IPMD is superpowering doctors and staffing agencies by bringing an emotional AI to attendees’ encounters with Telemedicine and job interviews that can assist in understanding their emotional states.
Since 2019 and on IPMD joined the NVIDIA Inception program, AWS Activate program, the Google Cloud Platform startup program, and IBM Startup program. We received and used numerous cloud resources credits including NVIDIA GPUs to train hundreds and thousands of training input data provided by our team. In 2021 IPMD participated in the VA AI Tech Sprint to develop AI solutions for the veterans. In June, we took 1st place in the Texas Children's Hospitals Hackathon in the Touchless Experience Category and we were awarded as Best Telemedicine CDSS in North America by Biotechnology Awards 2022.
Our target customers will be candidates of any gender and age who will be interviewed during a video job interview by hiring managers. Job interviews can be frustrating and overwhelming for candidates. They often panic when they are attending an interview and worry about the questions, whether or not they can answer them, and what will happen to them. This can lead to emotional distress. Our next target customers will be patients over 65 years old of all genders for our Telemedicine Platform.
Problem or Opportunity
There is no highly accurate AI platform that can identify human emotions based on facial looks. Computer Vision System reads facial muscle movement to identify emotions, but people don’t always reveal one’s emotional states through facial muscle movement and often fake them. Because humans express their emotions mainly through hidden and micro-facial expressions and very few people can identify such expressions, this limits human developers’ ability to create accurately labeled input data to train AI platforms to recognize emotions through facial expressions. IPMD has solved these problems.
Solution (product or service)
IPMD has developed a highly accurate emotional AI platform, Project M, that detects human emotions based on hidden and micro facial expressions. This software utilizes ML solutions with custom-built CNN algorithms to detect emotions and can be used during telemedicine platforms or the video job interview to aid doctors or employers to better understand their attendees’ emotional state. As of March 2022, IPMD invested about 132,000 human hours plus hundreds of thousands of ML hours and created over 200,000 accurately labeled data and reached over 95% overall ROC/AUC scores to create Project M.
Most telemedicine platforms that are available on the market globally do not have emotional AI embedded. Project M backed Telemedicine platform will be the new norm of the TeleMedicine Paradigm. Additionally, there is no AI platform that can identify human emotions accurately. People believe that a Computer Vision System based on facial muscle movement can read human emotions accurately, but ignore the fact that humans don’t always reveal one’s emotional states through facial muscle movement and often fake them. If there is no facial muscle movement, or if it is not genuine, then the AI they have developed will not be effective.
Advantages or differentiators
Our competitive advantage of our Telemedicine Platform is the availability of Project M that can understand human emotions just based on facial looks. No other telemedicine platforms are equipped with such an amazing platform. Current Telemedicine Platforms are not able to target the age groups over 65 years old. These patients group continuously complaining they don’t know how to use the Telemedicine Platform. However our team can outreach to the seniors one by one to help them register and use our Project M Backed Telemedicine platform.
We have two revenue streams, one from the Telemedicine Platform and the other from the usage of Project M during the Telemedicine sessions. Currently, reimbursements amounts differ by the insurance companies, but we will charge reimbursement of the telemedicine platform usage fee of $10 and we will charge the reimbursement of $10 per the report of the patient's emotional states during the sessions. Medical Insurance also allows 2 visits per month. Therefore, our second year revenue will be 10,000 patients X 24 visits X ($10 Project M reimbursement + $10 telemedicine Platform Reimbursement ) which will equal $4,800,000. We will increase the coverage by 3 fold by the end of the third year by having our volunteer teams volunteering at the largest senior centers which will generate the second year annual revenue of $14,400,000. We will increase the coverage by 10 fold by actively recruiting patients from the senior centers which by the end of the fourth year will generate the third year revenue of $48,000,000.
Our business model is focused on 2 areas of interest. One being used Project M behind Telemedicine and the 2nd being used M behind staffing interviews. The embedding of Project M helps doctors better understand the emotional state of their patients in real-time, maximizing more accurate diagnoses. Our software is considered as a Medical Device and our model generates revenue from Medical Insurance companies and Government Medical Insurances via medical bill reimbursement system. Our solution will aid staffing companies analyze and interpret interviewees’ emotional state in real time.
Money will be spent on
Within 24 months upon the investment being available, we are able to register Project M as Software as a medical device, complete the insurance reimbursement pathways to obtain the necessary insurance reimbursement codes so that our revenue model will be fully functional. Then we are able to build up a state of the art Project M backed Telehealth Platform. Finally, we can recruit the first batch of 10,000 patients to our Telehealth Platform. Other costs will be allocated with Cloud Computing Cost to further train our AI models, preparation and salaries.
Offer for investor
We will provide very lucrative exit plans including buyback options, IPO offerings, and M&A to the investors who share our vision.
Even though many are still hesitant to of AI we do not want to wait to bring this idea to fruition. We believe the time is right for the taking. Because of COVID people have already started using telemedicine platforms which has created a market of over $70 billion and this is expected to rise to over $550 billion in the near future. Doctors will be provided the emotional states of their patients over time allowing them to make better, more successful treatments for their patients. The staffing companies already started to use AI that expedite the hiring process and also improve the emotional state of the attendees.
Incubation/Acceleration programs accomplishment
Won the competition and other awards
IPMD's Emotional AI solution took first place in the Texas Children's Hospitals Hackathon in the Touchless Experience Category (https://developer.nvidia.com/blog/emotional-ai-solution-won-texas-childrens-hospital-healthcare-hackathon/) and finished off 2021 winning the reward of the Top Placer award from the International Trade Councils GoGobal Awards. In early 2022, IPMD, Inc. was awarded as Best Telemedicine Clinical Decision Support System in North America by Biotechnology Awards 2022.