The company is a software healthtech venture spun out of the Donders Institute at Radboud University in NL. Using our patented world-class Brain Computer Interface (“BCI”) and Artificial Intelligence (“AI”) technology, we are developing fast, accurate and easy-to-use hearing and vision diagnostic testing which rely solely on patient brain-response not manual response. In 2021, we received a E600k R&D pilot contract with GNResound, 3rd largest hearing aid company globally. We been awarded 2x MIT Partnership Grants, 2x Marie Curie Horizon Grants (UMC Groningen & Radboud), as well as the Eurostar grant for The Aurora - our hearing diagnostic prototype. The Aurora, has successfully undergone 2 early validation tests at Horzentrum Oldenburg – the leading European hearing research facility.

Background
The core activities include: research and development, software development, product design, management and marketing. Working together with BitBrain, a leading EEG hardware partner, we are developing the final minimum viable product. We have 10 FTEs: CEO, R&D engineers, data scientists, neuroscientists, software development, lab manager plus leading audiologists as paid advisors. We have strong partnerships with UMC Utrecht, UMC Radboud, U of Magdeburg and Horzentrum Oldenburg to aid us in our scientific development as well as validation studies. 

Activities of the Company
Using our patented world-class Brain Computer Interface (“BCI”) and Artificial Intelligence (“AI”) technology, we are developing the next generation of hearing and vision diagnostic testing which relies solely on brain-response. We are able to interpret a patient’s brain response to visual or auditory stimuli at 20x greater speed and higher level of accuracy than the competition. This enables us to create a completely objective diagnostic test that is fast and easy-to-use. 

Working together with EEG leading hardware partners, we are finalizing our validated working prototype. It will provide fast accurate hearing diagnostic testing for patients over the ages of 2 years to 100++ which unlike conventional systems, does not require a patient response. It will be certified as a class 2a medical device in the US and Europe by Q4 2025 and launched into the market quickly thereafter. The product has undergone external early validation testing at Horzentrum Oldenburg and our first useability pilot at Koraal – a long term care facility. We have been working with the leading audiology specialists to design the final minimum viable product in order to ensure a successful product/market fit. 

Market
The product will be a diagnostic medical device targeted for the hard-to-test population, i.e. young children, severely disabled and disabled elderly patients who struggle to provide the correct and consistent response required for conventional hearing diagnostic testing. This market is a total of ~150m patients in Europe and the US and will be served by audiologists/paediatricians/Ear, Nose & Throat practitioners at private and hospital clinics, speech therapists serving the screening regulations required at long term care facilities and schools, as well as retail hearing stores who primarily provide diagnostics and treatment for the elderly. As mentioned, our initial targeted patient markets will be the hard-to-test patients who struggle to respond to today’s manual-response tests. However, based upon feedback from multiple testing subjects, we project that our brain-response based systems far better reflect patient’s expectations in today’s technological environment and the Aurora has the potential to become the new gold standard for hearing diagnostic testing for all patients.

Distinctiveness
It is unique in that it combines the advantages of the range of currently available hearing test systems without the disadvantages. It has the speed and objectivity of conventional hearing screening (pass/fail) tests, the comprehensiveness of standard hearing diagnostic test plus the objectivity of the current brain response based hearing diagnostic test. However, it does not have the disadvantages: Current screening test are inaccurate and incomplete. Conventional hearing diagnostic tests are inaccurate and time consuming for the hard-to-test population. Current brain response tests are extremely costly, timing consuming and require anaesthesia to render the patient immobile during the test. The Aurora also contains additional benefits versus conventional testing in that it is an automated system that will not require a highly trained testing administrator. It is lightweight making it easily transportable to long term care homes for disabled or elderly patients and finally it is relaxing for the patient with a large video selection. 

Remaining Information
Hearing and vision are critical for educational development, social connection and mental health. The WHO estimates that over 1.5b people suffer from hearing impairment with only 23% being treated. Unaddressed hearing impairment cost our society more than $1trillion in excess health care and long-term care costs as well as reduced productivity. As our population ages, these issues will continue to grow. Treatment rates of 23% imply that the hearing aid industry ($10b market) and the hearing diagnostics market ($2.2B) are only serving a fraction of their targeted patient population thereby losing significant revenue opportunity. 

One of the key reasons for low treatment levels is that conventional diagnostic testing systems for hearing and vision are based upon technology over 60 years old which relies on patients responding accurately (>100 button presses!). While these tests are irritating and tiresome for typical patients, they are inadequate to address the needs of the global 1.6b patients in the “hard-to-test” population (children, the disabled and the elderly) who struggle to perform the required responses. With our brain-response based diagnostic systems, the objective results are generated automatically so that all segments of the population will be able to be correctly and efficiently diagnosed for treatment. With this system, all segments of population can efficiently diagnosed for treatment

Capital
We are raising a total of €2.9m which will consist of €1.65m equity and €1.25m InnovatieKrediet Loan. We currently have €1.05m equity committed and we are looking for an additional €600k.

• Focus on: Final product development, certification, insurance reimbursability and market launch 
• Exit: 4-5 years.