Imagine or remember a time when you were a patient in a hospital. Now, imagine that a Travelmate robot follows you and carries the medical equipment that you need around for you. This robot monitors your health and vital signs and gives these diagnostics to your doctor instantaneously. This is another application that we have been working on for our robots. It is a robot assistant based on the technology of our Travelmate Robots.
There is a lot of potential to expand on the existing technology of our Travelmate Robots, especially in the medical field. That is exactly what we are doing. Travelmate Robots can be modified in the future to carry medical equipment and provide 24 hour nurse assistant features. This means that the patient can be monitored 24/7 and it improves patient care quality. We utilize the same technology that we use for our robotic suitcases, so that we do not need to spend on development costs. However, since we are not limited in size or weight in medical settings, we can modify the robots to fit and carry medical equipment.
Hospitals and doctors around the world are interested in this type of product, because it improves patient care quality and provides more information about the patient on a constant basis. And since the robot utilizes existing medical equipment that attaches to the robot, we do not need to go through regulatory hurdles with insurance, as this equipment is already covered. It provides an important new service in the form of a 24 hour robot nurse and diagnostic monitoring assistant. We believe that this is a multi billion dollar industry.
With the current medical monitoring equipment that's used in places like the ER, portability hasn't really been a consideration for manufacturers of this equipment. As a result, in many cases, this equipment is needlessly bulky. We've started to work with manufacturers of this equipment to optimize it for our robots.
The important thing is that the patient does not always bear the cost of this robot. Government insurance, private insurance and hospitals will all be interested in this type of product, which will make it all the more utilized in medical settings.
Doctors can provide these robots to take home, so that they continue to monitor the vitals of the patient and alert the patient's doctor immediately in case of an emergency. The robot will be able to instantaneously provide information to the doctor at all times, so that said doctor can check up on you at any time, without the need to schedule in-person. The software for this type of use case will be developed by our company. We are working with manufacturers of medical equipment to implement our software in their products.
This is a single add on that will provide massive additional value to our company. Each additional feature provides additional uses for our robots and expands our market. Just like with Apple, we will have a software and hardware app store, so that we cater to the needs of people adopting robots into their everyday lifestyle. This, in addition to the other products and add ons that we've talked about in previous updates, shows how we are invested in creating and expanding upon the consumer robotics industry.
This is also why we are not raising any more than 1,070,000 dollars at our current valuation. This is the maximum amount that we need to expand our manufacturing and after that point, the existing demand for our products means that we won't need additional investment in the near term. I believe that after our manufacturing is scaled up to at least 5k per month, the valuation for our company will be significantly higher as we will be able to take larger orders. Obviously, this is a very good thing for anyone who's invested or wants to invest on wefunder.
If you've read our last updates, then you know that we like to plan ahead and make sure that we have a solid long term business strategy. This includes expanding our product line, collaborating on film projects, licensing our technology, expanding our product features and more.
Thank you to everyone who has invested so far – you are our partners and we are ecstatic that you see the value in our company!
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