Boon VR Announces Opportunity to Invest in Revolutionary Doctor Training Tech...
"As we speak, the cutting-edge immersion of Boon VR is being used to train doctors on new procedures. It is a revolution that has begun, ...
Raised $255,271 from 468 investors on June 12, 2018
Medical breakthroughs happen regularly, but training lags far behind. As procedures become more advanced and complex, the more difficult it is for doctors to learn and employ those new techniques.
Current practice requires doctors to travel to in-person workshops, which often requires a great deal of time and money. Once they return to their home hospitals, the main resources available for review are their notes and videos, both of which fail to capture the real experience of an operating room.
Boon VR is closing the training gap. Boon VR’s unique cloud platform allows doctors to virtually visit and revisit operating rooms where real-life procedures are taking place. Using Boon’s VR capabilities, viewers can peek over the surgeon’s shoulder, watch every incision, note heart and respiratory activity on the monitors and even look around to see how the assisting staff members are interacting. If the operating room is a living theater, then Boon VR puts the viewer on center stage.
Boon VR’s advanced cloud platform is a full-scale learning management system in virtual reality for medical device companies. Our customers can deploy VR training real time to physicians around the world using the Boon VR platform. They can add interactivity to the training modules on-the-fly, and view the resulting analytics.
Boon VR — Step inside immersive medical training
How it works
Boon VR’s platform is available under two subscription models for Medical device companies. Once the device provider is set up with Boon VR, they can offer VR training to all the hospitals they sell to. Each of these is a sale for Boon VR.
1. On January 25, 2018 a $4 BN medical device company began a pilot with a beta version of Boon VR training for their catheter device.
"Everyone is excited using VR as a training tool, especially for new people in the setting (fellows, nurses, technicians)." - From Pilot Customer Representative
2. In December 2017, Operating Room physician and staff at St. Helena Hospital, CA showed their strong preference for virtual reality training in a randomized pilot conducted by Boon VR. The respondents watched a VATs Maze procedure and an Open Heart Surgery case.
3. On August 25, 2017, a 100% of the focus group consisting of 42 Cardiothoracic surgeons preferred VR case training over conventional video training.
A $500 MN neurosurgical device maker is expected to deploy their paid pilot in Q3 2018 upon their device launch.
Boon VR’s addressable market is $1.4 billion globally. Medical device companies spend an annual $990 million on video training (global spend). VR training has the potential to replace video training as a more effective and realistic alternative. We also believe that a more compelling remote training option will shift a percentage of device companies’ budgets from traditional workshop training to VR training.
Boon VR uses its team's strong connections in MedTech to generate referral sales, conferences and Continuous Medical Education events (CMEs), and digital and print marketing. We have deep relationships in the device space and with key opinion leader physicians from various service lines including Cardiovascular, Neurosurgery, Orthopaedics, and Interventional Cardiology.
We are an integrated team of medical, business and technical experts. Our thorough go to market plan was created with feedback from our team of MedTech veterans including Phillip Pellerin, Dr. Gan Dunnington, and Dr. Fumiaki Ikeno, and is being implemented by Ridhima Parvathaneni and Rajani Ramanathan with their enterprise sales expertise.
The Boon VR learning management system is designed to be scalable to other markets. While MedTech companies are our initial target market, we have identified and validated horizontal markets in healthcare for expansion. These include residency training in hospital systems, medical school curriculum for students, and nursing care providers (especially at-home nursing for elderly).
A direct competitor of Boon VR is a discovery platform for doctors to browse 360 videos of medical cases and learn from their peers, as opposed to a full scale learning management system in virtual reality used by the MedTech industry to train physicians. While their model is B2C, ours is B2B.
There are also several providers of heavy simulation training in VR generated by computer graphics, but they’re not learning management platforms focused on real case training. Unlike Boon VR they cannot scale fast with an infrastructure heavy setup.
Shareholders - Total $100,000
Non Dilutive Funding - Total $275,000
Ridhima is a serial entrepreneur who founded The Seaways Free Trade Zone in India that generates $4 MN annual revenue in just 4.5 years while displacing multinational giant DHL as the market leader. The Free Trade Zone significantly improved the Indian trading economy and allowed for just-in-time delivery of imported goods including medical devices and pharmaceuticals into India. She also founded Indian Impact, an online platform to reduce widespread malnutrition in India that helped 7,500 children. It has been featured by Forbes, Wharton Magazine and a majority of the Indian media for its innovative model and impact on society. Ridhima has dual degrees in Systems Engineering and Strategic Management from the Wharton Business School, University of Pennsylvania. She is now the founder and CEO of Boon VR bringing virtual reality training to the medical industry to improve efficiency in training and reduce medical errors.
