Did you envision becoming the CEO of a medical diagnostics company when you received your computer science diploma from Princeton?
No, when I graduated from Princeton with a degree in computer science, I did not foresee becoming a CEO in medical diagnostics. My focus back then was more on user experience and interaction design, which was a nascent field in the 90s. I was inspired by Don Norman's book 'The Invisible Computer', which I came across in my junior year. It shifted my perspective on technology, making me realize the potential of computers and microchips in various aspects of our lives. Creating a curriculum at Princeton around leveraging computers for interaction design was the first step in my entrepreneurial journey, blending technology with the human element. So, in hindsight, the progression to leading a startup like Wavely Diagnostics seems like a natural evolution.
How has the past year been for Wavely Diagnostics, having in mind the challenges many companies faced?
The past year has been challenging yet rewarding for Wavely Diagnostics. Despite the tough economic environment, we managed to raise a small seed round. The key has been to focus intensely on our primary goals while preserving our financial resources. Growth has been slower than we would have liked due to budget constraints, but we have prioritized ensuring that our early customers have excellent experiences. We have operated with a lean team, keeping our operations small and manageable. I believe that adapting to such realities is essential for startups, especially in the current economic climate.
Our main priority is to perfect our product and ensure that our early customers have great experiences. These aspects are crucial for our long-term growth, especially as we look forward to expanding our team when more funds become available. Laying a strong foundation is key to our strategy, ensuring that our product not only meets but exceeds market expectations.
Can you describe how your product can help diagnose ear infections in children?
Our product does not diagnose ear infections per se. Instead, it identifies a key indicator of ear infections – middle ear fluid – using just a smartphone and acoustics. This information is crucial for doctors to make a comprehensive diagnosis over a telehealth consultation. The app reflects a significant shift in healthcare, reducing the need for physical clinic visits. It aligns with broader trends in healthcare towards virtual consultations and consumer demand for convenience.
How does the app function, and what is its current accuracy rate?
The app uses a simple paper funnel attached to the smartphone, which directs chirps into the ear canal. These chirps bounce off the eardrum and are captured by the phone's microphone. Our machine learning classifiers analyze these reflections to detect fluid behind the eardrum. We are expecting to publish a paper soon detailing our app's accuracy, which we believe is promising due to our advanced machine learning techniques.
Is there feedback from practitioners about the app's effectiveness in the field?
Yes, since its launch last quarter, the app has been used actively by two organizations in their virtual care services, with more coming on board soon. The feedback from these early adoptions has been very positive, confirming the app's practical utility in healthcare settings.
Do you have plans to expand your diagnostic capabilities beyond ear infections?
Absolutely.
The future for Wavely Diagnostics involves expanding our diagnostic capabilities. The digital diagnostics market is ripe for integration, with many companies currently operating in silos.
We plan to add more diagnostics to our portfolio, and we foresee significant activity in mergers and acquisitions in the life sciences space, particularly in digital diagnostics.
How does the success of Wavely Diagnostics tie into the broader trend of telemedicine?
Our success is closely tied to the growth of telemedicine. As telehealth services expand, our product's relevance and utility increase. This connection underscores the importance of digital innovation in the future of healthcare delivery. Our growth is intertwined with the adoption of telehealth, a trend led by companies like Teladoc.
What are your thoughts on the future of telemedicine?
I am incredibly optimistic about the future of telemedicine. Even though major telemedicine players are adjusting after the pandemic-induced surge, the baseline for telemedicine has significantly increased. This growth stems from a shift in how people approach healthcare, now with a more consumer-oriented mindset. The pandemic, having forced us to manage our health independently, played a big role in this transformation. We are observing a rise in direct primary care practices and out-of-pocket platforms for seamless virtual care access. Large health systems will need to smartly integrate virtual care to keep up. I am confident that once the post-pandemic reset stabilizes, telemedicine will experience steady, organic growth. There is also emerging data supporting the effectiveness of virtual care in improving outcomes for various chronic diseases.
What are your objectives for Wavely Diagnostics in the next 3-5 years?
Our main objectives for the next years involve expanding the use of our product. The rate of this expansion is directly proportional to the funding we can secure. We have a unique technology that is already listed with the FDA, differentiating us from many companies. We have proven that our technology is not only wanted but needed, and can easily integrate into health systems.
On top of that, we are starting to explore the global implications of our technology. A report I saw mentioned that by 2050, about 700 million people worldwide are expected to need rehabilitation for hearing, and 40% of those cases are expected to be caused by untreated ear infections. Our technology could be instrumental in preventing this, helping health workers globally to diagnose and treat ear infections more efficiently. So, our plan is to showcase our unique value and global impact potential to attract more funding.
