The healthcare system is evolving thanks to modern technology, and one of the key innovations comes from Salva Health in Colombia. The company has developed a wearable device based on artificial intelligence to detect breast cancer and recently won the Startup Battlefield at TechCrunch Disrupt 2024.
In an interview with Mezha.Media, Salva Health CEO Valentyna Agudelo told how the device was developed, how much it costs to produce, and about the company's plans for the future.
First of all, congratulations on your victory at Startup Battlefield! How do you feel about this?
Disrupt is one of the largest platforms for startups in the world, and the opportunity to participate was extremely gratifying. It was a great experience for us to understand how to interact with investors in Silicon Valley and learn about the latest technologies.
Winning the competition was amazing. I sincerely admire the other participants and consider them extremely qualified. Their solutions are highly innovative, with meaningful goals, which really inspired us.
In the end, I think it all came down to presenting breakthrough solutions that also had a meaningful impact. I'm very grateful to the judges for recognizing Salva Health's deeper purpose as well as its innovative approach.
All in all, it was an incredible experience. The results of winning were also amazing. We received a lot of interest, both in terms of investment and commercial opportunities.
As I understand it, you decided to create the device about six years ago. Can you tell us more about it?
In fact, the idea for the breast cancer detection device came up while I was still studying at university. We had an internal entrepreneurship competition, and I teamed up with two of my best friends to participate.
Together, we developed a theoretical project to create a device that could detect breast cancer at early stages in underserved populations. The idea was theoretical at first, partly inspired by the fact that one friend's mother had thyroid cancer and another friend's mother had breast cancer.
Then we discovered the irony of breast cancer mortality: it has one of the highest survival rates when diagnosed early, yet remains the leading cause of cancer death among women. If we could get patients to doctors on time, doctors could treat them successfully. So we realized that we, as entrepreneurs, had to solve this problem.
Our project won an internal competition six years ago, which strengthened our belief in its importance. We started by reaching out to people we knew and partnered with a research lab that specializes in innovative solutions in oncology - together we developed our first MVP.
After several trials, we saw trends that indicated that this concept could indeed be viable. This led to a partnership with an insurance company, and with their support we were able to develop the entire study protocol.
We spent almost five years on the research and development process. COVID-19 delayed us a little bit, but it was a very powerful phase of research, and eventually we reached the point where we could officially launch the device.
Can you explain in detail how it works? And how do you use artificial intelligence in it?
The device is called Julieta, and it's actually quite simple. We designed it with underserved populations and rural areas in mind, so we focused on portability and ease of use. It does not require constant access to electricity or a stable internet connection. We can perform more than 1,000 screenings on a single charge.
Six electrodes for each breast are placed on the woman's chest and connected to the device. The system then connects via Bluetooth to the user interface, which can be a smartphone, tablet or computer. The test can be started by simply pressing the "Start" button on the interface.
The device first performs an internal check to ensure that the electrodes are connected properly, and then starts the test. After that, it exports the measurement data. This data is sent to our artificial intelligence, where it is interpreted and the results are returned back to the user interface.
When it comes to artificial intelligence, there are two main components. The first is predictive AI, which interprets the results and provides a risk assessment. The second is automation AI, which provides full automation of the screening process.
We provide a breast cancer risk assessment, not a diagnosis. Our system identifies women who should be prioritized for further diagnosis and treatment. In particular, the device categorizes women into those at risk of breast cancer, healthy women, those with abnormalities without signs of malignancy, or those with abnormalities with potential malignancy. With this information, the healthcare system can prioritize patients who need proper diagnosis.
Do I understand correctly that you currently have only a prototype of your device?
No, we have already finished developing the device and the validation process is complete. We are waiting for the authorization in Colombia, which should happen early next year so that we can start the commercial launch. In fact, we have already screened over 2,300 patients in 11 medical centers in four cities in Colombia.
What do you need to produce this device, and how expensive is it? Also, how many devices do you plan to produce next year and perhaps in 10 years?
In terms of cost, the device is actually very cheap to produce - it costs us about $300 per device. This low cost is a great advantage because it allows us to scale production efficiently. We have already outsourced part of the production and supply chain, which makes the process even more cost-effective. Our goal for next year is to start with 200 devices in Colombia, with the intention of reaching 2,000 by the end of the year. Over time, we hope to expand production to millions of devices.
You are going to produce and launch it in Colombia. Do you plan to sell it abroad - in the US, Europe or Asia?
Yes, the production process is somewhat mixed. We import raw materials from supplier countries, for example, China, and then do the final assembly of the product in Colombia.
Our internationalization strategy is based on expansion through regulatory approvals. Since it is a medical device, we need sanitary clearance in every country we enter. We are currently waiting for the authorization in Colombia, which covers six countries in Latin America. This is our first step towards expansion in Latin America.
Then we plan to get FDA clearance in the United States. After that, we will be able to enter the CE market in Europe, expand to Southeast Asia, and then to other regions such as Africa and Australia after obtaining TGA approval.
Consequently, our timeline is focused on providing services to underserved populations through expansion in Latin America, Southeast Asia and Africa. For developed countries, we will prioritize obtaining FDA clearance for the US market and then expand into Europe.
You mentioned that the production cost is about $300. How do you finance the project?
We completed a pre-seed round of funding that allowed us to finance the entire research and development phase of the project. In this round, we received support primarily from business angels, as well as one venture capitalist and several grants that contributed to our progress.
We are now launching a seed round and are looking for venture capital and large investors interested in supporting us at the launch stage of the project.
How many people are in your team? Do you plan to expand beyond Colombia to other countries?
Currently, our team consists of 12 experts, and we are in the process of hiring two more specialists. This will increase our team to 14 people in November.
Our team includes specialists in biomedical engineering, mathematics, computing, business administration, and software development, making it a very balanced and reliable team.
We plan to expand further, possibly at the end of next year, when we complete our funding round and start our commercial launch. At that point, we will be looking to hire internationally.
Is it possible that in the future women will be able to walk into a regular store and buy your device for personal use without having to visit a hospital?
Yes. Right now, we're approaching our product with two different commercial lines: institutional and personal. The institutional line is the one we are launching first, and it includes the device we presented at TechCrunch.
This device is primarily intended for use in commercial settings where many women can use it. Our main customers in this area are insurance companies, medical centers and pharmacies.
The product for personal use is still under development. While it uses the same core technology, we are redesigning the physical components to make it more convenient for people to purchase and use at home. This version will allow you to use the device personally, for example, for you and your family.
What are Salva Health's short-term and long-term goals?
In the short term, our main goal is to launch our product and expand across Latin America.
In the long term, over the past six years, we have gained significant experience in the healthcare system, which has allowed us to identify both barriers and opportunities that can be addressed with technology. Our first product is focused on breast cancer, but Salva Health has a very broad vision that goes far beyond that.
We have identified opportunities to use similar devices for early detection of diseases in other areas. As we expand, we plan to focus on cardiovascular disease and diabetes. This approach creates a significant opportunity to impact the lives of millions of people by providing early detection of these critical conditions.
While breast cancer will remain Salva Health's core business in the near future, our long-term vision is to expand into other areas of early detection. With our experience, support and patient engagement, we are confident that we can meet these challenges.