth strategy which a line of OTC as well as prescription gummy drugs and definitely near term de risk the revenue generation where are selling a line of traditional Chinese medicine theme, nutraceutical supplements, all right let's look at why gametes three three reasons one dummies a very well accepted by the general public general population number two there's a huge marketing needs for the compliance is especially in the geriatric and pediatric populations. Number three is technology drama in fact it's amazing delivery system tapping to mucosal absorption makes it really fat fast to get the active ingredients into your bloodstream so it's a very effective and efficient Blood Sugar Rush so essentially what you have is a sugar question and it's a restful cross which is extremely dangerous for
diabetic patients hours Tommy zero stays low IQ portfolio as with any pharmaceutical companies were shooting IP we have 22 filings ever today and then seminar international filings and then pipeline wise we are looking at a stream pipelines will have a OTC dummy we have a teddy traditional Chinese medicine TCM dummy line we have a prescription gum line and then was within within the OTC line we have pretty much coming up is that every single products you know OTC drugs you probably can't find a yo yo cabinet with a focus on allergy and the information and the fever and then the new drugs we are applying the new drug application for with FDA for our first new drug which color shirt satiric allergy gummy is for the fast release of the allergy allergy symptoms. And we have
established FDA communication secure communications. Since June. I have been in close communication with our case, a reviewer and then we have submitted our pre r&d packet in July 27 and received a formal response on August 27, the response has been extremely positive. We have
put we have received the zero pushback basically on that clinical trial protocol we have proposed and we are working on I NDA package, which will be submitted very soon. So
for the near term, what's happening we are selling we have a full line of products right now sell you on the market leading with mocha, shush. That's their local shops actually using our API competence and technology which is from pharmaceutical side will able to load a large amount of caffeine into that product. So right now a more conscious is the highest caffeine content product you can ever find in the market. And then we are doing extremely well in the markets on the marketing side considering the company started last year and it will start selling this year. Right now we're selling to 27 states with 50 plus retail stores care of our product including some national chance
team we have amazing team that's all I can say that they can make anything happen in a snap of fingers a little bit about myself, I'm a serial entrepreneur and the investor I'd be a patent attorney I'm currently the president of a Washington state law patent Association and it was all that I love the what I'm doing right now is Shadow Copy company advisory board Tom he's amazing he's a he's a founder CEO of the bar tech his expert in clinical trial advice on FDA side and hub which is
wonderful he's a little back she founder and he is advice on the China strategy to the wise we are looking at most likely to be acquired we have been acquired constantly right now by large companies and as a team we are shooting for IPO upon the first and approval of new drug application I think so much for your time happy to entertain any questions
business model I wish
yeah sorry honey
okay hey Kenny what's my business model so I'm for the OTC we're only going to do to New York applications so I I came from a background that is very heavy on licensing I believe in licensing which is the best way you can get money with very low overhead so with to a product proven market I'm going forward we still with the licensing both the prescription drug her work as well as the rest of the OTC program
so Christian here are you mentioned to kind of over the counter and prescription right yes so for the prescription is the drug the new array so what kind of you know percent approval processing for the new drug discoveries
it's a lot more complicated answer for that for the prescription so that's the reason for the for the for a new drug application we're only going to going to do with OTC for the market about basic proven the market for the prescription. I'm talking to some large farmers on licensing where we're not planning on going for our licensing what we're not planning going for their approval is too much money
to to follow up on that question even for all TCS as if your component is different, do you still have to go through the
some sort of approval
yes so it's a new drug so that's good or bad right the good part is with any drug approval there's a three year kind of administrative exclusivity for three years so FDA will not approve another gummy medicine that's number one number the bad side is we do have to go through the clinical trial the difference in our case is a very well accepted formulation in food that he is
very well accepted API we're combining API into a new formulation for the drug use essential so it's kind of new is a 505 be to drug and it was that we don't have to do any therapeutics will we don't have any to any toxicology study the only thing we do is that by equivalents PK study so short study is this different very different from the traditional scummy candies
said again your gummy technologies that are different from the traditional gummy candy so
it's different only in now crossing he were using cosmic are using so the Gambia is different from the other formulation in a way that it is a polymer lesion plus cross linking process to the chemical process and most of the traditional gummy way there are a lot of sugars, sugars not, therefore flavor is a reaction so he's a cross linking or use a different cross linker. So
I guess you're indirectly saying your patents that would disallow the traditional path coming makers intro into the the
drug delivery space. So
um, cell phone makers they can do it basically it comes down to when you put something together would it work right. So for the for the API is what happens because the gummy in itself is a cross linking process. We put the API with a lot of functionality on it interferes with the reactions it doesn't form.
