Founded in 2010, Swipesense is off to a good start. They’ve won awards and generated a lot of positive buzz at local business plan competitions and from media coverage including the Tribune, Crain’s, and TechCrunch. More importantly, they are backed by the incubator, Healthbox, which is run by veteran C-Level executives with extensive experience and connections in the healthcare industry. Startups that are backed by an incubator, or accelerator, have greater odds of success.
The CDC has estimated that 1.7MM hospital-related infections cause close to 100K deaths and cost between 4 and 11 billion dollars to treat annually. The majority of these infections are caused by clinicians who don’t follow proper hygiene techniques.
Key facts & information:
- Swipesense has created a portable hand-sanitizing dispenser with a compliance-tracking feature that hospital employees wear on their belts. The convenient and time-saving product removes deadly germs from the hands of doctors and nurses, reducing infections and providing health care officials with critical data to monitor hand-washing in hospitals. Hospital-acquired infections are the 4th leading cause of death in the U.S.
- The prototype is complete after 32 iterations over the last 2 years and protected by a patent.
- The company charges a one-time fee of $20 for the hand-washing device and generates recurring revenue via cartridge refills of hand lotion after every shift. The average cost of goods sold is $1.50 per unit.
- The management team is comprised of 2 Northwestern graduates–founders CEO Mert Iseri and CTO Yuri Malina. They are coached by senior-level executives at the incubator Healthbox.
- The company is in beta-test mode and about to launch pilot programs at 5 major medical centers in Chicago to gain proof-of-concept. They will be working closely with doctors and nurses to test and improve their product.
- If the 5 pilot programs are successful, the company will be in position to acquire prospective customers such as Northwestern Memorial and Rush Hospital.
- Swipesense created the product with support from Design for America at Northwestern University. The incubator Healthbox provides capital, mentorship, office space, and introductions to investors. They were 1 of 10 companies selected out of more than 200 applicants.
- The company received 50K from Healthbox and 3K as the winner of the White Board Challenge. They are seeking to raise 1 million. ❒