29 JANUARY 2020
New wearable technology is under development to help prevent or delay the onset of diabetes – the world’s fastest growing chronic condition.
The device, created by Australian startup Nutromics, operates at the intersection of medical grade sensor technology, data science and healthcare.
With one in two adults in the US and China alone at risk of diabetes or diabetic, Nutromics’ innovation is set to empower large populations around the world to take charge of their own health.
The device analyses individuals’ key biomarkers via their skin. Combined with an artificial intelligence coaching engine, and mobile app, real time biofeedback and personalised health recommendations can be made.
Armed with easy to understand insights into how their body responds to aspects of their daily life, such as diet, activity, stress and sleep, individuals will be able to make choices that are better informed than ever to prevent or delay the onset of diabetes. This knowledge is crucial in tackling the world’s diabetes epidemic because there is a long latency period leading up to the disease and during that time, individuals experience few or no symptoms.
Nutromics Co-Founders Hitesh Mehta and Peter Vranes joined the MedTech Actuator Accelerator Program’s first cohort in 2018 to learn more about how to navigate the MedTech space and bring a product to market.
The 15-month, industry-led, venture capital backed program for early stage MedTech startups accelerates technology development, builds team capability and provides a pathway to access up to $3m+ seed to series A investment. The MedTech Actuator works alongside venture capital partner Artesian to support startups in the program.
As a result of the program, Hitesh and Peter have connected with partners Procept, Design + Industry and investor CP Ventures. They’ve pivoted technology to land on their final approach and built a collaborative ecosystem.
“It was beneficial to have the structured framework where we met regularly, learned from our cohort and experts, and applied that back into our startup,” says Hitesh.
“I would definitely recommend the program to anyone who is looking at a MedTech or HealthTech startup in Australia. If you want to get a good, firm understanding of the regulatory pathways to bring a product to market as well as how you engage with key opinion leaders, clinicians and hospitals in the medical community, the program is very relevant.”
The biggest challenge for Hitesh and Peter has been developing their new technology platform, due to its very deep and complex technology integration. They are working through this by collaborating widely and seeking out key experts.
“This collaboration is really the key for other MedTech startups. It is a long road – and it is not as quick as for startups in other areas like FinTech, so you have to be patient,” says Hitesh.
“You’ve also got to think about the fact that you can’t possibly do everything in-house – you’ve got to reach out and co-create and build an ecosystem of end user representatives, payers, partners and experts who can help you on your journey.”
To learn more about Nutromics and follow them on their journey, go to www.nutromics.com.au.
Do you have a MedTech prototype to change lives? Apply now for the MedTech Actuator Accelerator Program!