|1||Pilots already running with Valleywise and one of the largest providers in CA serving ~2M patients.|
|2||$84B opportunity around remote patient monitoring, patient engagement & clinical decision support.|
|3||Advancing access to high-quality healthcare for all, starting with needs of immigrant populations.|
|4||CEO motivated after avoidable death of a young relative. Team expertise in healthcare CS and software engineering.|
|5||We save hospitals ~$5M/yr avoiding malpractice & increase revenue by improving customer satisfaction.|
The disadvantaged and low-literate patient populations in America face the greatest inequalities in our healthcare system. Often uninsured, left behind, and struggling to communicate with doctors, socioeconomic disparities are further exacerbated for these communities as healthcare costs accumulate. Aziza, the CEO & founder of LiteraSeed, has first-hand experience with these issues and a bleeding-heart desire to find a solution. After a year embedded with doctors, she discovered and is implementing an amazingly simple solution to reduce tragic and preventable deaths by improving communication between doctors and patients. With no funding, sheer willpower, impassioned determination, and her own scrappiness, LiteraSeed has initiated pilots with two large healthcare providers serving 2M patients. LiteraSeed’s product is applicable to all patient populations, regardless of a patient’s literacy level, and is capable of drastically reducing healthcare costs. We believe Aziza will succeed where others have failed and wholeheartedly support her efforts.
In early 2016, Aziza's 10 year-old relative lost her life while waiting to be seen by a doctor in the Emergency Department. Her condition was treatable and her death preventable. Proper communication could have saved her life.
Patients have the most context of their symptoms, but lack the medical knowledge to communicate and request the right service. Medical providers are limited to a brief snapshot of the symptoms based on a short remote observation and whatever the patient describes. LiteraSeed is bridging this gap.
We built LiteraSeed to be accessible and easy-to-use, and we aim to improve trust between patients and doctors. It improves the level of understanding using images and simple language, making it easier for patients to convey what’s wrong with them, which results in immediate and accurate care from doctors.
Our product is meant to be simple and visual. We built an intuitive interface that helps our users communicate how they feel accurately and quickly. No one should be denied high-quality healthcare because of literacy barriers.
The market size of remote patient monitoring and patient engagement is $30B in 2020 and is expected to grow to $84B by 2028. With annual subscriptions, we save hospitals ~$5M/yr avoiding malpractice & increase revenue by improving customer satisfaction.
We started a pilot with Valleywise in July 2020 that covers over 400k patients across 17 facilities. Just days ago we confirmed another pilot with one of the largest healthcare providers in California, letting us reach ~2M more patients. We can't disclose the name yet.
LiteraSeed's founding team is the perfect combination of a clinician, a researcher, and a software engineer, bringing expertise in AI, product development, commercialization, and healthcare. It's advisors include a Clinical Professor at UCSF (University of California, San Francisco), a clinician in Valleywise, and a partnership with Virginia Tech.
We anticipate roll-out of our platform to all patient populations, not only low English proficiency/low-literate communities, in our partner healthcare systems. We will launch to the ~2M patients across the two health systems and continue to expand to other hospitals.
Nobody should suffer harm nor be denied high-quality healthcare because of a communication barrier. We are committed to a world where anyone regardless of communication ability or language spoken can get the critical care that they need.
We aim to save 4,000 lives/year by reducing preventable deaths.
LiteraSeed has financial statements ending December 31 2019. Our cash in hand is $136.86, as of July 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
We are building a better user experience for patients to explain what’s wrong with them. People use words like “dizzy”, but that can have a number of different medical meanings. Confusion like this can be the difference of receiving life-saving care. We’re building a user interface that uses images, graphics and simple language to bridge that communication gap.
Year 1 we’ll work with pilot client clinics to gather initial data, and then convert them into paying customers. Contracts will stipulate that if we reduce medical errors in our sample population by 10% it will automatically convert to a contract of $0.50/ patient. By year 5, we expect to be a major competitor serving over 10M patients in the global patient engagement and remote patient monitoring markets expected to be worth a combined total of $84B by 2028.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
LiteraSeed, LLC was incorporated in the State of Arizona in November 2013.
Since then, we have:
Historical Results of Operations
Liquidity & Capital Resources
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 12 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 12 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
LiteraSeed, LLC cash in hand is $136.86, as of July 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/month, for an average burn rate of $0 per month. Our intent is to be profitable in 24 months.
Six months following the raise we expect our monthly revenues to be roughly $15,000-$20,000.
We do not currently have any other sources of capital to rely on. We are submitting for a National Science Foundation grant in July 2020; otherwise bootstrapping and strategic partnerships.
As an early, bootstrapped company, LiteraSeed's only team member who full time is Aziza Ismail, the company's sole founder. Other members of the team are full time employed with other companies, and are dedicating part time to the company.
The company is not currently generating revenue, although it is in the process of piloting and doing early research and development with two health systems in the state of Arizona and California.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
Data privacy is a risk as with any digital health platform that gathers patient data. LiteraSeed has already implemented HIPAA technical safeguards and has BAAs signed with partners that are fully HIPAA compliant.
Selling to hospitals can have sales cycles that can take between 9-18 months. The company is in the process of beginning pilots with two health systems and will be targeting speciality outpatient clinics with discretionary budgets in the near term.
Business model is based on (informed) assumptions and will require multiple stakeholder alignment.
To reduce legal and regulatory risks the product does not claim to make a diagnosis, contains disclaimers, will have a low threshold for detecting potentially high-risk cases, and will purchase insurance.
Temporary Rule 201(z)(2) provides temporary relief from certain financial information requirements by allowing issuers to omit the financial statements required by Rule 201(t) in the initial Form C filed with the Commission. This offering has commenced in reliance of Temporary Rule 201(z)(2).
Already have a Wefunder account? Login
Don't have a Wefunder account? Signup