6th October 2017
Amit, how do you see the fitness wearable market in the present?
Over the past year there have been some important movements in the consumer wearable market that are worth noting. Firstly, Asian ODMs have entered the fitness tracker market with basic devices at very low cost, and although the quality varies between manufacturers, it puts huge price pressure on other devices and results overall in a low-margin consumer market. In turn, some brands have moved towards higher tiered products, such as smartwatches. At the same time, several big brands have realised that much of the commercial value in wearable technology lies in the B2B space and subsequently are trying to move in that direction.
Digital Healthcare is one of the key sectors that is driving the wearable, IoT, AI and Big-Data innovation as part of its transformation. It is also attracting sizeable investments for early stage companies as well as mature ones. The commercial opportunity for these disruptions to help governments and healthcare providers deal with the challenges of aging populations who live with chronic diseases, is sizeable.
Another key issue is the regulation’s focus on data privacy and security. In Europe, GDPR will come into effect in May 2018 and puts great pressure on companies who deal with personal data to design their data systems with privacy and security in mind from the start.
Can you provide an update on Cloudtag’s strategy currently?
We have aligned our strategy to respond to the changes in the market and were one of the first companies to focus on B2B – (particularly our Healthcare and Insurance propositions). Cloudtag’s latest strides in the clinical space, as well as ongoing discussion with leading global partners are intended to position us as a leading player in the preventive digital healthcare market and bridge a gap between traditional healthcare model and modern health needs that exists today and which leads to enormous financial pressure on governments and service providers alike. We are still very focused on weight management because we see obesity as one of the key treatable risk factors for so many of today’s life threatening medical conditions.
We have always focused on data quality and accurate sensors to deliver scientifically meaningful impact. Our early clinical studies have already shown weight-loss results and more importantly, change of behaviours and habits that are key for any long term, sustainable, weight-loss programme. We feel confident that these put us at the forefront of the current push for B2B wearable solutions for the Healthcare and Insurance sectors.
What does this mean for the B2C strategy?
Cloudtag has focused its B2C campaign to deliver a product through specific focused channels, including direct online sales. This would allow us to understand better our customers’ usage patterns, behaviours. It would also provide us with anonymous data that we could use to improve our algorithms, using machine learning and artificial intelligence methods.
What is the status of the Technical Pilot?
Cloudtag is pleased to confirm that the technical pilot with a multinational medical device and pharmaceutical manufacturing company commenced in September. Further updates on the status and outcome of this programme will be made available to shareholders via Cloudtag.com.
Further shareholder updates
The company will continue to update shareholders via Q&As like this one with Amit Ben-Haim, as well as news flow on the latest developments through the “News” section of the website.