Electronic Health Reporter

Somatix is a leader in wearable-assisted gesture detection for real-time health intervention and well being enhancement.

Elevator pitch
Somatix is a leader in wearable-assisted gesture detection for real-time health intervention and well being enhancement. Somatix derives physical and emotional symptoms from simple hand gestures, utilizing sensors built into a range of wearables to remotely detect, analyze, gain insights and act on massive volumes of body motion data. The platform additionally employs machine learning and advanced analytics capabilities to apply personalized CBT (cognitive behavior therapy)-driven intervention that increase individuals’ treatment adherence and improve people’s lives.

Founders’ story|
Eran Ofir is the CEO and co-founder of Somatix, a real-time gesture detection platform for effective healthcare intervention, utilizing sensors built into a range of wearables to remotely detect, analyze, gain insights and act on massive volumes of body motion data. Eran has 20 years of experience in executive roles with multinational companies, where he established and led business units at Orange, AOL Mobile, Amdocs, Convergys and NCR. Over the last decade, Eran has lived and worked in Israel, South Africa, China and the US, selling software platforms, hardware, services and consulting to customers in telecom, internet, retail, utilities, financial services and healthcare sectors. Eran is a Tel-Aviv University graduate in electrical engineering (BSc) and finance-marketing MBA.

Marketing/promotion strategy
Somatix targets organizations with clear financial interest in maintaining high employee, customer and patient health levels, driven by the requirement for technological innovations capable of enhancing preventative healthcare and rehabilitative treatment.

Our G2M strategy aims to directly sell to clinics and hospitals bearing the impact of changes in payment arrangements for the services they render, health insurance companies whose profitability is constantly being eroded by mounting healthcare expense reimbursements and senior corporate human resources managers offering employee benefit programs.

Market opportunity
Smoking-related illness in the United States costs more than $300 billion annually, nearly $170 billion in direct medical care for adults and $156 billion in lost productivity. The global smoking cessation and nicotine de-addiction market is expected to reach $21.8B by 2024.

The population addicted to smoking is rapidly increasing. The growing desire to quit smoking and health complications associated with smoking serve as incentives for companies to introduce novel solutions and drive the growth of the smoking cessation and nicotine de-addiction market.

Who are your competitors?
We identify two types of competitors: big-data analytics and solution specific companies; most are smoking cessation consumer mobile apps. None of the other existing smoking cessation solutions in the market today offers the four key benefits we do (see competitive advantages below), and in fact most don’t even offer a combination of two.

How your company differentiates itself from the competition and what differentiates Somatix?
SmokeBeat is superior to other smoking cessation solutions, mainly because it:

• Automatically detects smoking gestures.
• Enables clinicians to passively monitor, follow up on and enhance smoker adherence with prescribed cessation treatments.
• Provides complete, ongoing awareness of treatment success vs. predefined goals; delivers information-rich statistics on smoking routines, including number of cigarettes consumed, smoking time of day and location, long-term impact on health, financial costs and more.
• Employs machine learning and analytics to generate personalized CBT-based interventions.

Business model
We offer a three-layered commercial model: Initial set-up fee for setting the environment, establish customer, assign account manager and institute communication. Solution software license payment is defined per active user per month or a one-time payment for permanent user. Services such as dashboard customization, tailored reports, training, support and account management are also available.

Prices are based on volume per year, set-up fees range from $5,000 to $20,000, PUPM license range from $4 (tier 1) to $14 (tier 3) for the first 1,000 users

Current needs
Somatix has already engaged with leading academic and medical institutions in the United States, Canada, Israel, Turkey and France. The company is seeking to engage further with innovative research institutions to build additional clinical validation studies of its real-time gesture detection technology. Further, Somatix is looking to partner with companies to be the first to deploy our solution geared to smoking cessation. These include human resources providers, healthcare providers, and medical institutions with leading smoking cessation programs, which will continue to prove our vision.

When founded

2015

Number of full-time employees

28

Headquarters

New York, NY