Biotech company CardieX (ASX: CDX) has expanded on an existing partnership with Chinese tech giant Mobvoi, which is backed by Google, for the launch of a new health-focused smartwatch which will incorporate CardieX’s software and artificial intelligence.
The smartwatch will be developed in collaboration with Mobvoi to supply hardware and firmware with CardieX to then integrate its algorithms and proprietary Arty health analytics.
The watch itself will bring a strong focus towards its user’s health with functionality to include heart stress, arterial age, exercise capacity and Arty score, all of which are powered by CardieX’s PPG-based sensor technology.
“I’m excited to be moving into commercial production of our first wearable device partnership with one of the global leaders in smartwatches and consumer AI technology,” said CardieX CEO, Craig Cooper.
“This is the first of many wearable integrations planned for our Arty™ health analytics platform which represents some of the most advanced cardiovascular and consumer wearable applications available on the market today.
“The new smartwatch will feature a revolutionary new sensor-based data extraction method based on our recently announced patent application for wearable sensor technology.”
Under terms of the commercial agreement, Mobvoi will drive marketing in North America whilst CardieX will focus on Australia and New Zealand. Beyond the initial purchase price of the Mobvoi smartwatch, it will be marketed with a Health360 premium subscription service which is managed by CardieX. On purchase, customers will have a 3-month free trial included before being offered a monthly subscription where fees would be split 60% to CardieX and 40% to Mobvoi.
The development of the Mobvoi smartwatch positions CardieX well towards the launch of their own wearable device which the Company is planning for 2021.
Through FY20, CardieX reported a 10% increase in revenues to $4.29m with a net loss of $3.3m attributed to research and development expenses.
CDX shares responded very well to news of the partnership expansion with Mobvoi, opening at $0.061, a rise of 24.4% on their previous $0.049 close.
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