Since the Inc.U Competition officially launched in 2015, it has produced 10 winning teams and provided $120,000 in prize money.
Those 10 startups have since grown, shifted, and encountered new challenges and successes. This is the third in an article series which will explore where some of the winning teams are now, how the pandemic has impacted their businesses, and what the next big steps for their companies are.
Business name: Moichor
Business description: Moichor exists to improve and lengthen the lives of pets by applying deep learning to the diagnostics vets use daily.
Business location: Berkeley, CA
Names and titles:
Shevy Karbasi, CEO
Matt Chen, COO
Thanh Le, CTO
Q: What stage was your company at when you participated in the Inc.U Competition, and what stage is your company at now?
During the Inc.U Competition, we were at a pre-product stage. We were also focused on developing a smartphone complete blood count app for chemotherapy patients so they would not have to go to the lab. We were also known as HemoGO at the time.
Now, we are at the validation stage for our product. We have launched at four clinics and we are bringing on new customers every month. We now are known as Moichor.
Q: How has your business model shifted, if at all, since winning the Inc.U Competition?
Our business model remains the same – we charge per a complete blood count done. What has changed significantly is the market we are focusing on, as we are focused on animal diagnostics now instead of human diagnostics.
Q: How did participating in the Inc.U Competition impact you and your company?
We would not be where we are today without Inc.U. It allowed us to continuously fund our R&D, software development, and travel during our time at Penn State and bring on a larger amount of funding.
Q: What were you able to put funding from the Inc.U Competition towards?
A majority of the funding from Inc.U went toward experimenting and product development. Every week we iterate on our product based on user feedback.
Q: What challenges have you faced since winning?
We have faced challenges in attracting investors, selling to customers, conducting product development, and establishing collaborations.
Q: What successes have you had since winning?
Since graduating in May 2019 and moving to Berkeley, California, we have been able to raise $750,000 in funds. We also currently have four clinics using our service, with over 50 clinics in our pipeline. Lastly, we have also had the opportunity to collaborate with a few of the best academic centers and organizations to develop our technology.
Q: How has the pandemic impacted/shifted your business?
Fortunately, the animal clinics are an essential service and have remained open. Thus, our business plan has not changed drastically.
Q: What is the next big step for your company?
In the fall, we will be raising a seed round, expanding our service to reptiles and over 50 clinics, and developing a product for the cat/dog market.
Q: What advice do you have for future participants of the Inc.U Competition?
My advice for future participants of Inc.U would be to experiment constantly, seek out advice, and not be afraid of failing.