All right, thank you for the q amp a session. Connie guys appreciate it. Thank you again to the Seattle gummy company for their delicious presentation. So CHO plus incorporated is now next when we will have their video presentation for you.
Thank you. I'm Larry Forman
the market for therapeutic proteins is quite large therapeutic proteins like antibodies are used to treat disorders like cancer and rheumatoid arthritis. Other therapeutic proteins are used to treat heart disease and other disorders. This market is rapidly growing, it's about $150 billion a year now and will grow to will double in about seven years. The way that you make therapeutic proteins is you take DNA that codes for the protein, you put it into an animal cell, you grow up these cells and big bioreactors or for mentors, you purify the protein, and that's your product. Usually the cell line that's used is Chinese hamster ovary cells, or Cho cells. And that's the name of our company.
So the problem of the industry is that production costs are extremely high, millions of leaders of produce of medium need to be processed every year in very large facilities, sometimes costing over $1 billion each. So the industry solution to this problem is to build more factories every year, because they're, they're facing capacity limitations. Also, as new products hit the market. Well, we have a different solution. Our solution is to develop patent pending technology to genetically engineer the cells to make them more productive on the cellular level. So
we can improve productivity productivity, several fold, meaning that industry would have to build fewer facilities in the future. And they would get more productivity from existing facilities. And we're currently in discussions with several major and some smaller pharmaceutical companies right now. So our business is one of technology provider or technology licensor. We would create manufacturing cell lines for pharmaceutical companies, and they would give us revenues in the form of milestone payments, annual license fees and royalties on sales of their products, we would have a small scale operation which would yield very high profit margins. We would never be bigger than a lab scale operation and we think we have a very good probability of being acquired within a few years. We have a great scientific team. I have decades of experience with cell culture process development working for companies like Genentech as well as others. Lawrence Chazen is the world leader in in
in producing proteins from Cho cells in virtually every pharma company in the world has licensed to sell lines. And Alex is a great molecular biologist. And on the business side, or two advisors Karen Boise, and Rex Wrigley have each been CEOs of biotech startups in each has been acquired
this this shows the proof of concept experiments that we've done. And what I just like to point out is that using our engineering technology or cell lines are for people and I are, on average, 4.5 fold more productive than the cells we started with. And this can extend to production systems as well. So
our operating model, we would receive DNA from a customer, we would transfer or inserted into our patent patent pending cells, we would screen for high producers, expand the cells and send them back to the customer for production, we would not be doing the production ourselves.
We believe that shortly after closing this funding round will be able to bring in a few hundred thousand dollars in contract revenues. And then licenses would follow and several years later royalties once those products hit the market. We believe that by 2023, we could have revenues of $100 million with over 90% margins since we'd be a small operation with only 21 people at that time.
Some acquisition examples. And again, this is most likely glycol fi was acquired by Merck about 12 years ago for $400 million. And that was technology only pre commercialization crucell was acquired by J and J a little more recently for 2.4 billion. They had cell lines, plus other technology. We've been in discussion with several CMOS, contract manufacturers, technology providers, and pharma companies. And any one of those could be an act it could be an acquire in the future.
We've raised $325,000 so far for me and some angel investors. And this has gone to develop the technology and do the proof of concept work. We're raising $750,000 now and that will be used to demonstrate commercial feasibility, and to generate more customer revenue. And this should take about one year, we believe that there's a likely acquisition by a large customer or contract manufacturer in about two years, and with a possible return on investment of 50 fold.
Thank you very much.
What do we mean by the sale be more productive? Do you do you mean increases the conversion rate or or extends the sales knife?
