The problem we solve: 30 Million Americans suffer from Diabetes and cost $322 Billion a year to US Healthcare system. 33% and 25% of Medicare and Private Insurance spending respectively goes towards treating Diabetes. 1 in 3 Americans or about 86 Million are Prediabetic. Left untreated they will raise the cost of treating Diabetes to $514 Billion a year by 2025. Prediabetes is the definitive indicator of onset of Diabetes. Prediabetes can also lead to other health issues like heart disease, stroke, obesity, etc. Reversing prediabetes can result in patient longevity, improving quality of life and reducing healthcare costs by hundreds of billions a year.
About our solution: If our competitors are the Ubers’ of Diabetes prevention, Akila Labs is building a driverless car! CDC has designed a program that helps 60% of participants reverse Prediabetes. The program is costly, even when technology is used, as it needs a driver (Health Coach) to work. We’ve developed a virtual health coach that uses AI/ML to deliver the benefits that far exceed a health coach. Akila’s cognitive learning loop uses the power of AI/ML to modify user behavior learnt from data generated by sensors, wearables, EHR, etc. Insights from our platform can discern patterns hitherto hidden from view, as these are data driven and protected from human biases. Akila’s health coach is proactive and uses all available AI/ML technologies to provide timely and simple intervention from Diet, Exercise, Activity, Mindfulness, Stress and Sleep. This is a scalable platform that can provide superior results for a fraction of the cost – this makes it an attractive product for global consumption.Progress to date:
Akila Labs has completed the following milestones: 1. AI Engine has been built and implemented on AWS. 2. Prototype has been completed. 3. Concept and technology has been evaluated by experts. 4. Advisor from Mt. Sinai Hospital has come on board to help with product design and conducting clinical pilots. 5. MVP has been developed. 6. Review of product with potential users has been conducted with a lot of positive feedback. 7. Product is being readied for clinical pilot.
Creator: Lakshmi Anantharamu
Location: New York
Education: University of Colorado, Denver
Bio: Entrepreneur, Researcher and Computer Scientist applying Artificial Intelligence/Machine Learning to create innovative solutions to solve vexing problems in Healthcare. Worked as Algorithmic Engineer for more than 15 years developing complex software and products, strong background in computer science research on Algorithms and excellent academic record.
Advanced Degree(s): PhD
Biography: Seasoned technologist with more than 15 years of product, project, and program management experience. Extensive experience setting up teams to deliver products and services ranging from startups to Fortune 100 companies. Managed P&L of accounts worth $25 million annually for Oracle, Cognizant and TSYS.
Advanced Degree(s): MBA
Biography: Elise Brett, MD is a board-certified Endocrinologist and Associate Professor at the Icahn School of Medicine at Mt. Sinai and voluntary faculty at Lenox Hill Hospital. She's providing advisory on product features and clinical pilots.
Advanced Degree(s): MD
The market size for our product spans the preventive medicine, corporate wellness, fitness, and health segments. We aim to focus on the Diabetes Prevention part to start and expand to other areas. Our product is also not limited to US geography and can be launched globally in short order. We consider 5 Million paid customers that we can acquire in 5 years to be our Total Market Opportunity. The total patient population for Prediabetes is 86 Million in US alone, a figure that has grown by 27% in a decade.
Key Milestones Achieved and Planned
We plan to acquire ~2 Million customers in 3 years across multiple geographies - US, India and Europe. Our revenue target for teh 3rd year is $60 Million,
Our Competitive Advantages
Revenue Model ? Direct to employers, provider referrals and payers (Medicare & Insurance). ? Direct to consumer – Freemium & Subscription ($9.99/month). ? Healthcare network like Solera Health.
Barriers to Entry
Akila Labs is building a driverless car, while our competitors strive to become the Ubers’ of Diabetes prevention! Some of pur competitors include Omada Health, Lyra Health, Blue Mesa Health, etc. CDC has designed a program that helps 60% of participants reverse Prediabetes. The program is costly, even when technology is used, as it needs a driver (Health Coach) to work. We’ve developed a virtual health coach that uses AI/ML to deliver benefits that far exceed a health coach. Akila’s cognitive learning loop uses the power of AI/ML to modify user behavior. Our technology is scalable and very cost effective. We'll charge $9.99 a month compared to $70 to $120 per month charged by our competitors. Our competitors are ill-equipped to launch their product in countries like India.
Funding, Partners and Alliances To Date
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