CardieX Limited has announced that its CONNEQT, Inc subsidiary has entered into a Collaboration Agreement (the Agreement) with LifeQ, a world leading provider of biometrics and health information metrics from wearable devices.
The Agreement with LifeQ provides for both companies to leverage their joint IP to be incorporated into a wearable device that delivers a unique combination of clinical and lifestyle health metrics, insights and solutions for consumer, healthcare, and enterprise customers.
What is CONNEQT™ all about?
CONNEQT™ is a new consumer health company launched by CardieX in May 2021 to focus on home vital signs monitors, wearables, and consumer health apps.
Under the CONNEQT brand, CardieX is on track to launch multiple new devices and digital products to the market over the next twelve months.
Upcoming products include the CONNEQT “Pulse” a dual blood pressure monitor anticipated to be the first consumer vital signs monitor to include central blood pressure.
SphygmoCor® technology, and the CONNEQT Band will include a full suite of health parameters and an ecosystem of unique health and wellness features focused on heart health.
Collaboration agreement between CONNEQT & LifeQ
CONNEQT will develop and own the CONNEQT Band (CB).
The Company anticipates being the world’s first AI-powered, FDA cleared, clinical grade smart health band featuring dual-PPG sensing – and offering a unique combination of clinical and general health management solutions for both consumers and enterprise customers.
The Agreement allows for both companies to leverage their respective expertise in PPG-based biometrics to enable the CONNEQT Band with continuous monitoring of health parameters as well as spot checking capabilities for medical purposes and actionable health insights.
LifeQ will promote the sales and distribution in select enterprise and business markets.
The CONNEQT Band will feature the PPG-based finger sensor technology and a second PPG sensor on the wrist for continuous monitoring of general health related biometrics.
LifeQ will be responsible for powering the delivery of biometric information obtained by way of the wrist-based PPG sensor. CONNEQT will be responsible for building the CB device, obtaining 510K clearance from US FDA and commercializing and marketing the device.
LifeQ will be responsible for integrating its on-device software for data analytics and synchronisation to CONNEQT and LifeQ cloud-based networking infrastructure.
LifeQ will be paid a consulting service fee to cover their cost of developing the integration, with payments staggered over the course of the development. 75% of the fee is subject to successful completion by LifeQ of its obligations under the Agreement.
Device sales will accrue 100% to CardieX/CONNEQT and revenue share opportunities exist between the Parties for the subscription-based portion of revenues generated from the device from the sale of premium features by way of the CONNEQT App.
Harnessing the CONNEQT & LifeQ collaboration
The collaboration between the Parties builds on the on-device and cloud-based health metrics derived from PPG sensors in wearable devices that LifeQ has developed with other partners such as Samsung, Fossil, Qualcomm, Motorola, Xiaomi, Suunto, Montblanc, and TAG Heuer.
The agreement is intended to create a close working relationship whereby LQ and CDX can work together to innovate and create unique offerings for select, agreed market opportunities.
This agreement is binding and CONNEQT and LifeQ intend to execute a further detailed agreement to elucidate the collaboration terms over the coming thirty days.
Craig Cooper, Group CEO & Managing Director of CardieX and subsidiaries commented, “The significance of this Agreement for our future product development cannot be underestimated.”
“It’s a testament to our technology, team, and vision that LifeQ has agreed to partner with us in the development of what we firmly believe will be a disruptive and innovative new health wearable with the CONNEQT Band.”
“This Agreement goes beyond collaboration and firmly establishes the foundation of a “partnership in innovation” – whereby both parties will be working together to build and innovate solutions for the USD$500B+ health wearable market,” said Cooper.
Laurie Olivier, CEO of LifeQ commented, “The clinical grade heart health features to be generated though the CONNEQT Band PPG-based finger sensor technology combined with LifeQ suite of disease screening and health management solutions will provide a powerful and unique wearable offering with deep clinical insights for consumers and clinicians.”
“We are excited about this collaboration and the opportunities ahead for both companies.”
