Health and fitness technology company MyFiziq (ASX: MYQ) is teaming up with Canadian artificial intelligence (AI) developer NuraLogix Corporation to develop a “never before available” digital health and chronic illness assessment.
The pair have inked a memorandum of understanding that will see MyFiziq’s image dimensioning capabilities combine with NuraLogix’s cloud-based affective AI engine DeepAffex and its Transdermal Optical Imaging technology to create a smartphone-based facial and body scan.
NuraLogix’s imaging technology uses the smartphone’s video camera to record a 30-second selfie video to “extract blood flow information” from the user’s face to determine a range of physiological and health-related parameters. The information is then processed by advanced machine learning algorithms on the DeepAffex engine.
The health screen is expected to deliver results in under two minutes, with assessments including blood pressure, heart rate (plus it can detect heart rate variability and an irregular heartbeat) and respiratory rates.
It will also measure total body fat and waist to height and hip ratios, can determine the risk of cardiovascular disease, Type 2 diabetes and stroke, as well as register emotion.
“When combining the company solutions, we form not only a unique offering, but one that enhances both companies’ ability to be the dominant player in digital health and convenience,” MyFiziq chief executive officer Vlado Bosanac said.
“The solutions form an easy to use, comprehensive review of an individual, accurately, privately, and conveniently from their mobile phone,” he added.
Under the terms of the MoU, the pair have agreed to develop a demo mobile app to evaluate the potential for a full commercial version over the next 90-day period.
The integration of MyFiziq and NuraLogix’s combined patented technologies will be tested at the Serfaty Clinic in Brazil and through WeSure/WeFit in mainland China.
According to Mr Bosanac, the two organisations have a combined population in their countries of 1.6 billion and the company initiated an earlier partnership with Dr Serfaty to target COVID-19 and the inherent risk Brazil was facing.
“As we explored and understood the ease of use when combining these world class technologies, we then felt it was a potential suitor for the solution we have been working hard on for WeSure/WeFit in the WeChat platform [in China],” he said.
Upon a successful outcome, MyFiziq said it will look to take the platform to a global audience. The duo would also then negotiate a formal commercial agreement to specify terms including pricing, revenue sharing, intellectual property, development work and marketing.
MyFiziq is anticipating the completion of the build in readiness for handover in the next two months.
COVID-19 symptoms analysis
MyFiziq said the app will also allow an option to engage in an in-app COVID-19 symptoms analysis, which has been developed and tested by NuraLogix in collaboration with St Michael’s Hospital, the University of Toronto and the Zhongda Hospital in China.
The model predicts the likelihood of someone having COVID-19 versus a seasonal cold or flu.
According to MyFiziq, the doctors and clinicians collaborating with NuraLogix on the COVID-19 study have determined the outcome to be so significant that the results are being presented for publication.
Last week, MyFiziq announced the launch of another device-based intelligent body scanning app, Evolt360, on the Apple App store.
The Evolt technology was purchased and is supported by health, fitness and wellness companies including F45, Anytime Fitness, HCF, and KPMG.
It performs scans available to consumers for between $30-$50 per scan depending on the type of scan performed and level of membership.
NASDAQ dual listing
MyFiziq is also seeking a dual listing on the main index of the US-based NASDAQ exchange and recently executed a formal funding agreement for US$1.5 million (A$2.2 million) with Asia Cornerstone Asset Management (ACAM) by way of a convertible note subscription.
Last week, MyFiziq announced it received the initial payment (of a total of four tranches) of US$225,000 from ACAM.
The funding has a mandatory conversion upon a successful NASDAQ listing. In the event that MyFiziq is not successful in achieving a listing by 30 June 2021, the company will have an additional six months to repay the debt.