Commonwealth Senior Living ("Commonwealth") announces that it has partnered with MyndVR to bring its virtual reality prog...
Isolation is an exploding health risk for older adults
Research from the National Institute on Aging has linked social isolation and loneliness to heart disease, a weakened immune system, anxiety, depression, cognitive decline, Alzheimer’s disease, and even death.
Meanwhile, the world is experiencing an unprecedented population shift towards older adults as 10,000 Baby Boomers turn 65 every day for the next ten years.
Opportunity - Health and wellness for this booming population of older adults represents a major growth market for the foreseeable future.
MyndVR enriches lives, fights isolation and depression, and puts smiles on faces
MyndVR provides a sophisticated and easy-to-use VR platform for senior living communities, health care providers, veterans homes, and individual adults "aging in place."
The company’s technology enables older adults to interact with the outside world in truly innovative ways that foster engagement, cognitive wellness and above all, joy and happiness.
VR Therapy is already a proven treatment for anxiety, pain, PTSD, phobias, and other conditions—and MyndVR is at the forefront of applying VR to aging and age-related conditions.
An easy to use VR system designed for older adult health
MyndVR provides a bundled subscription service, including VR headsets, curated content, tablet controllers, training, and technical support.
Our entire product is streamlined for the older adult audience. We curate our content with care—to reconnect older adults with travel, nature, pets, arts, music, meditation, learning, and adventure.
Like Netflix, we offer both licensed and original titles, with hundreds of VR experiences through a long-term exclusive deal with Littlstar (one of the largest aggregators of VR) and others.
Our own library of MyndVR Originals includes dozens of experiences created specifically for older adults, such as our 2,000 mile trip down Route 66 called A Road To Remember.
Created a new and meaningful market for virtual reality
Revenue Growth - MyndVR has now contracted over $600K in revenue. Rising to the challenges of 2020, Q3 and Q4 were consecutive best quarters in company history.
Brand Leadership - MyndVR is building the premier, trusted brand in digital health for older adults. We've been featured in hundreds of news articles, including national coverage from:
Operational Excellence - Our team has built a scalable platform for rapid growth. We tripled our client base in 2020, including a successful activation of 33 communities in 1 month for 1 client.
Research Leadership - Stanford is now collaborating with MyndVR on what we believe to be the largest study ever on VR and aging. Other study results include:
Serving over 200+ clients across North America
Senior Living: MyndVR serves a growing spectrum of senior living communities, from single-site independents to the largest nationwide multi-site operators to state and federal veterans homes.
Individual Seniors Living at Home: While millions of older adults live in senior living communities, tens of millions live in their own homes. MyndVR now serves individuals, families, and their caregivers with our "MyndVR at Home" product.
Subscription-based, recurring revenue with premium content add-ons
We project revenue of $15M by Year 3 and >$100M by year 5.
- Senior Living - Our clients sign multi-year contracts in the range of $2K - $15K per year, billed annually with auto-renewal. With recent demand, our sales funnel now includes several nationwide clients at $50K - $175K per year.
- Individual Adults - Our MyndVR at Home product is priced at $595 for a headset/tablet combo loaded with hundreds of MyndVR experiences. Fresh VR content is added every month. The subscription auto-renews at $29.95 per month thereafter.
- Channel Partners - To fully reach our market potential, MyndVR is partnering with multiple distributors, both domestically and internationally to reach millions of new customers.
- Premium Content - In addition to our base packages, we also offer premium content add-ons, including caregiver training, full-length VR movies, and interactive exercises.
"The size of the entire senior care space is suddenly just a stone’s throw away from being a trillion-dollar market within the next few years.”
- Worth Magazine
You may not be aware of it, but the worldwide aging population represents a dramatic, yet underserved, growth market. The global market for elder care technology alone is projected to grow to $13.6B by 2022.
MyndVR is leading the application of VR to the aging population - much like Great Call streamlined the Jitterbug smartphone for seniors, before being acquired by Best Buy for ~$800M.
Designed especially for the aging population
Unlike off-the-shelf VR headsets, MyndVR was created entirely for older adults. Most VR companies target youth and gaming audiences, with a complex interface and a confusing array of choices. The MyndVR experience is designed to be comfortable and familiar to older adults, even if they've never tried on a VR headset before.
Within the growing segment of healthcare VR, most companies are focused on either pain management, meditation, or physical rehabilitation. MyndVR serves as a distribution channel for companies like this to reach the older audience - by offering their products as premium content.
Digital Therapeutics will transform the nature of healthcare
Beyond our existing market, we believe there is a vast opportunity for Digital Therapeutics, including prescriptive medical VR, apps, and healthcare gamification.
Reimbursement - We also believe that VR Therapy will soon be reimbursed by both private insurance and Medicaid/Medicare. Our advisory board includes some of the most renowned VR researchers and scientists, who are guiding our clinical studies to achieve these goals.
Innovation - Recognizing our innovation in the field, MyndVR was recently honored with the Sharecare Innovation Award (tied with the American Cancer Society):
Raised $1.85M from strategic and angel investors
Our angel round investors include:
- HTC - one of the world's largest VR companies
- Capital Factory - won the $100K investment in their "Best AR/VR startup in Texas" competition
- Angels - Our angels include experienced investors from the world of tech, health, and senior care. In fact, our first investor was the COO of our first pilot community, after he saw how much his staff enjoyed using MyndVR with their residents.
- Social Impact - Several of our angels discovered MyndVR via social impact investing groups, recognizing older adults as a seriously at-risk population in need of care.
We appreciate your time and look forward to having you join our mission! Together, we can improve the lives of countless older adults.