Okay, well, we would have the same number of cells using the same medium and in the same facility, but our cells are actually five times more productive, we've genetically engineered them to eliminate certain bottlenecks that prevent the cell protein productivity from going any higher than it is right now
essentially acts as a catalyst,
if I could see this quickly, people put more copy numbers of genes into cells, more and more copy numbers. And what you see is that the productivity goes up and then levels off. And the reason is that the cells can't can't process full of those copies of the gene. We've just we've discovered a way to make them more accept more accepting of that higher copy number level. So we don't have bottlenecks, then that's the best I could do without giving away confidential information. We're reducing bottlenecks.
How was the technology develop? Did you do it in house or in conjunction with other research organizations? strictly in house? We own the technology completely.
Are you pre revenue, or is the revenue that's being generated right now, pre revenue, we're in talks with several pharma companies. And
they've said yes, but have yet to write a check. But I think that the other thing is that we could get a lot of materials which are very valuable from companies that we had our own funding to. So that would also speed things along. It's a chicken and egg problem, and what have been the impediments towards the farmer companies licensing your technology, and what can we do potentially, as investors in order to help accelerate Okay, oh, we've demonstrated proof of concept to show that our engineering techniques work, what we need to do is demonstrate production production of human antibodies at high concentration levels. They're scientists who are familiar with what we're doing. There's a few of them all agree that there's there should be no impediment to achieving that goal. We just have to do it and it's expensive, and that's what we're raising the funds for.
Alright, we have time. Thank you a question. If not, All right, thank you again to CHO. Plus, you will now have Radial3d and their video introduction for you now
understand 3d anatomical structures,
collaborating and analyzing multiple people across the globe. Hello, everybody. My name is Evan, and I'm the co founder at Radial3d. And we built an xR that's virtual reality and augmented reality diagnostic imaging software. In fact, we're the only 3d Medical editing software on the web now sell you to do remote
diagnosis using XRP technologies. Here's how it works. First, you're just gonna upload their medical scans to our website. Secondly, and they can view and analyze these scans in 3d on their own devices. And finally, look at a secure and shareable link, which they can use them by the collaborators from around the world to access and analyze that scan with them in real time. And they can also access this data, any virtual reality and augmented reality device.
Today, we're already using XRP to change hospitals and medical education we're studying hip fractures are now at a military hospital. There are over 200,000 infections on every year in the US alone, and we're starting at $1.25 billion market. Now, this is only the first step we're not targeting a $4.5 billion diagnostic imaging, market targeting pediatricians, physicians as well as allied medical professionals across the globe. This brings huge value to our customers today, including a better understanding of 3d anatomical structures over 75% in cost savings, or 35% faster analysis. As I said earlier, we're the only ones on the market doing this, I'm taking a look at the competitive landscape. Now, traditional medical billing software is usually a soul user experience, they get very difficult to collaborate. Radio three is the only collaborative xR experience on the web that allows you to access your data from our mobile devices and have a multi user experience.
Today, we have 6000 and monthly recurring revenue booked with a user base and some of the top medical institutions and hospitals across the world. And we have a channel partner with z space and market leader in the XR space, helping us resell to hundreds of medical institutions across the US. Our revenue model is very straightforward. We're a b2b SaaS model, targeting hospitals $6,000 per month and charting smaller clinics and groups at $2,000 per month.
And we have a dedicated team to execute on this vision. both myself and my CEO to see Thompson have co founded venture backed VR starts getting the past I'm a proud alumni, a boost VC, which I talked about earlier. And we also have Dr. Scott lows enough on the team as well as CTO, okay, Davis little successfully a belt medical billing software in the past we also have legal notice or senior software engineer who's been coding since age 12. We also have Dr Zico as well as Michelle time with the team as well. Now taking you look at today we're building a strong user base and so on the top medical institutions and hospitals across the world working with our reseller partners, and this will be take us into for that report next year. With our clinical approval in q1 and q2. And this process of it's already severely theorists why the funding by the FDA worked with Children's Hospital of Los Angeles let's taking a look at the next five years we're scaling with our reseller partners like g c, Siemens, as well as Philips. In order to take us to a 40 million AR are projected revenue, we're really looking at an $80 million air our mark opportunity in your five with the likelihood of acquiring by one of our reseller partners.
