Proactiveinvestors Australia MyFiziq Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia MyFiziq Ltd RSS feed en Thu, 23 May 2019 13:50:37 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - MyFiziq signs binding term sheet with Evolt360 Technologies ]]> https://www.proactiveinvestors.com.au/companies/news/218394/myfiziq-signs-binding-term-sheet-with-evolt360-technologies-218394.html My Fiziq Ltd (ASX:MYQ) has signed a binding term sheet with Evolt360 Technologies, allowing the MyFiziq platform to integrate into the Evolt platform and customer application.

Evolt is a device and machine-based body scanning technology purchased and supported by health, fitness and wellness companies including but not limited to Life Fitness distributors, F45, Anytime Fitness and KPMG.

The units cost between $12,000 and $20,000 and are positioned on site with trained staff to run the assessments for their members and employees, which cost about $30-$50 per scan depending on the type of scan performed.

MyFiziq chief executive officer Vlado Bosanac said: “The partnership with Evolt is going to be a very interesting and disruptive move on Evolt’s behalf.

READ: MyFiziq executes binding term sheet for $6 million capital raising

“Most companies in the standalone scanning and machine device space see MyFiziq as a threat with our ability to deliver a similar and unique offering from a customer’s mobile device.

“Evolt saw an opportunity to work with MyFiziq and extend both their ability to monetise but more importantly extend their monitoring capabilities into the home of its customers.

“Evolt has medical device approval which will bring a great deal of interest to both companies as we co-promote this unique and comprehensive capability to multiple business verticals, both current and new.”

READ: MyFiziq updates technology performance and data protection features

MyFiziq is expected to be an integral part of Evolt’s offering and a key point of difference to other platforms allowing a direct to consumer advantage.

Evolt is focused on partnering with companies, facilities and organisations that are looking to grow their revenue stream via a true value add for their members and consumers.

Under the binding term sheet, Evolt will target its current 500,000 active users to achieve an initial 100,000 subscribers onto the joint offering in the first 12 months.

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Thu, 11 Apr 2019 17:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218394/myfiziq-signs-binding-term-sheet-with-evolt360-technologies-218394.html
<![CDATA[News - MyFiziq executes binding term sheet for $6 million capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/213681/myfiziq-executes-binding-term-sheet-for-6-million-capital-raising-213681.html MyFiziq Ltd (ASX:MYQ) has executed a binding term sheet to complete a $6 million placement with Data Sri Lew of Asia Cornerstone Asset Management (ACAM).

The new capital will assist the company in accelerating its growth strategy as it begins the recruitment process to develop its team and global operations into the US, Asia and Europe.

MyFiziq’s technology allows fitness enthusiasts to measure and track their fitness online and without scales.

“Large following in investment community”

MyFiziq CEO Vlado Bosanac said: “We have been courted over the past few months by a number of parties offering to inject capital into MyFiziq.

“Our main resistance has been finding the right partner with more than just capital but also significant investor and industry support.

“Dato Liew has an extensive background in the capital markets and brings a large following from his own investment community and business leaders.”

$6 million in five tranches

Under the terms of the binding term sheet MyFiziq will receive the $6 million in five tranches with an initial tranche of $1.2 million starting from February 25, 2019, with subsequent tranches every six weeks thereafter.

Over the five tranches, the company will issue a total of 10 million fully paid shares to ACAM at A$0.60 cents per share.

After completion, ACAM and its nominees will have a 10.76% holding in the company.

Sufficient capital for two years

Based on current budgeting, the funding will be sufficient working capital for MyFiziq to undertake the rollout and expansion of its technology and required increases in its development team for the next two years.

ACAM’s Dato Sri Liew said: “I was very impressed with MyFiziq’s capabilities and market opportunities.

“Like many technology companies that are outside of the main arena of the Valley or US in general it has been both underestimated and certainly undervalued.

“We feel the premium is a fair entry point for the stake we wanted to acquire the company.”

READ: My Fiziq updates technology performance and data protection features

The shares under the placement will be issued over the various tranches under the company’s available 15% placement capacity under ASX listing 7.1.

The new shares will be issued on the same terms and will rank equally with the existing fully paid ordinary shares of the company.

- Jessica Cummins

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Thu, 31 Jan 2019 02:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213681/myfiziq-executes-binding-term-sheet-for-6-million-capital-raising-213681.html
<![CDATA[News - MyFiziq updates technology performance and data protection features ]]> https://www.proactiveinvestors.com.au/companies/news/213216/myfiziq-updates-technology-performance-and-data-protection-features-213216.html MyFiziq Limited (ASX:MYQ) has made performance and data protection enhancements to its technology, addressing a number of global requirements around transfer and storage of personal data.

The new update will see the company’s patented segmentation model moved from Amazon’s web services platform to Apple’s iOs device platform.

