The future of health tech
Zio Health have been members of Makerversity since April 2021. They develop devices for measuring, testing and detecting the molecular composition of chemical and biological substances for the presence, absence, or quantity of target molecules.
We caught up with them to learn a bit more about what they’re up to, and whats next…
What does Zio Health do?
Founded in 2016, ZiO Health has developed proprietary pocket-sized technology, bringing lab testing to the home to optimise health and prevent sickness. We are a team of 10 people with expertise in biosensors, operations, business development, engineering & software.
…many Biotech startups only attract a specific kind of investor, so don’t give up when individuals think you’re ‘too high risk’ or ‘too far from launch’…
Have you raised investment? if so, how? any advice for other startups in the same position?
We have raised 4 rounds of investment and are now in the process of closing our latest round. For biotech startups, the development timeline is quite long therefore you need a large amount of capital before the product is ready for launch. As a founder, you also don’t want to dilute yourselves too much during these initial rounds so it is important to recognise major milestones and only raise the amount you require to achieve the next major milestone.
Of course you should always raise enough to cover any unexpected hurdles you may encounter along the way. Reach out and network as much as you can – including attending as many events as possible. I think it’s also important to know that many Biotech startups only attract a specific kind of investor, so don’t give up when individuals think you’re ‘too high risk’ or ‘too far from launch’ etc.
What do you think the future of health tech looks like?
Healthcare is generally shifting to a more preventative and integrated approach, whilst also becoming more accessible. The further use of AI and cloud services within the healthcare industry is allowing existing technologies to integrate and share data, providing better outcomes for the patient. However, there is a lot of room for improvement in this area. Many existing or novel technologies are not collecting the right data, or are collecting the data but keeping the data within their local server – this severely limits the potential benefits that can come from this data, however, this is all improving and moving in the right direction to provide better care.
What would you say to someone who is concerned about health tech and privacy/data leaks/misuse of data etc? How do we navigate this legitimate concern and get the benefits that health tech products offer
I do not think there is a simple solution to this – you don’t want patients to completely restrict the use of data as overtime, this reduces the level of care & treatment given as well as restricts innovation. However, it is understandable how individuals are worried about privacy & data misuse. So – there must be a balance. We want individuals to share their health data, but we also want them to know we are protecting their data from any potential misuse. At present, there are a number of ‘best practices’ that must be followed to be compliant with current GDPR guidelines. In addition to these, it is important for the healthtech companies to protect patient data from hackers. As I said, there is no simple solution to this – but a good start would be to raise awareness and educate individuals on a) how their data can help and b) how their data is protected.
What does the future look like for Zio health?
Our initial service, Elosia, is currently launching in the UK. With Elosia, users can test a few parameters from home and instantly receive personalised wellness & nutrition advice. Soon, we will be increasing our test range for Elosia using ZiO’s proprietary technology. Using our proprietary technology, we also have a range of products in development for specific healthcare and non-healthcare related applications, so, after 6 years in development, we have an exciting few years coming up.
Find out more about Zio Health here