12 years ago, when Ziv Peremen transitioned from a PhD in neurocognitive science to a self-described applicative side of the field, he didn’t think he was going to become a co-founder of a medtech startup that would eventually raise $4.5 million in seed funding.
That company, X-trodes, was started by Ziv and Yael Hanin, a professor at Tel Aviv University with an impressive background as a human-machine interface expert, and inventor of the innovative sensor technology that X-trodes is built on.
X-trodes manufactures Smart Skin, unique medical-grade wearable sensors that monitor sleep. X-trodes also manufactures multi-electrode patches that measure real-time muscle patterns and fatigue.
In this Medsider conversation, learn how X-trodes discovered a creative way to introduce their technology to the market before regulatory approval and how this strategy has opened numerous doors for the company, including partnerships with well-known players.
Key Learnings from Ziv’s Experience
- When developing your technology, think about creative ways to potentially commercialize in advance of regulatory approval. For X-trodes, that meant selling their product as part of a research kit, which has led to critical learnings for the company.
- Focus on building a solid company infrastructure from the start. Don’t skimp during this period as it’s critical for discovering the kinks in your technology, receiving key feedback from end users, and partnering with impactful players.
- Avoid manufacturing custom products that are not critical to your core technology stack. Invest more resources in finding off-the-shelf solutions rather than depleting your budget trying to recreate the wheel.
After completing his PhD in neurocognitive science with a specializaton in understanding consciousness, Ziv Peremen has spent the past 12 years focused on the intersection of data and physiology. Together with Professor Yael Hanein, an expert in the field of human-machine interface learning and inventor of innovative sensor technology, they founded X-trodes.
How is Smart Skin Different FromOther Wearable Devices?
It goes without saying that consumer wearable technology like Oura rings and Whoop smart bands offer a compelling user experience, but the data collected by these products is not designed for medical use, which can limit its utility.
Smart Skin, which is manufactured by X-trodes, is engineered with clinical-grade technology meant for sophisticated sleep monitoring as well as the collection of a vast amount of data for other medical uses.
Be Open to Discovering More than One Way to Commercialize Your Product
Early on, Ziv and his team had a choice between manufacturing a device for consumers or medical providers and settled on the latter. But as Yael, his co-founder, was presenting the technology at conferences, based on feedback from peers, they discovered a demand from researchers to access the technology.
Based on this demand, X-trodes partnered with Emotiv, a well-known bioninformatics company, to distribute commercial research kits for electroencephalography (EEG) applications.
Through this collaboration, customers have access to the X-trodes sensors and can use Emotiv’s data platform for neuroscience research to process their user-generated data.
These research kits don’t represent the primary business model for X-trodes, but the company seized the opportunity to commercialize before regulatory approval, which allowed them to introduce their product to the market, gain critical insights, and establish key partnerships.
Avoid Manufacturing Custom Components that are Not Part of Your Core Technology
The sensors that attach to the skin are the core component of the X-trodes technology and are manufactured by their company. Early in their journey, the R&D team couldn’t find the electronic components necessary to work with their sensors.
After sampling various off-the-shelf parts, Ziv and his team decided to develop their own custom electronics. The end result ended up working out very well.
But in hindsight, Ziv encourages other founders to strongly consider the ramifications before going down the custom manufacturing path.
Ziv stated, “We started to recruit more and more experienced technicians and increased our R&D…budget in order to afford this solution. In the end, it took us a year and a half and several millions in order to get the result that we have today. [Looking back]I would [have]invested more resources to find something off the shelf.”
Design the Optimal Fundraising Environment for Your Startup
X-trodes has successfully raised two rounds of capital, one of which was $4.5 million dollars. Ziv credits this to opportune timing by creating the right environment for fundraising.
Rather than waiting for the perfect opportunity to fundraise, a startup founder or CEO should be building the right thought leadership processes from the start. This includes strategic PR, speaking at conferences, consistent communications with your network, etc. all in an effort to create a conducive fundraising environment to attract the right type of investors.
