Inavya Ventures Ltd
Inavya Ventures Ltd’s intention is to create a Machine Learning & Artificial Intelligence mobile application aimed primarily at improving interactions within the global healthcare, retail, hospitality and financial markets. The product and services offering is trademarked and called ‘AVATR’. The Company describes AVATR as the ‘digital self’.
The AVATR app uses artificial intelligence (AI) and machine learning to continually learn about the user’s interactions with retailers, centres of learning, health and wellness apps, leisure pursuits, as well as financial institutions. AVATR has been designed to automatically connect the user to products and services that it deems they may be interested in.
The AVATR app has been developed around the need to reflect on the user’s wants and aspirations as well as preferences at any particular time and location, without the user expending effort. The app builds up a detailed picture of its users, via numerous data points and social feeds to provide them with unparalleled levels of personalisation.
Market research from CCS.com Insight suggests that the global wearables market will grow from 84 million units in 2015 to 245 million in 2019, with wrist-based devices such as smartwatches and fitness trackers continuing to dominate . Its forecast states half of all wearable tech sales over the next 12 months will be from these genres, with smartwatches making up 50% of the estimated 60 million shipments.
Market research suggests that the global wearable medical devices market, in terms of value, is projected to reach US$12.1bn by 2021 from US$5.31bn in 2016, growing at a CAGR of 18.0% during the period 2016-21. Increasing use of mobile technology is one of the major factors driving the growth of the market . With the development of devices such as smartphones connected with various medical apps, wearable wrist band monitors, and cuff-less blood pressure monitors, the monitoring of health conditions has become more efficient and effective. Moreover, these devices enable sharing of a patient’s medical records with doctors over a period of time, which helps in the proper diagnosis and treatment of diseases.
Despite there being a number of competitor companies operating in the personalisation space, the Company considers that it has a competitive advantage as it has a significantly improved offering and relationship with their users, meeting their aspirations in the context of time and place, and the fact that the user retains control of their data.