MyFiziq’s body measurement tech wins over major global brands and celebrities
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Special report: The next boom in tech may be measuring your body — and the race for accurate body measurements in your pocket is over.
For the average person, measuring your body health has always been a challenge. Most of us only know what size clothes we wear, let alone what those extra kilos are doing to our health.
This has all changed with Perth-based ASX listed tech company MyFiziq.
Founded in 2014 and listed on the ASX in 2015, MyFiziq (ASX:MYQ) makes it possible to obtain accurate body measurements in just a few minutes, using proprietary technology via a mobile phone.
At the heart of MyFiziq’s technology are patented deep-learning and complex AI algorithms that are capable of getting your body measurements with 97 per cent or higher accuracy.
In January, the company’s shares skyrocketed to $1.65 — a whopping 725 percent increase.
Since then, the company has struck deals with unbeaten heavyweight billionaire boxer Floyd Mayweather, and Singapore-based insurance giant, Prudential.
With these launches and revenue imminent Myfiziq hopes it about to turn the corner again and bring back the lagging support in the share price.
The tech will change the way we shop for clothing online. Returns of incorrect-sized clothing costs the fashion industry billions of dollars each year and that figure is growing.
MyFiziq is in a lucrative position to slash return costs and gain a competitive edge with custom clothing lines with major brands.
CEO Vlado Bosanac says the company has been extremely focused on building the applications for the partners it has signed and the delivery of revenue.
“We are also focused on three other global industries, all with substantial user bases, including fitness, insurance and corporate wellness – all multibillion dollar opportunities,” Bosanac says.
“The market is a news driven animal that we like to fuel but want to make sure we deliver the business, and this will in turn fix the share price.”
He says the company is already in discussions with over 150 companies worldwide across all four of its key business verticals.
“Our tech is exceptional, and we have a real ability to assist in multiple business verticals. We can help you track changes if you’re dieting or trying to get fit; we can reduce the billions of dollars in costs associated with consumers over ordering resulting in ill-fitting clothing returns, we help insurance providers understands a policy holders health with far more data around physical condition.
“We fit well into insurance as traditional measurements like BMI can be wrong or misleading, and we boost corporate wellness by augmenting employee’s engagement with better visual understanding of the changes happening when engaging in interventions and reward-based activity in the workplace whilst increasing productivity.”
This is one of those cases where technology will change the way we visit a doctor, buy clothing, track our bodies, and prevent disease.
MyFiziq offers various ways to integrate with customers, including a turn-key style approach for those with existing apps. Great lengths have gone into maintain security and comply with company policy and regional law. The company stepped up and met all of the new challenges posed with the new global data privacy laws.
How the MyFiziq experience works
Behind all the algorithms lies a product that is easy to use and accessible to everyone with a smart-phone. Entering their height, weight and gender is enough to get started.
“There’s no one else that we’ve seen who is able to do what we’re doing from a mobile device,” Bosanac says. “There are many companies out there creating hardware to try and do what we do. This means a user will need to buy a costly additional device which is inconvenient and unnecessary when you already have a mobile phone at your convenience.”
Digital health plays have been a big trend in the past few years, with names like Amazon and Facebook both paying big bucks for mobile health technologies.
In 2015, sports apparel maker Under Armour paid $475 million for nutrition-tracker app My Fitness Pal and its circa 80 million registered users.
MyFiziq hopes to replicate that success. It has its sights on a number of international markets with large potential user bases, including the US and China.
It already has secured patents in the US, Australia and Singapore with patents pending in Europe, China, Japan, Korea as well as the UK.
“With what we have developed the possibilities we bring to new and existing partners is very exciting, and it’s not only MyFiziq who share in the excitement this tech can have on the lives of people everywhere,” says Bosanac.
This special report is brought to you by MyFiziq.
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