So in summary, we put a best in class xR product and a multi billion dollar market today we have a strong user base some of the top hospitals and medical institutions across the world. We are grant funded by the FDA and we're a big target for Acquisition with three potential buyers. And we've done all this with 180 k race the date at $26,000 grant from the FDA.
Right now we're raising a $500,000 convertible note 100 K. This is already committed from our previous investor investors to be poured into product development as well as business development, sales and operations will take us the key milestones coming up, including raising a $1.5 million seed round 500 k n AR ar 18 months of runway business business partnership, selling into 30 hospitals across the globe and getting our FDA approved product for our 510 k in q2 of next year. Again, my name is Evan on the co founder at Radio 3d. If you like to join us and building the future of diagnostic imaging, I will show you the product at our booth and answer any of your questions. Thank you very much.
So you're in production right now at Children's Hospital of Los Angeles. Is that correct? Oh, we have live pilots. I'm sorry. We're live already.
Your live they are already done. Right?
Yeah. Right. Well, the idea and are they a revenue generating client? Or is that a more of a partnership trial basis is more of a part of your trial basis. The the biggest copy what we're paying now is the military hospitals. And they're paying us at $6,000 per month. And from the licensing model, is there an upside limit towards how much you can like you can charge per month for this 6000 seems low.
Yeah, there is things that stop what they're really, really big hospital, we have to call them differently, they have a lot of data, their song on our platform, we also have to increase as well, so we can quote them accordingly. Based on their storage and needs.
I notice you're, you're focused on bones and fractures, 06 next iterations of diagnostics. And what does that look like,
right, so right now we're working on hip fractures. And basically, we work with any CT or MRI data. So
essentially, if it's in the CT scan machine, we can we can do it,
is there any special signal processing and your software to help the doctor or the technician do analysis? Was it a pure API field? So we have
a set of tools to help them analyze that as well as the platform to store and share the files, new processes signal any way of fashion? Do you have to smooth it you have to analyze Yes, yeah, there's a lot of that going on the right in the background will be make that really easy. Okay. And if there's any, any secret sauce, any IP in there? Yes, there's a lot of IP in there, which we're working to secure today. So
how do you get all your like a 3d imaging data library how to build it from scratch or do so
we were we buy from
so we partnered with the University of Floyd as well as several other medical universities that already have access to the data
okay so although state exclusive to your business or you have a like a multiple year of a partnership with
we have a license to use it which we've worked out with them
you mentioned you have a flight in case Fast Track Could you elaborate a little more was the fast track you're doing that
right so we are we have a grant to you know, work with our consultant and file for that were filing at the end of this year. It's a class to do medical device product LLC, similar to a pack system filing
you categorize your software as a diagnostic tool can be used for other purposes. Such lights training doctors are Yeah, for the practice for surgery, something like that.
Yes, definitely. That's actually what we're doing today. I was research and training and all the bubbles you said
Yeah, you're correct. Yeah, that is all pre FDA. That's the market and making now we can charge for that today.
Yeah, what else of fundamental question What is the fusion lift actually using your true because the doctoral new train to really read those images, why they need a 3d and how much efficiency you can improve.
So right now, we're doing a study to prove exactly how accurate is but typically compared to solutions today, who typically you don't see the 2d sizes of the shots are now planning and things like that, really, you don't have to have a complete picture, which is really important things like fractures really didn't know how deep and how wide things are, sell certain areas is definitely more important. Have the 3d view of it, suddenly, certain things could be faster, and to do where focus on the ones that really take advantage of the 3d analysis.
All right. Thank you to Radial3d that. Thank you, Evan. And now we have to move on to our second to last presenting neuron drop. So we'll have their video introduction for you right now.
Thanks. Thanks for having me today. My name is jack cackler. I'm the CTO of neuron drop. Our founder and CEO Gordon lewis is also here with us. So
when I talk a little bit about the team, we've got a fantastic team with experience across the industry and academia and industry. Gordon comes from, from Apple from, from Netflix from Carnegie Mellon, David stork, our chief scientist literally wrote the book on image processing and is on more boards that I can count.
