A look in the rearview mirror – the progress made by BOCAhealthcare in 2019
The year 2019 is history, which, like every year, gives us reason to look back on what has been achieved. At BOCAhealthcare, we also looked over our shoulders to review the events of the past year and take stock of what we achieved in 2019.
Advances in product development
The prototype of our product, the BOCAhealth 1.0, has already been developed. In 2019, the team worked on the portable, reusable electrodes. We have completed these and carried out comparative tests against common industrial mono-use electrodes. Result of the tests: Our reusable electrodes have an extremely high measuring accuracy. The software, the core of the application, was also completed and put through its paces for compliance with the GDPR regulation. The funds raised through Aescuvest will enable us to launch the marketable version of the product. The CE certification process has already been initiated and can be implemented and completed via Aescuvest after successful financing.
Business development – first sales
successes At the end of 2019, BOCAhealthcare GmbH signed its first agreement with a paying customer, the medical technology distributor LIFE Srl. The business model of BOCAhealthcare GmbH is based not only on direct sales to hospitals but above all on sales partnerships with established distributors who are already active in the healthcare market and have large networks.
Nevertheless, BOCAhealthcare GmbH will use the competitive advantage of the existing network to potential customers in hospitals in Italy and Germany. Because by the two doctors in the team (Dr. Alessandro Faragli, a cardiologist at the Charité University, Berlin and Dr. Edoardo La Porta, a nephrologist at Gaslini Hospital, Genoa ) are also beginning to show signs of success in marketing the product. This has led to the signing of two preliminary contracts with ICLAS in recent months, Istituto Ligure di Alta Specialita, Rapallo and Ospedale San Bortolo, Vicenza. Further reports of success should follow soon.
When it comes to financing, BOCAhealthcare GmbH continues to make good progress and is getting one step closer to its goals every day. The crowdfunding campaign is extremely important to achieve CE certification. Once this milestone has been reached, the team will grow to successfully place the product on the market. Additional funds will be required for this in the future. Last month we entered the due diligence process with an Italian venture fund. We are working hard to secure additional funding within the next four months and thus be able to push ahead with development.
The BOCAhealthcare GmbH team thanks all previous investors and supporters and wishes you all the best for the start of 2020!