Venadar has tracked our favorite innovations in Healthcare throughout 2022, highlighting one startup per month that we felt was the best-in-class innovator. Our coverage included brands that ranged from virtual care clinics and at-home screening tools, health equity platforms, health insurance innovations, prescribed meal kits, and revenue intelligence platforms.
Out of those featured brands, we’re pleased to announce our first annual Venadar Innovation of the Year – Healthcare winner: ViiT Health, offering a health monitoring device called the Gluco 1.0 for detecting and monitoring glucose levels in the blood. The new non-invasive glucometer uses Near-Infrared Spectroscopy (NIR) and applies computer vision to identify glucose information from the interaction of Near-Infrared Light passing through the finger. The device also uses deep learning and a recommendation engine to enable healthcare professionals to detect the full glucose footprint in blood and tissue without a finger prick.
Computer Vision Growth & The Need for Diabetic Solutions
According to The Business Research Company’s research report, it is predicted that the global computer vision in healthcare market size is expected to grow from $0.71 billion in 2021 to $1.05 billion in 2022 at a compound annual growth rate (CAGR) of 48.53%. Innovations within this category are critical to help healthcare organizations capitalize on this incredible growth potential.
Additionally, it’s a critical disease in need of innovative product solutions and technologies. ViiT Health claims that as of 2020, there were 34M adults in the U.S. with diabetes. There are 80M prediabetics in the United States – and it is estimated that 1 in 3 adults has prediabetes. The cost for diabetes diagnosis in the U.S. was close to $245Bn in 2012 and has been rising yearly on account of new cases. If more accessible diagnostic devices were to be implemented, like the one from ViiT Health, the cost could decrease drastically.
Solutions for diabetics will become increasingly important as diagnosed patients rise. ViiT Health’s Gluco 1.0 leans into AI and computer vision to produce a non-invasive solution for glucose measurement without a finger prick – with a built-in recommendation engine to produce trends within reliable data sets.
ViiT Health is active in the venture community 2022
In June 2022, Softeq Development Corporation (Softeq), a Houston-based global full-stack development company serving Fortune 500 companies, welcomed the third group of early-stage startups for its Venture Studio Q2 2022 summer cohort. ViiT Health was included in this group. The Q2 2022 summer cohort is the largest since the launch of the Softeq Venture Studio, a unique accelerator program that de-risks investments by combining engineering with startup formation services to help founders build real, scalable, and investable technologies. Learn more here.
Additinally, ViiT was one of ten finalists that pitched at the Startup World Cup Grand Finale event on September 30, 2022. The event was organized by Pegasus Tech Ventures, a Silicon Valley-based global venture capital firm. Learn more here.
Venadar is at the forefront of Healthcare innovation and trends, tracking emerging and growing new categories, and identifying the best-in-class startups for partnership, investment, or acquisition. Contact us today to see how we can support your external innovation practice.