I did my doctoral work at Harvard in Beijing and spatial temporal stats. I was the lead engineer on machine translation, and Facebook. And I've started two companies as well on and and Hawkins now joins us from from Nvidia.
We also have advisors including zine Chen, and Jackie Lee, and an advisory board, including Nobel laureates and touring winners. So
to talk a little bit about what we're building neuron drop is really a platform that makes it easy to scale, globally, deploy machine learning solutions, you know, there are, there are many different versions of things that solve one step of the problem, things like TensorFlow cafe. And and
one of the problems with with deploying a new machine learning platform now is, is it so customized that it takes months of development to train and validate what you're building
so so really, what we're building is a platform that can be deployed across different platforms. So on on as minimal as a $3, Nvidia chip or through the cloud and to serve to solve any variety of problems we've really focused on on three applications at the moment, as we're building out the platform for the long term vision of the company is a platform solution that anybody can build on similar to the Google or Apple App Store. Um, so to go into the, the image processing application a bit, you know, this, this is an image of a street corner. And,
you know, there's many approaches to say, what is the information contained within this image on and, and there are higher level questions that takes some sophistication to, to answer
questions like, Where was this taken? Who is that person looking at? What are they doing,
I'm just the image search market on the internet as a $200 billion market right now. And
so if you go to Google right now, and say, look for images with a girl in a red dress, and a boy boy, in blue shorts, playing soccer, this is what's returned on our platform, this is what's returned. So you don't get the girl in the red dress. But it but it's much closer to the the semantic interpretation of the question asked by the user. So So,
you know, the market for for, for addressing on answering hard questions is, is fairly large. And this is kind of an intersection of
where we are, we are a machine learning platform, deeply integrated with sensors, we've talked mostly about imaging, um, but, but also things like LIDAR, any, any form of input sensor can be used to update the poster in the neuron drop model. And we're focused mainly in the Chinese market.
this is a scene from from a college football game, I'm taken from about 50 cameras at once arm and using our platform, you can stitch all those images together, and in real time, identify people within within the image. So so for,
like a security application, you can identify someone from from one giant image, you know, this is this is scalable, from the stadium to the classroom, our our education application right now, we're, we're working with an addressable market of 34 million students in China to provide real time feedback to after school tutors. And that's generating revenue. Now,
we've currently raised 4 million US dollars in seed funding, we're looking to raise our series A and we also have 100 million RMB committed to a research arm in Shenzhen that was just inaugurated. Um, so there's any number of applications we can apply our technology to. And what we're focusing on right now is building out the applications of neuron drop on so that we can we can validate the platform and scale it, but there's really no limit to to how big we can scale this we want to do for the machine learning application industry, what Apple did for for the app industry.
So how do you train your models? Seems like you can predict this kind of behaviors, but how do you train them?
Yeah, it's it's a really good question. It's, it's, it's a bit of an open ended question because, you know, because we're building a platform, we need to build something that's robust to to any source of inputs. So there's kind of a few steps in that. One is to get to rapidly get training data that's valid to the model. So,
you know, our model works without training data, but being able to robustly apply the data you get eyes is important. And
I think some of that early on, especially, is going to take working with with, with our application partners to help them answer that question. But being able to quickly go from, okay, I have a problem I want to solve, these are my sensory inputs, these are my, these are my actuators. This is the validation of the model. Um, it's not so much incumbent on us to validate every model right away, but to give our partners the tools they can to say when when the model is valid. Does that
answer your question?
As you said that your target market is going to be in China? So who is going to be your pilot a customer? And how would you compete with China's current AI giant such as, as time and first class path as they also have very strong computer vision of technology?
Yeah, absolutely. I think this is a case where the rising tide really lifts all ships, ships, you know, we're working in a few different verticals right now. And the market is growing faster than than any one company. Um, you know, the, the total category of the of the industry in China right now is is
like over 100% year over year. And
within the education market alone, you know, we're projecting by 2020, 1000, RMB per month from 34 million paying families. And you know, that that gets us to where we IPO like within two years,
we use educational market, do you mean the educational companies such as New Oriental, or just the
educational market in general, from a consumer perspective?
