2021
Next level efficiency and safety of health neuromodulation, with impressive
CO2-reduction ability.
Tesla Medical (Exited)
Neurohacking through brain neuromodulation allowing non-invasive treatment of overactive bladder and other chronic disabilities.
Milestones
Founded 2014
Acquired 6/2021
Exit 12/2022
Team
Lukáš Doskočil
Roman Dvořák
Lukáš Peter
Jaroslava Glaserová
Michal Stránský
Partners
Venture Capital Partners
Purple Ventures
Xenocles
Soulmates CEE Fund (Exit)
The solution
Tesla Medical’s mission is to bring relief to patients, making their lives better, while also reducing the burden on the environment with patented and CE marked platform technology. This kind of technology enables safe and effective electroceutical treatment which is non-invasive and can be used at home.
The startup’s vision is to replace pharmaceuticals with electroceuticals. Electroceuticals are a new class of therapeutic modalities that work by targeting the neural circuits of organs using electrical stimulation.
The main focus of the startup right now is the challenges faced by people with an overactive bladder. It is a condition that causes a frequent urge to urinate to a degree that negatively impacts daily life; many episodes are associated with urine leakage (incontinence).
In Europe, approximately 47 million people are dealing with overactive bladders. In the U.S. the number of people is approximately 40 million. The estimated total U.S. cost of OAB in 2020 is $82.6 billion and 70% of patients who underwent pharmacotherapy stopped their medication.
The uniqueness
Tesla Medical is developing a comprehensive, platform technology enabling safe and effective home-based AI electroceutical treatment. As a result, the startup innovated a unique technology called URIS® which is the first clinically proven, non-invasive electroceutical device with a biofeedback closed-loop system, and is best in class in effectiveness.
The platform provides optimizations of treatment parameters for personalized therapy to achieve the best effect for each patient.
The device goes beyond overactive bladders and can be also used in treating other indicators such as: infertility, migraine and cluster headache, erectile dysfunction and premature ejaculation.
Mainly, the solution is: safe, effective, non-invasive, painless, home-based and easy-to-use, and has the potential to increase the quality of life for many. It is actually more effective than pharmaceutical treatment which was the most effective until electroceuticals came into the game.
The challenge
Approximately 16% of the population in the Czech Republic, which is approximately 1,6 million people, is affected by an overactive bladder. Tesla Medical is aiming to offer them a highly-effective, non-invasive solution that can be used also at home to live a better and higher quality of life.
The profit
Soulmates Ventures, together with Purple Ventures Fund, joined earlier investors Venture Capital Partners and Xenocles Group, to bring the total investment (since the startup’s inception) to more than 100 million crowns.
As a result, the company is considering a listing on the American NASDAQ exchange and wants to be the next Czech unicorn or startup with a valuation of one billion dollars.
The solution to problems using this advanced method will also be available to patients in the United States, which is very important for a possible listing on the NASDAQ, the second-largest stock exchange in the world and a key market for medical startups.
“In addition to the use of the method in the Czech Republic and Europe, it is also essential to apply it in the United States, which is a key market due to its size and openness to new treatment methods,” Hynek Sochor, the founder of Soulmates Ventures, adds.
A U.S. listing could also be a gateway for Tesla Medical to target an even larger number of investors. “Healthcare is a priority for all developed countries. Given the method’s track record and the size of the target market, it is not unrealistic that we are at the birth of another Czech unicorn,” Sochor boldly judges.
The bold forecast is also supported by the fact that the normal valuation of competing companies when they go public on Nasdaq, is around $400 million. For example, the valuation of competitor Axonics Inc, which entered the index in 2018 in comparable shape to Tesla Medical today, is now above $3 billion.
The purpose
Tesla Medical found a way to help many people to live better lives by innovating a device that helps people to deal with overactive bladder problems through non-invasive, painless and highly effective treatment based on electroceuticals.
This means that the patients will get more effective and less painful treatment, at a smaller cost, plus this treatment has an impressively positive effect on the environment. With every incontinent patient treated by Tesla Medical’s technology, they reduce the emission of CO2 by 5 tons per year for 1 patient. This is a similar reduction of CO2 as is provided by an average residential photovoltaic system.
The device is designed to be easy-to-use which means that patients can do it in the comfort of their homes, whenever suits them best. This means that there is also a certain reduction of greenhouse gases caused by not transporting the patients to clinics and hospitals.
Sustainability
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Step 1
Sustainable Development Goals
The Sustainable Development Goals (SDGs) were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity.
- a) Connected with product
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SDG 3
Good Health and Well-being
Ensure healthy lives and promote well-being for all at all ages.
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SDG 6
Clean Water and Sanitation
Ensure availability and sustainable management of water and sanitation for all.
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SDG 8
Decent Work and Economic Growth
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
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SDG 9
Industry, Innovation and Infrastructure
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.
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SDG 11
Sustainable Cities and Communities
Make cities and human settlements inclusive, safe, resilient and sustainable.
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SDG 12
Responsible Consumption and Production
Ensure sustainable consumption and production patterns.
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SDG 14
Life Below Water
Conserve and sustainably use the oceans, seas and marine resources for sustainable development.