Able Innovations – 20 October

20 Oct 2020
 

Able Innovations

Able Innovations is solving the painful and labour intensive process of patient transfers by developing technology that enables effortless, single caregiver, safe and dignified transfers. Their first product, the DELTA(TM) Platform, is capable of automated transfers of supine individuals who need to be moved laterally (ex. Bed to stretcher, imaging table) in healthcare facilities. The DELTA’s unique characteristics are extremely relevant in the post COVID era (ex. contactless transfers). Able Innovations is focusing on solving these problems within hospitals (esp. Imaging, Complex care wards)  today. Their goal is to advance their technology platform to be able to conduct all types of transfers (including beds, wheelchairs) enabling individuals’ ability to choose where they age. 

Able Innovations is looking to connect with interested healthcare facilities across North America as well as investors to participate in their financing round. 

 

Traction

Able Innovations has seen an increase in interest post COVID with facilities keenly interested in their technology’s ability to conduct single caregiver, contactless transfers – which will not only streamline operations, but reduce the possibility of infectious disease spread. Further, facilities are keenly interested in future development of self cleaning and bariatric versions of the device. To meet this market demand, Able Innovations has opened a financing round to accelerate their path to the market. They will be conducting pilot deployments at key facilities in Q2 2021. Since June Able Innovations have secured over $0.5M in grants, winners (1 of 3) of Velocity Futures, won the AGE-WELL National Impact Challenge, and also closed 50% of their current fundraise.

Their competition consists of transfer methods and equipment that primarily consist of archaic lifts, slings and transfer sheets- technology that has been around for over 5 decades. All such transfer methods require a minimum of 2 workers exerting considerable physical effort exposing staff to both injury and infections. This is also an invasive and uncomfortable process that may be undignified for the patient. A new class of electromechanical devices emerged over the last decade. These Mechatronic Devices require specialized and certified training to operate safely. They are, therefore, prone to human error. Importantly, these devices can only be operated in limited settings resulting in very poor market adoption.  

DELTA addresses all the shortcomings in the current market offerings. Further, Able Innovations are generating clinical evidence of ergonomics, patient safety, and budgetary savings. The product design has been co-created with continuous feedback from operators to ensure its quality and efficiency of use. 

Historically it is hard to implement new technology within healthcare. This resistance to change can be a challenge to Able’s scaling and adoption. That being said, COVID and the ageing population necessitate that something has to change, and Able Innovations believes that they are introducing their products at the right time when facilities are highly incentivized to adopt their technology.

 
 

Team

Able Innovations Inc. has been founded by experienced entrepreneurs- Jayiesh Singh (CEO) and Philip Chang(CTO). Both Jay and Phil spent close to a decade in the solar industry developing cutting edge technologies. Their experience in developing and deploying  reliable, complex systems at scale, with immense cost pressures is directly translatable to Able Innovations. In addition, they have also helped commercialize dozens of products across various sectors by helping them scale their operations. They recently welcomed Taniya Singh, Able’s Business Development Manager. Taniya has worked in senior roles in Philips Healthcare and Abbott on the commercialization aspects of medical devices. Able Innovations growing team consists of 10 dedicated and motivated full time employees.  

Able Innovations sought to solve the problem of patient transfer in healthcare today and driven by the passion and expertise of the Able team, they have made significant progress in reaching this goal. Given the rise of constant technological advancements, and demographic trends that threaten the sustainability of healthcare systems, it’s amazing to see the impactful changes that Able Innovations are putting forth.

 

Funding

Able Innovations’ mission is to leverage new and exciting technological advancements to develop products that bring dramatic improvements in healthcare delivery and quality of life. Able Innovations had been bootstrapped until the the opening of their seed round. Able Innovations has closed 50% of this round which is seeing significant interest from investors. Their goal is to close their financing round by end of November. Their investors are excited by the significant value inflection milestones Able Innovations is poised to achieve in quick succession.

In doing so they are looking to develop their IP assets, obtain regulatory certifications, as well as finance the development and deployment of their pilot units at multiple paving the path to commercialization in 2021.

 

Revenue Model

The company is developing both direct sales and leasing business model which will offer customers significant ROI in terms of savings and revenue growth, while also allowing Able to develop a profitable and scalable venture.

 

Details

For more information visit:

Website, LinkedIn

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