Australia-listed Advanced Human Imaging has entered into a binding agreement with Singaporean health tech company Nexus-Vita for the integration of its smartphone-based health screening platform with the latter’s upcoming health app. The deal is for a consideration of $500,000.
WHAT IT DOES
Nexus-Vita is developing an application that allows users to manage and keep their health data, such as from wearable devices, training, nutrition and care programmes, that can also be shared with doctors, healthcare providers, personal trainers or chronic disease management specialists.
It plans to add into its health app the AHI CompleteScan, a health screening platform that enables a smartphone to scan a user’s face, body and skin for measurements, health indicators and risks. Based on AHI’s website, the software kit will later include blood biomarker chronic disease assessment and monitoring.
Nexus-Vita sees its application improving lifetime health, minimising the need for medical interventions and saving cost and resources for both users and health systems.
“A key differentiator of our platform is we will engage with our consumers to assist them in understanding their chronic disease risk,” said Nexus-Vita CEO Jeff Marquass in a statement.
Marquass noted the inability of world governments and healthcare systems to identify health risk and engage their citizens ahead of intervention. “Nexus-Vita will work with governments, healthcare providers and insurers to distribute our early warning system for better health outcomes,” he added.
WHY IT MATTERS
According to the disclosure, Nexus-Vita faced delays in completing its health app in the past six months due to lockdowns in Japan and Singapore. The latest agreement expedites the process of integrating AHI’s CompleteScan technology with Nexus-Vita’s health app. So far, the initial app is capable of performing medical health monitoring, prevention and engagement.
Based on the agreement, the Singaporean company can tap into the Australian firm’s development team to do the work, particularly for the addition of both face and body scanning software into its pre-emptive health platform.
“To say I have been frustrated with the delays would be an understatement. We have a world-class platform and bringing it into a mobile phone-based consumer product would have its challenges at the best of times, without a global pandemic [a]ffecting travel, our workforce, and the global economies,” Marquass said.
Nexus-Vita is targeting the completion of this process by end-August to launch the app in September.
THE LARGER TREND
The present deal is separate from the previous binding term sheet that the two companies signed in October last year for the combination of AHI’s CompleteScan technology across Nexus-Vita’s verticals. As stated in the term sheet, Nexus-Vita will draw in at least 100,000 active monthly users to AHI’s platform from the launch of its own app and pay its partner $3.588 million annually for the use of its technology.
AHI said in a clarificatory statement that “both agreements remain in force” and it expects to generate revenue of $4.088 million from the agreement.
Meanwhile, AHI also entered into a deal with Canadian digital health provider Cubert to combine its technology into the FitTrack preventive health screening app, slated for release in the first quarter of 2022.
AHI’s technology will get integrated with another preventive health screening app called Health i Check by Inter-Psy, a mental health firm based in the Netherlands. The companies have recently inked a binding term sheet that targets the launch of the integrated app this October.
Meanwhile, AHI disclosed in May that it received a CE mark for the derma AI component in its DermaScan SaaS platform – also offered through its CompleteScan solution. According to the company, its DermaScan AI can accurately classify skin conditions from photos captured via smartphone camera.
ON THE RECORD
“Bringing the integration to my team will not only deliver a world-class integration, but it will also negate concerns many shareholders have aired due to the rolling delays and extensions we have granted over the past [six] months,” AHI Chairman and CEO Vlado Bosanac said.
“Nexus-Vita understand[s] they are losing valuable time in [the] market due to these delays and having the AHI team conclude the integrations bring not only certainty but quality assurance,” he added.
“The COVID-19 pandemic has accelerated acceptance of remote monitoring of care and our combined applications will now empower individuals to take early action rather than event-driven care, which is often too late,” Marquass also said.