I’m Ridhima Parvathaneni, Founder and CEO of Boon VR. Thank you for checking out Boon VR’s campaign on Republic. I started Boon VR in early 2016 to write the next chapter of immersive technology. I come from a family of doctors, and what I learned is that there is an enormous gap in the world of medical training. Life-saving medical devices are being created constantly, and yet, they sit on shelves because the training infrastructure needed to deploy them is slow and inefficient. It is unacceptable that people would not get the treatment they deserve due to lack of training!
We plan on taking the medical training field by storm and be a game changer for the millions of patients who will benefit from better trained surgeons!
We are a team of top medical, technical and business experts working to push the frontier of medical training and build a thriving company with high shareholder returns. I've invested over a quarter of a million dollars of my own money earned from previous successful ventures. I invite you to join with me to make VR medical training a reality, for a better, safer future. Join us!
Join us in bringing cutting-edge Virtual Reality training to medical device suppliers to improve their time-to-market and ensure the effectiveness of physicians’ training. - Ridhima and Team
The maximum valuation at which your investment converts
into equity shares or cash.
If a trigger event for Boon VR occurs, the discount provision
gives investors equity shares (or equal value in cash) at a reduced price.
The smallest investment amount that Boon VR is accepting.
A SAFE is a Simple Agreement for Future Equity. An investor makes a cash investment in a company, but gets company stock at a later date, in connection with a specific event. The Crowd SAFE is a modified SAFE that is better suited for crowdfunding.
A SAFE is a Simple Agreement for Future Equity. An investor makes a cash investment in a company, but gets company stock at a later date, in connection with a specific event. The Crowd SAFE is a modified SAFE that is better suited for crowdfunding.
$25,000 – $1,070,000
Boon VR needs to raise
before the deadline. The maximum amount Boon VR is willing
to raise is $1.07M.
Boon VR needs to reach their minimum funding goal before
the deadline. If they don’t, all investments will be refunded.
I invested because I understand the value in training in simulation before getting to a live situation. If pilots, the army, and astronauts use simulations, then why not medical professionals?
I believe in the power of VR in the medical training space. There is going to be a huge shift in how training is done for medical professionals in the next decade.
I believe that the use of VR has great potential in the training of physicians and OR staff and that the Boon VR approach will be both cost-effective and will substantially reduce OR errors.
Yes, you can access it here : https://docsend.com/view/pj3p2....
The respondents watched a VATs Maze case and an Open heart surgery case. Here is the abridged case content of the VATs Maze in VR :
inserting of ports
cardiac/ sinus dissection
encircling the right pulmonary veins
clamp 1 is in
removal of clamp
start of fusion
Facebook (Oculus), Google, Samsung and HTC are the major virtual reality headset manufacturers. Mobile based headsets cost an average of $60, while standalone headsets cost an average of $275.
Patients are the biggest winners as they are protected from medical accidents that could cost them their life, their financial burden of paying medical bills is decreased, and properly conducted operations prevents them from readmission or from the side effects of a poorly done procedure. Millions of patients globally can benefit from better trained operators.
VR training has the potential to speed up MedTech sales since it allows physicians and staff to learn new procedures faster. For one of our customer’s devices, it can take up to 50 cases to reach the point where the physician has developed the muscle memory and pattern recognition needed to be fully ready to use a new device. Boon VR can reduce this training time which allows for faster MedTech adoption of the device.
Offering a 360-degree view is the only way to fully convey teamwork and different roles in the operating room “who does what at what time”. 2D video cannot provide a simultaneous 360-degree view. The immersion and life-like feeling of VR can boost confidence, familiarity and retention of procedural steps.
Consistent realistic training leading to reduced medical errors and better patient outcomes
Faster adoption of medical devices leading to faster revenues for the MedTech industry
Reduced liability and lower cost of training for the MedTech industry.
It’s available to physicians 24/7
VR viably allows for VUCA training and practice in other wise high risk or rarely available environments
Guided annotation that’s available 24/7
Ability to get metrics. Metrics can include visual field focus, stalling and replay
Yes. Boon regularly accredits independent VR videographers which we keep in a list. The videographers utilize Boon's proprietary 'Medical VR Filming Playbook' - which is a compilation of best practices on equipment, do's and don'ts in the operating room, camera angles, and more. As a result, the videos that are uploaded onto Boon effectively capture the medical procedure for training purposes.
