Q3 Featured Founder | Evolution Devices

The 3rd of the Top 10 New Majority founders currently fundraising from YOU this quarter

Hello New Majority Investor Circle!

Are you captivated by the potential of cutting-edge technology that's revolutionizing biomechanics and reshaping the landscape of mobility? 🌟🚶‍♂️🌟 Keep reading to find out more about Evolution Devices!

Evolution Devices

First, some context:

• 🌟30 million Americans grapple with mobility impairments, and Evolution Devices firmly believes that the freedom of movement is a fundamental right. 

• 🤖 Here's the exciting part: technology, powered by A.I., is being used to enhance mobility and gather invaluable data.

• 💡Evolution Device’s mission is to craft accessible and innovative technology that not only assists but elevates human movement. 

• 🚶‍♀️Evolution Devices is focused on empowering the 5 million individuals with neurological walking impairments. As they move forward, the goal is to extend their reach to enhance mobility for the aging population and those living with osteoarthritis.

• Evolution Devices has mobility solutions rolling out in two phases:

  • Phase 1: EVOWALK is a patented digital therapy solution tailor-made for walking impairments. By gathering walking data and providing targeted electrotherapy, EVOWALK helps prevent falls and strengthens muscles. With the help of AI, EVOWALK creates personalized goals and care plans, making every step toward mobility deliberate and empowering.

  • Phase 2: EVOVISION is a revolutionary system that captures precise biomechanics data. This data will fuel care plans and enrich Evolution Devices proprietary database, propelling them to the forefront of mobility technology. 

This company is for you if:

• 💡 You're an enthusiast for technological innovation, always on the lookout for cutting-edge breakthroughs. 

• 🌍 You believe in harnessing the power of A.I. for positive social impact.

Tell me more

Evolution Devices is not just transforming mobility; it is transforming lives. Through their digital health platform, they’re restoring and prolonging mobility for people with mobility impairments.🌞

The details

• Industry: Healthtech & AI

• Impact: SDG 3: Good Health and Well Being and SDG 10: Reduced Inequalities, and empowering women-led businesses.

• Team Diversity: Female and LatinX founders

• HQ:  Oakland, CA

• Company size: 7

• Year founded: 2017

• Key investors: 💰Evolution Devices has raised over $2.5M in funding to date:

  • with notable investments from the Alchemist Accelerator Program and Bill Cohen, founder of Edge Systems, known for their HydraFacial skin rejuvenation devices, with a successful exit in 2016.

  • and grant funding from influential institutions including the National Science Foundation (super competitive!), Toyota Mobility Foundation, Bristol Myers Squibb, and the National Institute of Health 💰💰

• Investment type: Crowd SAFE*

  • The Valuation Cap is $18,000,000

  • *A Crowd SAFE allows an investor to make a cash investment in a company, with rights to receive certain company stock at a later date, in connection with a specific event (generally a financing event).

  • If Evolution Devices converts the Securities upon the first Equity Financing event, the investor will receive the number of securities (shares) = Your Investment / the valuation cap ($18,000,000).

• Deadline: 9/6/2023 (only 19 days away!!)

• Early traction:

  • 🌊 Evolution Devices is making waves, obtaining positive press from news outlets including The Daily Californian, KTVU Fox 2 and Forbes

  • 1000+ patients on waitlist

  • 10 rehab clinics onboarded

Founding team

• Pierluigi Mantovani, co-founder and CEO, brings neuroscience expertise with a BA in Cognitive Science from UC Berkeley

• Juan M. Rodriguez, co-founder and CTO, has an electrical engineering background from UC Berkeley

• Lili Karashchuk, co-founder and CSO, pioneers machine learning and computer vision development, backed by a Ph.D. in Neuroscience from the University of Washington.

Due diligence

Pros:

• 📈 An enormous market opportunity, with initial market of $6B based on the 5M people living with neurological walking impairment and 35% of target market share. Larger market of $45B when expanded to lower-limb mobility.

• ⚙️ Cutting-edge technology, patents, and proprietary data form a strong barrier against competitors, ensuring sustainable competitive advantage. 

• 💰 EVOWALK has an impressive profit margin of 93%.

• 🎯 Strategic milestones are set to foster growth and innovation and leverage significant NSF non-dilutive funding.

Potential risks:

• 🔬 Navigating the complex regulatory landscape and securing FDA Approval is a significant and generally expensive challenge. 

• 🤝 Gaining widespread acceptance within the medical and physical therapy community is pivotal for the growth of Evolution Devices.

• 💰 B2B2C model selling to rehab and therapy clinics and then to patients following rehab. Diversifies their revenue stream, but both revenue streams depend largely on the clinics onboarding and adopting the devices.

Competitors

• Bioventus: a global leader of innovations for active healing and surgical orthobiologics, focused on providing cost-effective solutions for patients, physicians and payers.

• Hanger Clinic: provides prosthetic and orthotic care services and products that enhance human physical wellbeing. 

Why Evolution Devices: Investing in Evolution Devices is a unique opportunity to diversify your portfolio while supporting a transformative force in mobility and technology. Evolution Devices has achieved remarkable growth over the last three years, and is positioned to scale quickly following FDA approval with NSF Phase II and a long patient waitlist. Initial focus is on helping patients with foot drop and then expanding to the full lower body. The B2B2C model diversifies revenue streams while building a sticky customer base. 🚶‍♂️🌟🚶‍♂️

Convinced? Invest today in Evolution Devices.