Best Projects 2022 features all the nominated entries submitted ‘Submit your Project’ category. All the entries consist of innovative projects run by existing enterprises in the form of businesses, NGOs, or informal programs.
Acorai - Non-invasive heart failure monitoring
Explain your project in details:
At the time of this writing our on-going clinical pilot study is almost finished. With promising results and a good conversion of the data into our proprietary AI and machine learning systems, we are in a good position to further develop out product. A continuation of the pilot study is planned, with the project starting in October 2022. The continuation will take place at two of Sweden's leading hospitals, as well as 6-7 additional hospitals across Sweden. The Acorai team consists of people with deep knowledge within their fields. The management team has many years of knowledge within medical, IP, hardware, machine learning, software, commercialization, and marketing. Furthermore, Acorai consists of professionals in clinical operations, regulatory strategy, product development, finance and more. The advisory board and board of directors includes senior clinical advisors, principal advisors, associate professors, people with MedTech executive backgrounds and key opinion leaders in Europe and the US. Promising results from the pilot study and an experienced team creates a good opportunity for Acorai to further the development of our product, The Acorai Heart Monitor. Our main competitors are invasive and intrusive intracardiac pressure monitors. Acorai's advantage is that the product is non-invasive, more cost-effective and made for broader use. The product will help to reduce readmission penalties and enable treatment optimization and informed discharge planning. With better understanding of heart failure patient stability, a reduced length of stay will further lower the costs for the healthcare system.
Impact of your enterprise on sustainable development
The Acorai Heart Monitor has been in R&D for over two years, focusing on noise cancellation, robustness, and versatility. This has allowed Acorai to validate a novel use of AI-based voice recognition technology based on previous research on applied voice recognition within cardiology. This has lead to 2 granted patents by the USPTO and 1 granted patent with the WIPO. Four additional patent family applications are currently pending. Since February 2022 the validation-phase consists of a clinical pilot study at Sahlgrenska University Hospital and Skåne University Hospital in Sweden, including 100 patients. An interim analysis of the study indicates: - Accuracy in line with implantable devices currently on the market - Superiority to standard of care in identifying congested patients - Strong correlation across over 10 important vital signs (e.g. PVR, Cardiac Output): building blocks for future software product development Since the start in 2019, Acorai has been nominated to several awards, two of them being Winner of Venture Cup Sweden South and Finalist in Nordic Startup Awards. We have also been selected for accelerators and incubators in Sweden, the rest of Europe and the US, among them Bayer G4A Growth Track and EIT Health Gold Track. As a measure of impact of our company, we collaborate with Almi Framtidsgeneratorn, a Swedish based, EU-financed initiative that helps SME:s work with sustainability. Their help has created a focus in our work with equality, diversity and overall sustainability. Although our overarching goal is to create a sustainable company within 'Good Health and Well-Being' and 'Industry, Innovation and Infrastructure', with the focus on easing the healthcare system of heart failure related problems, the work with sustainability in the rest of the company has created more opportunities for the company and make us more prepared for the road ahead.
Sustainability and future plans
Acorai was founded in 2019 and is headquartered in Helsingborg, Sweden. The company have six full time employees, more than 12 part-time and consultant workers and an advisory board of more than 10 people in Europe and the US. Our product, The Acorai Heart monitor, is a handheld medical device using multi-modal sensor technologies and a proprietary machine learning system based on unique insights into flow and pressure dynamics. The Acorai Heart Monitor will be distributed as medical device as a service. This includes the initial price of the device, together with a subscription-based price for the monitoring service. As The Acorai Heart Monitor is not yet approved for commercial sale, the company is pre-revenue. Financing has been made through a pre-seed fundraising campaign ending in December 2021, with a planned seed fundraising during Q3 and Q4 of 2022. Within the next few years, we plan to complete and validate the major clinical trials, get FDA approval and other regulatory approvals. Acorai is currently building our commercialization team with the goal of gain traction in the US market. An US branch is planned for 2023. In 2024-2025, the plan is to gain further traction in the market for future market release. To reach the long-term US market, we are a member of MedTech Bridge. Acorai is also part of Life Science incubators SmiLe, MATTER, HealthTech Nordic and NOME, and the programs EIT Health Gold Track and FR-SW Accelerator. We have long-standing partnerships with leading Swedish hospitals, which allows for an exchange of knowledge, skills, and ideas. Acorais vision is to ensure optimal care for HF patients globally. With a team with more than 50 years of industry experience, we can help HF patients live longer, healthier, and less burdensome lives.
Your profile as an entrepreneur
Filip Peters, 30 years old. From Sweden, currently living in London, UK. My role in Acorai is the overall role of CEO, as well as IP, hardware and ML-architecture development. I have been involved in the development of the AI-models behind the Acorai Heart Monitor, as well as the hardware in the product. Furthermore, I have also been driving the development of the app that forms a large part of the product's clinical functionality, which has provided a good insight into patient data protection and research requirements. In early 2019, I founded Simplai AB, where I gained experience in building the IT infrastructure (both physical and cloud-based) needed to perform AI in an app format. I also gained experience building apps in other medical device fields and insight into the regulatory process around AI-based medical device solutions. Before Acorai and Simplai, I have had a lot of ideas, most of them in different fields in the healthcare industry. With over 6 years of experience in machine learning, hardware development and data analytics, the skills I have acquired through the years are of great use in the future development of Acorai. My educational base is an MA in Economics from The University of Edinburgh and a BSc in Economics from The University of Queensland. I also have more than five years experience in the finance industry, focusing on AI, model building and data analytics, all of which has been channeled into applied AI knowledge from the finance industry in various medical device. My overarching motivation is to create a product that changes peoples lives. To be part of the transformation of the medical industry towards non-invasive, cost-effective and more inclusive technologies, thereby increasing the reach of care.