- Body scanning specialist MyFiziq (MYQ) has signed agreements with Biomorphik to bring forward the release date of an initial integrated product
- The product will integrated MyFiziq's body tracking app with Biomorphik's medical health and wellness platform
- The parties were originally going to launch the product in January 2021, however Biomorphik has seen a surge of interest from Asia
- It is believed the increased interest is a result of a more health-conscious society since COVID-19
- Biomorphik will target a minimum of 100,000 active users within the first 12 months
- In addition, the companies are working on fully integrating the MyFiziq software development kit into Biomorphik's new platform
- MyFiziq is down 6.09 per cent on the market this afternoon and is trading for 92.5 cents
Body scanning specialist MyFiziq (MYQ) has signed definitive agreements with behavioural change and technology company, Biomorphik.
Biomorphik has developed a medical health and wellness platform which aims to close the gap between the medical, and health and wellness industries.
The new product
The new deal will see Biomorphik and MyFiziq work together to build and release an initial product by November 10. The product will integrate MyFiziq's Body Scan OnDemand technology into Biomorphik's medical health and wellness platform.
The integrated product will be suitable for both Apple and Android applications.
Under the agreement, Biomorphik will target a minimum of 100,000 active users within the first 12 months.
Last month, the companies signed a binding term sheet which stated an original release of the product for January 2021.
However, the release date has been accelerated to November of this year on the back of Biomorphik experiencing a surge in business interest from Asia.
The significant interest is believed to stem from COVID-19 as people are more cautious and dedicated to living a healthy lifestyle.
"Biomorphik has had a surge of interest in our product offering from governments and large corporations across Asia as a result of the current pandemic, with people, corporations and governments better understanding the value of a healthy lifestyle and its impacts on individuals, families, business, and economies," Biomorphik CEO Nathaniel Peek said.
MyFiziq CEO Vlado Bosanac says Biomorphik is the company's first partner to take advantage of the newly-developed Body Scan OnDemand.
"Due to the surge in demand, we are now working with Nathaniel and his team to release the initial product to market by 10th November 2020, three months earlier than originally advised to the ASX," he added.
What is Body Scan OnDemand?
Body Scan OnDemand is a new product that uses cross-app linking to allow partner applications to use MyFiziq's scanning technology without having to directly integrate software development kits (SDK) into its own application.
In the first launch, users will be directed to either Apple App Store or Google Play and be prompted to install the MyFiziq OnDemand application.
In addition, the companies are working on fully-integrating MyFiziq's SDKs into Biomorphik's new platform.
"By implementing the MyFiziq OnDemand and full integrations in parallel, MyFiziq is assisting Biomorphik in keeping pace with the surge in demand for our products, whilst at the same time enabling us to develop our complete solution using MyFiziq’s SDK’s that is unique to our brand, user experience and value propositions," Nathaniel told the market.
MyFiziq is down 6.09 per cent on the market this afternoon and is trading for 92.5 cents at 1:06 pm AEST.