12 years ago, when Ziv Peremen transitioned from a PhD in neurocognitive science to a self-described applicative side of the field, he didn’t think he was going to become a co-founder of a medtech startup that would eventually raise $4.5 million in seed funding.
That company, X-trodes, was started by Ziv and Yael Hanin, a professor at Tel Aviv University with an impressive background as a human-machine interface expert, and inventor of the innovative sensor technology that X-trodes is built on.
X-trodes manufactures Smart Skin, unique medical-grade wearable sensors that monitor sleep. X-trodes also manufactures multi-electrode patches that measure real-time muscle patterns and fatigue.
In this Medsider conversation, learn how X-trodes discovered a creative way to introduce their technology to the market before regulatory approval and how this strategy has opened numerous doors for the company, including partnerships with well-known players.
Key Learnings from Ziv’s Experience
- When developing your technology, think about creative ways to potentially commercialize in advance of regulatory approval. For X-trodes, that meant selling their product as part of a research kit, which has led to critical learnings for the company.
- Focus on building a solid company infrastructure from the start. Don’t skimp during this period as it’s critical for discovering the kinks in your technology, receiving key feedback from end users, and partnering with impactful players.
- Avoid manufacturing custom products that are not critical to your core technology stack. Invest more resources in finding off-the-shelf solutions rather than depleting your budget trying to recreate the wheel.
After completing his PhD in neurocognitive science with a specializaton in understanding consciousness, Ziv Peremen has spent the past 12 years focused on the intersection of data and physiology. Together with Professor Yael Hanein, an expert in the field of human-machine interface learning and inventor of innovative sensor technology, they founded X-trodes.
How is Smart Skin Different FromOther Wearable Devices?
It goes without saying that consumer wearable technology like Oura rings and Whoop smart bands offer a compelling user experience, but the data collected by these products is not designed for medical use, which can limit its utility.
Smart Skin, which is manufactured by X-trodes, is engineered with clinical-grade technology meant for sophisticated sleep monitoring as well as the collection of a vast amount of data for other medical uses.
Be Open to Discovering More than One Way to Commercialize Your Product
Early on, Ziv and his team had a choice between manufacturing a device for consumers or medical providers and settled on the latter. But as Yael, his co-founder, was presenting the technology at conferences, based on feedback from peers, they discovered a demand from researchers to access the technology.
Based on this demand, X-trodes partnered with Emotiv, a well-known bioninformatics company, to distribute commercial research kits for electroencephalography (EEG) applications.
Through this collaboration, customers have access to the X-trodes sensors and can use Emotiv’s data platform for neuroscience research to process their user-generated data.
These research kits don’t represent the primary business model for X-trodes, but the company seized the opportunity to commercialize before regulatory approval, which allowed them to introduce their product to the market, gain critical insights, and establish key partnerships.
Avoid Manufacturing Custom Components that are Not Part of Your Core Technology
The sensors that attach to the skin are the core component of the X-trodes technology and are manufactured by their company. Early in their journey, the R&D team couldn’t find the electronic components necessary to work with their sensors.
After sampling various off-the-shelf parts, Ziv and his team decided to develop their own custom electronics. The end result ended up working out very well.
But in hindsight, Ziv encourages other founders to strongly consider the ramifications before going down the custom manufacturing path.
Ziv stated, “We started to recruit more and more experienced technicians and increased our R&D…budget in order to afford this solution. In the end, it took us a year and a half and several millions in order to get the result that we have today. [Looking back]I would [have]invested more resources to find something off the shelf.”
Design the Optimal Fundraising Environment for Your Startup
X-trodes has successfully raised two rounds of capital, one of which was $4.5 million dollars. Ziv credits this to opportune timing by creating the right environment for fundraising.
Rather than waiting for the perfect opportunity to fundraise, a startup founder or CEO should be building the right thought leadership processes from the start. This includes strategic PR, speaking at conferences, consistent communications with your network, etc. all in an effort to create a conducive fundraising environment to attract the right type of investors.