Yeah, so we have two partners within the education market in China right now. And we can talk about some of that. I think some of the partnerships are still under NDA so but if you'd like to talk more about the specifics of partnerships be happy to after this.
Yeah, when are you you show different application you have a image search I think that's different from the video surveillance video analytics and also you have a pattern you know, prediction so what is the major vertical you working on these days?
Yeah, I mean, I think the long term vision of the company is as a platform to to make it as easy as possible for a company that's starting to solve a problem to say these is this is the input sources of data I want this is the problem I want to solve and rather than have to hire a team I mean generic more generic AI training platform where exactly
Neuron drop We will now present our final
project program for the first round EXG Wear to a woman's hands I honey Do you to take away the sound more the Youngstown EXG Wear that
Good afternoon everyone. My name is Prakash Thakur and with EXG Wear incorporation and I'm excited to present some of the works that we have done based on our years of research work in the last three to four years we are a team coming out of University of Pittsburgh Carnegie Mellon University bets and best of luck in Pennsylvania. We are funded by NSF I corpse and you know, recent works one of the national green target accelerator program. So
me and my co founder Kate Jun Huang, we, both of us have 10 plus years of experience in a variety of biomedical technologies, healthcare technologies, and I, myself have business consulting experience in startup tech startup coming out of universities, we are frequently invited by IEEE to conduct international workshops in the human robot interaction space, as well as wearable technology using brain computer interfaces. And we also have collaborations from various other top machine learning departments across the country. Let's so one of the product that we are developing and the market that we are looking after each big social challenges in the country today, as also globally, it's people are living older and older. You can see in US alone, there is currently 17.5 million people who have some sort of serious disabilities that they need some kind of healthcare assistant or assistive technology for the day to day routine living. So independence is a big outcry for human being, everybody is seeking for independence. So even though they have access to healthcare system, which cost about 3.2 billion US dollar, people want some degree of independence for their at least some simple tasks at home. So the solutions out there is not adequate because they use complex brain computer interface technology as a result, or some kind of infrared camera. As a result, the equipment become very cumbersome, very bulky, and not at all cost effective to actually increasing adoption rate in the market. But at the same time, if you notice, there has been a huge outgrowth of huge growth in the smartphone industry. So if we can take simple technology and marry with the smart home technology, maybe we can allow independence to some of the people for the day to day activities. So the demand based on a lot of consulting report is an intuitive human centered miniature device that will actually increase the adoption rate. And that's exactly what we do. Based on our years of research, we have developed very simple to censor electrode based miniature compact headset that basically tracks the physiological signal coming out of your eye movement and simple facial expression allows the user to control a range of smart home devices including external Roberts, external smart home devices are your teeth with simple blink of your eyes, simple eye movements, as well as very gross pistol pistol expressed some that is very simple and easy to learn. Using our proprietary machine learning platform. This work has garnered several international awards by Tripoli and human robot interaction conferences, as well as you have two patents pending on this. So the
clear competitive advantages here, we want to beat the market for those companies who are producing obtrusive large, like you have to wear almost like a computer mini computer on your on your as your head gear. So we want to make it very compact, very minimally have two seats and nothing is sitting in front of the eye because it is a very sensitive Oregon people don't want to put infrared camera on top of it. As opposed to that we just put some sensors on the temporal reasons everything become on the side which become easily integrate able to existing day to day products like your board or your glasses are simple headbands. end to end, it is human centered, it is non obtrusive. And since one of the eye movement and facial expression is intact. Even the CPR motor disability pace since it has you know, it has potential use for all kinds of possibilities. And the products that are developed for disabled people in mind often find its inroads in multiple multitasking productivity areas for people to pull ability as well. So as a result, it's not just assistive technology is just a control device like ours has potential applications to variety of industries, including human robot interaction space where emerging award you can maneuver an external robotic arm, it's simple tweak of your eyes or control is smart light bulbs. simply look at a light bulb blink at it, the light will turn off or open your eyes wide open to increase the intensity of the light control a smart door or humidifier and
also another big application that we are currently looking at. and partnering with some of the companies those are developing head gears headsets for augmented reality and virtual reality because those two as pine more applications requires gauge heavy interacts them to the displays as as, as opposed to holding multiple gadgets in your hand and multiple controllers, you can simply and intuitively have an immersive experience with AR and VR display with your eye movement and facial expression. And that's one of the key talent in the industry. And that's where we find applications as well. So this is some other areas that we were looking at as we're also trying to establish the market in China, particularly in Asia Pacific region. You can see this trend is heavily increasing in China and China will continue to have major market share in the coming years projected five years from now one of the areas that you will find interesting is xR and gaming industry. That is, you're also people want an immersive experience with facial and I gesture and that's one of the key area that it's still untapped. And that's where we're exploring and other areas human productivity and safety. For example, imagine a situation in construction or in defense security or in manufacturing facility with a worker is constantly waiting globe, surgical mask and whatnot, dealing with biohazard substances and want to use something and control something with simple I moment facial expression. That's a serious impact on human productivity and safe.
