Otologic Technologies Inc.

Raising $500K-$750K to commercialize patented AI technologies to diagnostic ear disease

Facebook Twitter LinkedIn

Otologic Technologies is in the process of commercializing a patented artificial intelligence (AI) clinical decision support system developed in a joint effort between the Ohio State University and Wake Forrest University.   The AI platform is designed to to help primary care healthcare workers improve diagnosis of ear disease; which currently only has an accuracy rate of 30-50%.  The software has been underdevelopment for 5 years and is ready for transfer from the academic platform to a commercially operational system.

 The company was founded in 2020 after securing a friends and family round of $275K.  This investment consisted of 5 of the 8 doctors, who were the inventors of the product.  The primary investigator is also the Chief Medical Officer of the company and  continues product development and publishing of white papers on the developments of the product.  The other primary investigator is serving on the Board and is a consulting Director.  The President of the company has spent 32 years in healthcare with a background in diagnostic imaging.  The Chief Strategy Officer has over 25 years in healthcare with a strong background in product marketing.  

Our target market is all clinical care points.  Ear exams are one of the most prevalent exams performed on all patients.  Unfortunately, the analog technology has not changed in over 100 years.  New digital devices are in the market, but limitations on the front line users to acquire, diagnose and store images, creates a barrier to improving the utilization and quality of care.  Our technology address all those issue and will also provide diagnostic support it the future.  

We have defined an customer who is looking forward to using the software and have a delivery platform for the software that limits FDA regulations with the initial release.  The ask is for the funds to convert the academic software into a commercially viable product.  The MRR from the first customer is estimated at $5K/month.  Expansion on the delivery platform is estimated to add an additional $5K/month MRR.  This $10K/MRR could be achieved with 12months of funding.  The self-funding would allow for the 2nd level diagnostic support platform development, resulting in a $20K-$30K/MRR.  

Ready to Ask For Funding for your company?

Post a Funding Request