Boon VR has Augmented Reality enabled training on its product roadmap in 2019 giving us even more ways to harness immersive technology to enhance medical training.
Ridhima: I'm very excited actually. I'm not nervous at all. When I was a kid, I used to love going up to stage and talk and so I'm going to do the same today. The startup is about medical training in virtual reality. The thought came when I was 11 years old. I was reading an article which had ... It was talking about science fiction, and it had virtual reality, but at that time virtual reality was hefty. It was big. It was expensive.
But the thought of immersion. The thought of teleportation and transporting to a place without actually being there caught my interest. Since then I've been eyeing it way too much till I materialize it into this startup.
I think it's about creating things and I think every human has a creative force in him or her, and that needs to come out and that comes out best when you're an entrepreneur, and when you really have to face all these challenges, which in my mind are just fun stumbling blocks, and you get to that goal. You materialize something which I said, which I've been thinking about virtual reality for since I was 11, and it comes into shape and the form.
When it finally comes to that form, you see that. You see all the employment that you've generated. The difference that you've made, and then you say, "That's a life well-spent."
Hi, my name is Ridhima. I'm the CEO of Boon VR. My team at Boon and I are changing the face of healthcare with virtual reality. Great medical devices, like this neurosurgery device manufactured by Kaneka Corp save the lives of millions of patients. But guess what? They're not getting adopted fast enough, because the learning curve associated with them. There are about 7,000 medtech companies in the US, and it's affecting all of them, which in turn, affects all of us 46,000,000 patients.
The problem is that physicians need to fly down to workshops in Minneapolis or Las Vegas to learn how to use a new device, but that is infrequent and very expensive. What if they have a debt when they go back to the hospital? What we need is onsite immersive training. That's what virtual reality provides.
The fact that you can use your mobile phone and headset to step inside the cath lab, being surrounded by the operator, the tech, the nurses, the perfusionist, feeling like you're experiencing the procedure without actually being there, that's the power of immersion, and this immersion will drive the reduction of the training cycle, will drive faster medtech adoption.
Our teams comprise of Pieter, who's our CTO. He's a virtual reality expert, with five years of experience. Doctor Gan Dunnington who's a top cardiothoracic surgeon and a domain expert in medical training, myself. I'm the CEO, the business mind. My previous companies scaled to 100 employees and 3,000,000 in revenue in less than two years. Our value is with the Boon platform, any medtech company can seamlessly deploy virtual reality training to physicians and medical staff, and get live feedback, which is groundbreaking. It doesn't exist right now.
We're raising 1.5 million in seed to successfully execute our two pilots in November with two large medtech companies and release the platform to all the other medtech companies out here. So let's get great medical devices out of cold storage, and into patients. Thank you.
Jesse: We'll be right back after a quick break (silence). Welcome back to Meet the Drapers.
Tim: This seems like a really good use for VR. How are you going to charge for it?
Ridhima: Yeah. So it's 595 per month per lab.
Ridhima: No, $595, five hundred and ninety-five per month per lab.
Tim: Per month per lab. Then how are you going to get the word out, to all the medtech labs?
Ridhima: The first thing is with our pipeline of medtech companies and all the large medtech companies, Medtronic, Boston Scientific, Edwards are in our pipeline. What we do is we accompany them to the large medical conferences out there, which spreads the word to their competitors. When the competitor see that they are using it, they want to use it as well.
Rajeev Madhavan: So is this real-time or is it canned?
Ridhima: It's recorded surgeries, but these are real surgeries.
Rajeev Madhavan: So you actually take me to an operating theater or some place where that is used and do the raw cutting and capturing it? Is that how you do? And you send a crew out to capture all of that? Is that?
Ridhima: Yeah. So the first part of the Boon platform is we have a list of accredited virtual reality videographers. The device company would select one within their budget, and then their geography. That guy would go to the operating room. Each device company has a key opinion leader, like a physician who's been using their device for a while, and they filmed him.
So it is a live surgery that's filmed with this virtual reality videographer and that's uploaded on to the Boon platform.
Tim: So you filmed from his perspective, right? You're not filming him.
Ridhima: No, they're different angles. There's a 360 angle. There's a first person view. There's a God's eye view.