This software update enables users to run core functionality directly in their device.

3D avatar creation

MyFiziq’s technology is embedded in a partner’s applications, using pictures from smartphones to create a representation in the form of a 3D avatar with accurate circumference measurements.

Partners then embed MyFiziq’s software development kit (SDK) into new or existing apps, which customise the experience to satisfy branding requirements.

Data privacy benefits

Currently the MyFiziq measurement process sends encrypted images to the cloud for processing .

The new image-capture process uses an in-device embedded machine-learning model to create non-personal identifiable segmented images for processing.

This change allows anonymity to be protected, as photos taken never need to leave a user’s device.

Real time segmentation

Another new feature is image segmentation, which facilitates other technical and cost saving advantages.

This is done using Apple’s Metal framework (CoreML) and is part of MyFiziq’s ongoing goal to reduce cloud compute time and cost while maintaining accuracy and repeatability.

The output of the segmentation process compresses the upload-return time by 95% and allows for multiple attempts to be packaged in a single classification object, which effectively increases MyFiziq’s throughput capacity 32-fold.

“Substantial achievement”

MyFiziq chief executive officer Vlado Bosanac said: “This is a substantial achievement by the team – the ability to process user’s images is a paradigm shift in the way we create our measurements.

“This will be extremely attractive to our partners, both present and future, especially with increased concerns globally around personal data and regulations that need to be adhered to.”

“Milestone opens opportunities"

MyFiziq chief technology officer Terence Stupple said: “I am delighted that the team has been able to achieve this important milestone as it opens opportunities for real-time segmentation and detailed user feedback in the future.

“We have been targeting in-device image segmentation to give our partners and consumers the highest level of personal data security whilst aligning with new global regulations.

“By embedding the model in the device, we are able to start processing images as soon as they are captured.”

Android version

An Android version via a TensorFlow model is also under development and nearing completion.

- Jessica Cummins 

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Thu, 24 Jan 2019 00:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213216/myfiziq-updates-technology-performance-and-data-protection-features-213216.html
<![CDATA[News - MyFiziq and WellteQ to offer fitness tracking technology for global logistics firm Toll ]]> https://www.proactiveinvestors.com.au/companies/news/211288/myfiziq-and-wellteq-to-offer-fitness-tracking-technology-for-global-logistics-firm-toll-211288.html MyFiziq Ltd’s (ASX:MYQ) technology partner WellteQ has signed a contract with Australia’s largest transport and logistics provider, Toll.

WellteQ and MyFiziq had previously signed a deal to integrate MyFiziq into WellteQ’s state-of-the-art wellness analytics platform.

 

MyFiziq will be incorporated into WellteQ’s application and made available across Toll’s Australian workforce.

The plan is to release the application to Toll’s 12,000 Australian employees in Q1-2019.

MyFiziq will be embedded alongside a number of activity challenges, rewards, health and fatigue prevention programs with virtual coaching, blood pathology across the application within the Toll offering.

US$2.99 per user monthly revenue

WellteQ has many corporate clients including Qantas, Bupa, Prudential, Telstra, Credit Suisse, Rolls Royce, Deakin University, King & Wood Mallesons, and GWSW AFL to name a few.

The company is currently demonstrating the advanced analytics when combined with the MyFiziq solution to its clients with a view to grow its monthly users to 500,000 by 2020.

Under the commercial terms of the agreement, MyFiziq will receive a per user payment of US$2.99 per user per month.

READ: MyFiziq secures $500,000+ as research and development tax incentive

MyFiziq chief executive officer Vlado Bosanac said: “This is another great opportunity for MyFiziq to showcase our tech in the world of corporate wellness.

“We bring capabilities to WellteQ that no other Wellness platform in the world can provide.

“The ability to map anthropometric data against blood pathology, activity, stress levels and sleep patterns is a world first and WellteQ are winning deals because of it.

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Mon, 17 Dec 2018 17:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211288/myfiziq-and-wellteq-to-offer-fitness-tracking-technology-for-global-logistics-firm-toll-211288.html
<![CDATA[News - MyFiziq secures $500,000+ as research and development tax incentive ]]> https://www.proactiveinvestors.com.au/companies/news/209990/myfiziq-secures-500000-as-research-and-development-tax-incentive-209990.html MyFiziq Ltd (ASX:MYQ) has received a $531,833.18 reimbursement as research and development tax incentive for its activity for the period of June 30, 2017 – July 1, 2018.

The company’s technology is embedded in a partner’s app that uses pictures from a smartphone to create a representation of a human body in the form of a 3D avatar.

This provides accurate circumference measurements of specific areas, such as chest, waist, hips and thighs that can be stored and tracked over time.

Body measurements that track changes in shape or size of the body provide additional and often more useful information than simply measuring weight or BMI.

