Image Sourced ShutterStock
The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • MyFiziq and Boditrax have signed a binding term sheet which will see MyFiziq’s technology be introduced onto Boditrax’s platform
  • The technology will allow users to track their body dimensions easily from home
  • Boditrax hopes this will grow their 6 million plus customer base to 10 million

MyFiziq has started the day 21.9 per cent higher after it announced the signing of a binding term sheet with Boditrax Limited. This term sheet will see MyFiziq’s technology be introduced into the Boditrax platform and the introduction of their new consumer facing mobile app.

The platform will allow users to track changes in their body dimensions in the privacy of their own home. MyFiziq’s technology and Boditrax’s on-site scans will deliver a comprehensive portfolio of personal health information.

MyFiziq uses pictures from your phone to create a 3D representation with accurate measurements. It then uses computer vision, machine learning and patented algorithms to process the images and provide more detailed and accurate information than simply measuring weight.

Both companies will enter into a definite agreement within 60 days of the binding short term agreement. However, this time frame can be extended if both parties agree.

The plan of the agreement is to integrate MyFiziq’s technology into the Boditrax app with the first release expected in Q4 2019. The launch will be accompanied by a campaign informing the over 6 million Boditrax users to achieve an initial target of 600,000 downloads in the first 12 months.

UK company Boditrax creates digital solutions for health, wellness and fitness sectors both nationally and internationally. Its solutions give medical staff a completed understanding of each patient’s body composition, mental health and overall progress.

Its technology is known for its accuracy and is used by multiple leading British hospitals, sports teams and universities. It also has well-known clients such as Kellogg’s, Cadbury, Rolls-Royce and BBC.

It is currently focused on expanding its client base to 10 million active users over the next 12 months and will receive US$2.50 per user, per month from Boditrax based on the 12-month subscription.

Co-Founder of Boditrax Nicholas Stillman believes that this partnership will get them to its target of 10 million users.

“We are certain this is going to be a fantastic development for our millions of users worldwide. With our company going into an aggressive growth phase, we see a very clear road map with our current pipeline to achieving our goal of 10 million users in the next 12 months,” he said.

MYQ by the numbers
More From The Market Herald

Botanix Pharmaceuticals successfully closes $13.5m Placement to boost US commercial activities

Botanix Pharmaceuticals (ASX: BOT) has closed its $13.5 million placement to both new and existing institutional…

Pharmaust completes Phase One Monepantel study and files for Orphan Drug Designation

Pharmaust (ASX:PAA) has announced that all patients have completed its phase one MEND study using monepantel…

Little Green Pharma’s strong half-year performance signals robust Cannabis growth in Europe and Australia

Little Green Pharma (ASX:LGP) released its half-yearly financial report, showing revenue from ordinary cannabis sales is…

4DMedical inks MOU with Philips to expand XV Technology sales in North America

4DMedical (ASX:4DX) has signed a MOU with Philips to expand sales opportunities for its XV Technology…