Rajeev Madhavan: And they pay for the capture of these videos and essentially capture it all?
Rajeev Madhavan: Do you actually then post process it to edit it into a format that you can use? How exactly do you go about creating it?
Rajeev Madhavan: How much effort is there to get into a first $595? Is what I'm trying to find out.
Ridhima: Yeah. The workflow is once the video is filmed, it's edited by the videographer, using GoPro tools. Then it's uploaded onto the Boon platform. Now this is the plain Vanilla 360 video. The device company uses our platform to convert it into a training experience, with interactions, whether it's bookmarks or quizzes or hotspots or surveys. After that they deploy it.
So the physicians can download the app, and train real-time. That's where the magic starts, because as they're training, they can talk to the video. Those comments are going live to the device companies. There's a connection, constant connection between the device company and the physician. Once the video's uploaded onto a dashboard, the dashboard is the console for the medtech company.
Jesse: How much does it cost for ... So you're saying the medical companies are paying to film this?
Ridhima: Use the dashboard. Yeah, film it first and then use the dashboard.
Jesse: How much does it cost to film and edit?
Ridhima: It costs about $7,000 to film for one-day filming. So typically one of our customers has filmed about three cases. They solidify it to about two, three minutes worth of video. So each module is two to three minutes.
Jesse: Are you making a piece of that?
Ridhima: But the whole proc-
Jesse: Are you not taking a piece of that $7,000?
Ridhima: No, we're not taking any of the filming whatever.
Rajeev Madhavan: But I come back to the question. Bringing it down and condensing it to two to three minutes or in chunks of that, how do you know which of those two to three minutes to tape? You may have picked a profession, which is medical profession by nature, what you picked.
Rajeev Madhavan: This is much more of a ... In the moment and at that time kind of training, right? Because you can't cut anything that is absolutely essential. So how do you determine that and how do you actually go about from there to trim to the right things, not trim the right things? Does the company or the image, the device company, have to do all that work?
Ridhima: Once they filmed the radial catheter device, they collaborated with their KOL physician to convert the 30-minute video into two- to three-minute video. After they convert that, the videographer does final edits, color correction, etc. and that's uploaded on to the Boon platform. That's where the Boon platform work begins. Which is software infrastructure for user management, streaming, servers, then the tool set for adding interactions, and then getting analytics and live feedback.
Bill: If you could say who are on your team is doing the marketing and what that experience is.
Tim: And the engineering.
Ridhima: The engineering is Pieter. He's a CTO. Under him there are two engineers.
Bill: What's Pieter's background?
Ridhima: Pieter's background is he's been in learning management systems for a long time, with TD Ameritrade. Recently he's [inspired with us 00:15:39], he's been an expert in virtual reality and augmented reality. He made many office training, LMS, LMS hybrid VR apps, which is why he was the perfect fit for us.
The marketing side, I'm taking care of the sales go-to market, and marketing right now, because we're doing organic marketing through our pipeline. What's important to notice is that there are only a few enterprise medtech companies, 44 of them, and about six of them are big, branded ones, and they're already in our pipeline.
Rajeev Madhavan: How many labs have they deployed it on?
Ridhima: Yes. So two pilots are starting in November. The first pilot is 300 cath labs, so it's 595 per month into 300. If you do an annual revenue, that's almost 1.8 million.
Rajeev Madhavan: I've $7,000 plus your 595 per lab that I'm going to pay, what time does it take for me to actually make that into ... From a dumb video to an intelligent video with all the questions and all the interactivity added to it?
Ridhima: We did that. It took us three weeks. The medtech companies, training is not new for them. So they already know what angles to show, what angles not to show, what are the quizzes that need to be added, right? But they don't have the technology. They're waiting for that. They don't have the dashboard to deliver that technology seamlessly.
With Boon, it's all one dashboard. It's all in one, and they're deployed to each cath lab, whatever cath lab they want to deploy it to.
Tim: Good. Well, let's let the audience ...
Jesse: So great.
Bill: Thank you.
Tim: We have an audience here. Let's let the audience ask the questions.
Jesse: Ask a couple of questions.
Male: Hi there.
Male: Quick question for you. You mentioned quickly that there are about six enterprise companies that you see as big time customers and then maybe about 44, 45 others that you see. Do you see yourself reaching out to any other type of markets or expanding your business? Or is that pretty much the cap you're looking for?
Ridhima: Manufacturing is next.
