Imagine using pictures from your smart phone to create a representation of you in the form of a 3D avatar with accurate circumference measurements.
That technology exists and it was created by SaaS company MyFiziq Limited (ASX: MYQ), which has been making a global impact with its healthcare and weight management app.
MyFiziq has developed this capability by leveraging the power of computer vision, machine learning, and patented algorithms, to process images on secure, enterprise-level infrastructure, delivering an end-to-end experience that is unrivalled in the industry.
Body measurements provide more important information about health, risk and physical change than simply measuring weight.
MyFiziq simplifies the collection of these measurements, conveniently and cost-effectively, whilst removing the margin of human error present in traditional methods
MyFiziq has currently signed over a dozen partnership agreements with major players within its targeted verticals including in the US.
As it expands its US presence, the company is eyeing off a NASDAQ listing to give the Australian-based company further traction in this market.
On 1 June this year, MyFiziq executed a formal funding agreement for US$1.5M with Asia Cornerstone Asset Management (ACAM) by way of convertible note.
The capital raised will assist MyFiziq with its US expansion plans and enable the company to commence the process of seeking a dual listing of its securities on the NASDAQ Capital Market.
Within a fortnight of that announcement, MyFiziq was given access to the first tranche of $220,000.
Today, the company has received the second tranche (of four tranches) payment of US$450,000.
This second tranche payment highlights the company’s extremely positive operational performance over the last three months, and augers well for MyFiziq’s highly promising outlook as it enters fiscal 2021.
In fact, as featured in finfeed.com yesterday there have been numerous strategic developments on many fronts with important collaborative deals struck which will see broader applications of the company’s technologies, together with marketing arrangements which should see the group’s body measurement technology embraced by millions of people.
These operational and financial milestones can be summarised as follows:
Investors taking a shine to MYQ
Investors have understood the significant upside potential as the company enters fiscal 2021 with its shares soaring from approximately 7 cents towards the end of March to close at 30 cents on June 9, a level that they are again pushing up towards despite volatility in broader equity markets.
The interest is backed by the broad demographic the technology attracts.
MyFiziq has applications for government and corporate organisations, as well as uses in the medical field, right through to personal monitoring, particularly in the health and fitness arena.