 

MyFiziq provides SDK (software development kit) and white label apps to B2B (business to business) partners in health & fitness, insurance, and medical industries.

The company’s clients include Fitocracy, which allows fitness enthusiasts to measure and track their fitness without scales and body fat callipers.

Floyd Mayweather's app also uses MyFiziq to allow his social media audience to train and eat the way the famous boxer does.

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Tue, 27 Nov 2018 16:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209990/myfiziq-secures-500000-as-research-and-development-tax-incentive-209990.html
<![CDATA[Media files - MyFiziq body scanner looks to build on Mayweather and McGregor deals ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10871/myfiziq-body-scanner-looks-to-build-on-mayweather-and-mcgregor-deals-10871.html Wed, 17 Oct 2018 09:26:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/10871/myfiziq-body-scanner-looks-to-build-on-mayweather-and-mcgregor-deals-10871.html <![CDATA[News - MyFiziq body measuring and tracking application attracts first revenue ]]> https://www.proactiveinvestors.com.au/companies/news/189213/myfiziq-body-measuring-and-tracking-application-attracts-first-revenue-189213.html MyFiziq Ltd (ASX:MYQ) has received first revenue from its online technology designed to measure the body and track progress over time.

The company has received $188,560 in revenue during the current quarter.

Early revenue is from partners paying MyFiziq to complete their app builds ready for launch in early 2018.

Revenue is expected to increase substantially as tens of millions of potential subscribers start accessing the apps.

Three major partnerships

The company has signed partnerships with the large U.S.-sourced fitness apps Fitocracy and FitLab LLC’s Mayweather Boxing + Fitness as well as with Indian sports business identity Ravi Krishnan.

Fitocracy is an online fitness and social network that aims to help its more than 2 million users improve fitness and wellness.

It is among the world’s top 5 social fitness platforms.

The agreement will see MyFiziq’s body shape tracking app integrated into Fitocracy’s fitness community and personal coaching app.

FitLab will integrate MyFiziq’s app into Mayweather Mobile and deliver it to Mayweather’s fans and the broader fitness enthusiast community.

Mayweather has 41 million social media followers in aggregate.

In India, MyFiziq will integrate its platform into a number of health, fitness, wellness and sporting organisations that Krishnan advises.

Revolutionary technology

MyFiziq is a revolutionary technology embedded in a partner’s app that uses pictures from a smart phone to create a representation of a human body in the form of a 3D avatar.

This provides accurate circumference measurements of specific areas, such as chest, waist, hips and thighs that can be stored and tracked over time.

Body measurements that track changes in shape or size of the body provide additional and often more useful information than simply measuring weight or BMI.

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Fri, 22 Dec 2017 12:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189213/myfiziq-body-measuring-and-tracking-application-attracts-first-revenue-189213.html
<![CDATA[News - MyFiziq enters commercial agreement ]]> https://www.proactiveinvestors.com.au/companies/news/188483/myfiziq-enters-commercial-agreement-188483.html MyFiziq Ltd (ASX:MYQ) is preparing to reveal details of a commercial partnership agreement integrating its technology, and the ASX has granted a trading halt to prepare.

MyFiziq's technology is designed to measure the body and track progress overtime.

A full Australian patent has been granted, with multiple patent applications pending for business use.

The halt will remain in place until the opening of trade on Tuesday 12th December 2017, or earlier if an announcement is made to the market.

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Fri, 08 Dec 2017 10:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188483/myfiziq-enters-commercial-agreement-188483.html
<![CDATA[News - MyFiziq enters partnership to promote its body shape tracking app ]]> https://www.proactiveinvestors.com.au/companies/news/184035/myfiziq-enters-partnership-to-promote-its-body-shape-tracking-app-184035.html MyFiziq Ltd (ASX:MYQ) has entered into a strategic partnership in North America with one of the world’s leading fitness applications app, Fitocracy.

Fitocracy is an online fitness and social network, with over 2 million users, that aims to help users improve their fitness and wellness.

It is ranked among the top 5 social fitness platforms in the world.

As per the new agreement, MyFiziq’s body shape tracking app will be integrated into Fitocracy’s fitness community and personal coaching app.

Fitocracy’s current user base of over 2 million users will be able to track changes in their body shape and dimension using the MyFiziq technology as they follow Fitocracy’s coaching programs.

MyFiziq will be an integral part of Fitocracy’s offering and a key point of difference to other platforms.

With an initial target of 500,000 Fitocracy users subscribing to the MyFiziq solution, potential revenue to MyFiziq, excluding future Fitocracy growth, is up to US$9 million per annum.

While the term sheet which the parties have signed is stated to be binding, the companies have agreed to enter into a definitive agreement within 90 days to better define their roles and obligations.

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Fri, 15 Sep 2017 12:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184035/myfiziq-enters-partnership-to-promote-its-body-shape-tracking-app-184035.html