--The below is a company-sponsored announcement--
Heathtech company
MYQ sells this technology by partnering with health and fitness consumer-facing apps with existing user bases.
The app enables users to create a representation of their body structure in the form of a 3D avatar, with accurate circumference measurements and total body fat assessment.
One of its partnerships is with
Bearn is a multi-sided health platform that offers users a unique experience in that they can earn cash for exercising while interfacing with health and fitness brands and building a health profile.
When consumers download the Bearn app, they can "burn it and earn it", by using their smartphone to measure steps, flights, and distance, which the app automatically converts to calories burned.
Bearn is unique in that it awards one penny for each active calorie burned, enabling users to earn hundreds of dollars a year just for staying healthy and making healthy choices.
This week Bearn and MYQ strengthened their partnership after Bearn approached the ASX listed MYQ to enter into a funding agreement to target one million monthly users.
Bearn was unprepared for the popularity of its app and the number of pre-registrations it has already received.
The companies have been working with each other for the past two months, formulating a marketing and expansion plan that would deliver 1M users.
They have also been hard at work expanding the Bearn platform to allow for the volume provisions required to support the large already existing pre-registered users.
However, the earn app is currently limited in its ability to deal with the scale of pre-registrations it has already received.
Thus, Bearn approached
MYQ will provide a small injection of development capital and a further joint amount to execute on a direct to pre-registration onboarding campaign.
MYQ has agreed to fund a total of
This will be broken down into an initial
"COVID has affected many amazing businesses. Bearn is a great company, and it was roadblocked due to the US COVID lockdowns and inability to roadshow and source new capital,"
"I saw this as an opportunity to work with an already established partner and to enable Bearn to reach our joint goals. With 56,000,000 potential users it would be a shame to not empower Bearn to onboard a number that is significant to
"
The
MYQ continues to hit milestones
MYQ has made impressive leaps over the last couple of months.
The Biomorphik App integrated with
At its core, Biomorphik is a behavioural change company with a key goal being to improve the health and wellness of people at a whole-of-society level through better creation, measurement, storage, analysis, and access to data.
Biomorphik will offer both a monthly subscription at AU$22.99 per month for unlimited scans, as well as a yearly subscription payment option with a significant discount at AU$142.99 per year for unlimited scans to consumers.
This pricing represents a highly attractive offering relative to other players in the sector.
"When you consider a single Dexa body composition scan can cost up to AU$80.00, the monthly fee of AU$22.99 is an extremely cost-effective option," Bosanac said.
As far as Bearn is concerned, users can access a 12-month subscription at a cost of
MYQ has also recently signed a binding term sheet with Canadian based
Under the terms of the agreement Triage will license
Triage has developed the world's most advanced dermatological AI system which can accurately identify skin conditions from a photo in only seconds.
The technology was created using a proprietary database that is not only the largest of its kind in the world, but it is also larger than those of
Triage expects to receive a US patent for its system in 2021, with further jurisdiction to follow.
The AI engine identifies 588 skin conditions in the major 133 categories, including the identification of all categories of skin cancers.
"I have identified Triage as a natural fit for the platform and for the expanded interest which MYQ has developed from the medical and remote care communities for triaging users not only in the current COVID situation but also in normal times," Bosanac said.
"Triage brings a complementary offering to our CompleteScan platform, which is assisting in the completion of my vision in creating the "Tricorder" of digital health screening in your hand."
Earlier today the corporate announcement above was publicly released. FNArena is acting as a partner in distribution to broaden the reach. No journalists have been involved in the re-publication of this announcement.
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