FIGUR8
- Industry
- Health Care
- Founded Year
- 2016
- Headquarters
- Boston, Massachusetts, United States
- Employee Count
- 0
Key People
- Nan-Wei Gong - Founder and Chief Executive Officer
- Jennifer Ryon - Executive Vice President of Commercial Operations
- Scott Sexton - President and Chief Business Officer
- Justinas Gasparoviius - Hardware Engineer
Assessment
- Team
-
Aspect: 1 successful MedTech entrepreneur
Summary: The leadership team includes experienced professionals with backgrounds in technology and business development.
Nan-Wei Gong, the founder and CEO, has a strong background in engineering and entrepreneurship, having previously founded Circular2. The executive team comprises individuals with significant experience in commercial operations and business strategy, positioning FIGUR8 well for growth and innovation.
- Clinical Need
-
Aspect: Very Strong
Summary: The demand for advanced musculoskeletal health assessments is high, driven by increasing prevalence of related disorders.
Musculoskeletal disorders are a leading cause of disability worldwide. FIGUR8's technology offers precise, objective data for diagnosis and treatment, meeting a significant clinical need for improved patient outcomes.
- Competition
-
Aspect: Somewhat crowded
Summary: The market has several players offering digital musculoskeletal care solutions.
Competitors like Hinge Health, Sword Health, and Kaia Health provide similar services. FIGUR8's unique sensor technology and AI integration may offer a competitive edge, but market saturation poses challenges.
- Technical Challenge
-
Aspect: Predictable
Summary: The technology involves complex integration of hardware and software but is within manageable scope.
Developing wearable sensors and AI-driven analytics requires sophisticated engineering. FIGUR8's team has demonstrated capability in this area, suggesting a high likelihood of overcoming technical hurdles.
- Patent
-
Aspect: Strong
Summary: FIGUR8 holds patents related to body motion analysis with wearable sensors.
Patents such as US-10758160-B2 for body part motion analysis with wearable sensors indicate a solid intellectual property foundation, enhancing FIGUR8's market position.
- Financing
-
Aspect: Well-funded
Summary: Secured $25 million in Series A-1 funding in August 2023.
The recent funding round led by First Spark Ventures, with participation from DigiTx Partners and Phoenix Venture Partners, provides the financial resources necessary for scaling operations and advancing technology.
- Regulatory
-
Aspect: 510k/PMA
Summary: The product likely requires FDA clearance, which is a standard process for medical devices.
As a medical device, FIGUR8's technology will need to comply with FDA regulations, including obtaining 510(k) clearance or Premarket Approval (PMA). This process can be time-consuming but is a necessary step for commercialization.
Opportunity Rollup
- Odds of Success
- 3.5
- Peak Market Share
- 4.6
- Segment CAGR
- 17.7%
- Market Segment
- Digital Health for Musculoskeletal Care
- Market Sub Segment
- Wearable Devices and Software & Services
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.23 |
| 2 | 0.69 |
| 3 | 1.61 |
| 4 | 3.22 |
| 5 | 4.60 |
Key Takeaway
FIGUR8 is well-positioned in the growing digital musculoskeletal care market, leveraging innovative technology and strong leadership to address a significant clinical need.