Jesse: That's such a good question.
Ridhima: And we've already spoken to KHS, which supplies all the conveyor belts for Coca Cola and Pepsi, and for that, they need to train the factory workers on how to use the conveyor belt.
Rajeev Madhavan: Quick question. Why did you choose medical as a first one? Because it's the toughest in some sense of all the training you're doing. I'm just ...
Ridhima: Well, I come from a family of physicians, and I have a big network in the medical industry. Also I looked for the urgency. These are great medical devices. A patient today with VR training, if the doctors can understand the procedure faster, they can use the device today versus a patient not having to use the device today and die.
Tim: How much are you raising and what's the valuation?
Ridhima: We're raising 1.5 million in seed, and it was a safe convertible note with about seven million cap and 15 percent discount.
Tim: Terrific, well, thank you so much.
Jesse: Thank you so much.
Tim: Good jobs.
Ridhima: Thank you.
Tim: Great. Great job.
Ridhima: Thank you. It was great. It was fun explaining a new technology to Tim, who already knows a lot about VR and Bill who had a good question about the team and how we're trying to push this new tech out there in the world. I wish we had some time to do some demos that they can understand the workflow better, but I think they got the gist of it.
I think they understood the value of it, and they understood the end goal or ROI of it, but it did take some time to understand the workflow, just because there's some components involved. I think the lesson to be learned is how do you explain a complex process very easily without a demo. Well, I don't ... I'm not concerned about the results. I think everything is a learning experience.
But what I'm really looking forward to is getting good feedback from the judges, and also the public, and the producers of the show, and seeing how we can work together in the future.
Tim: So what did you all think?
Jesse: I mean it got me thinking.
Bill: I would like to say that I think she is ...
Jesse: He's going to bring it back to the company.
Bill: She is excellent.
Jesse: Yeah, she's great.
Bill: Her family in ... She had good answers to why medical. I also think medical is a logical place to start.
Rajeev Madhavan: I agree.
Bill: Because that is really needed and complicated and ...
Rajeev Madhavan: And there's more dollars suddenly.
Jesse: All that pressure on somebody who's doing ... It would be like maybe a rocket, an astronaut or pilot or some ... It's an intense thing for a short time.
Bill: Much more than in manufacturing.
Rajeev Madhavan: Clearly there are 300 labs that each person wants to train in, so that's a bigger market in that.
Tim: If I'm a medical device manufacturing, and I've got a show, a doctor had to stick it into your brain, I mean I want to make sure that they do it just right, because I don't want the liability coming back to me. So I think her ... This application turns out ... You asked a good question. You shake it up. But I think that application ends up being just right.
Rajeev Madhavan: Yeah, I agree.
Tim: And the medical device company is going, "Yeah. We've been trying to train these people. Otherwise we have to send the whole staff there."
Rajeev Madhavan: Well, if it's some of the manufacturing to pay 595 per thing, won't happen, right?
Rajeev Madhavan: Maybe the medical profession is the only profession where you can get away with the distribution rights being ... gotten for that device, because they're not procreating all this content, right?
Rajeev Madhavan: They don't know how to do it a lot. So that maybe the only place you can get away with ownership of the content.
Tim: So what do you think? Up? Down? All around?
Jesse: Yeah. What was the valuation? It was 1.5-
Bill: I was going to ask. What is the valuation?
Tim: She said seven million in cap.
Jesse: Seven. Oh, yeah, okay.
Bill: Why I think it's a good one.
Jesse: Thumbs up. Thumbs down. Thumbs all around.
Tim: Boom. Whoa. Oh, she's in sideways.
Jesse: I changed it.
Tim: She's a three-quarters.
Jesse: Because she has a little bit to workout still, but I think that I liked her. I like the whole thing. Yeah. This is your opportunity to vote or invest. You can invest $10. You can invest $1,000. Preferably in the next 48 hours, if you believe in Boon. So this is your time. Do it.
Stephen: My perception of a great entrepreneur is one that not only can identify an opportunity, be willing to take on the risk of developing and operating business around attacking that opportunity successfully, but also being able to develop a team around him or her that can execute better than the competition. If you've got a good idea, I guarantee you there's somebody else out there that's got a similar one, if not the same one.
So execution with a great team, keeping that team motivated, keeping your idea complete and fresh, being able to move and offset the pressures that undoubtedly come on as you develop your business, those are all very important factors of being a successful entrepreneur.
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