All right, thank you very much. will now proceed to the q amp A. So here we are.
Yeah, so we have strong advisor committee, and then we have bunch of awards here. So you guys,
thank you for the so what's the attraction? What's the product state? Tell me more about where the product is where the services I can tell at what stage you're on right now?
Yeah, so we have clearly working prototype that works, we have achieved a 97% accuracy using our proprietary machine learning platform. And now you're looking at so we have a couple of contracts will opportunities coming out of the companies that are developing assistive technology, the next generation assistive technology, and also we are looking at most of them, we are looking at b2b sector now, whether it is augmented reality headset developers or an assistive technology who are developing next generation products for people to use their gestures. And very briefly is the licensing model or a sales model. So it's more of a contractual opportunity to integrate our technology to their product pipelines on b2c that will be currently not in our horizon. But that's a potential it's smart home industry become more mature.
So what is the accuracy for eye tracking right now? So there are many applications already been devices wise in AR VR, and there are other separate devices. So what is your accuracy?
Correct? So that's a very good question. So basically, because what we do is very simple facial gesture. So one thing is very easy to launch a binary commands we are receiving more than 97% accuracy. And accuracy sometimes depends on the complexity of the task, we are depending which is on the output side, not on the input side. For example, if you are to control the menu where a complex robotic arm it depends on what kind of interface we have with the other device,
but for so.
So what do you mean the control Come on, you need to adding the control command to really
protect us. So for example, let's say we want to control we are able to demonstrate controlling a smart light ball or a humidifier or the smart door in those kind of situation. It's about 97% accuracy, were able to opt in, but if so, you are not tracking the eyeball movement. You are more on the gesture of you. I
write it says so I try to clarify this is not eyeball positioning tracking is more about i right movement.
Yeah, so it's more about gross a moment, let's say left, right up, down, blink printer degree difference in the eye movement, because we are not using infrared camera we are using sensors. So it captures the information coming out of varieties of electro physiological second, what is the barrier there, this is much easier than, you know, the move I bought movement positioning
is a key barrier technology barrier there.
Oh, so the only challenge that we think is because of the machine learning component, it requires about five minutes of learning for each individual. So for example, the if the device is trained for you the same device, you cannot give it to another person unless that person gets strained for another five minutes. So it's just the initial calibration period. But our machine learning platform is developed in a way that once it is trained for you, you don't have to retrain again it is adaptive to training ability.
Could you give us just one specific killer application by using a product that will completely change the user experience?
Yes. Well, just one
just one Yeah, can I think it will be it will be augmented reality of immersive experience in augmented reality sector. Because currently what is happening is number one, the industry force is looking for more and more miniaturised device The only way to allow that is the sensor based app. For us. That is the future and people currently the key to AR and VR is you have to have an immersive experience like with when you look at left and simply whatever is there, you can select it or you can control panel. So that's the easiest way I would think a killer app there.
But there are many other potential applications that we still need to explore and find out.
All right, thank you very much. And that will bring an end to our first judging session. Thank you again to all eight startups who presented to our wonderful judges.