Venture Analysis — Proximie
Introducing: Proximie
Proximie is a Series-C B2B healthcare technology company founded by Nadine Hachach Haram in 2016, in London. It provides augmented reality and artificial intelligence solutions for surgical procedures.
(Note: The health-tech industry refers to the application of technology, including hardware, software, and services, to improve the delivery, efficiency, and effectiveness of healthcare.)
Analysing the Idea
Mapping orthodoxies in the industry is one way to analyze an entrepreneurial venture. Challenging orthodoxies involves identifying and questioning the assumptions and beliefs that underpin the industry’s current practices. It may involve finding a new way to solve a problem or challenge the status quo in the industry.
They are challenging a few top orthodoxies, all by reducing biases.
1. Legacy teaching
Earlier, teaching took place in a high-touch way, with people learning from watching their seniors perform surgery. This limited the number of juniors one senior can help.
Challenge: One-to-many digital sharing of surgery experience.
2. Gatekeeping knowledge
Keeping knowledge in-house was a way hospitals differentiated themselves. This had limiting effects on the medical growth.
Challenge: Proximie shares data for greater good and cross-learning at scale.
3. Analog is safer
Relying on handwritten records used to be a badge of honour, and a way to trust and allow accountability. This made processes slow and tedious.
Challenge: Digitizing records allowed time, accuracy, accountability and convenience.
In all, the orthodoxies that Proximie is targeting are ripe for disruption, given there’s a powerful tailwind around democratized sharing of medical knowledge (after the COVID vaccine rush), and a more magnified look at hospital records with rising medicolegal cases.
Scaling this one-to-many model makes training of doctors easier (Which has also become increasingly important as diseases evolve), and reduces the crunch on hands-on training, freeing employee time on a large scale.
Analysing the Venture
To analyse the venture a bit deeper, I will use the Mullins’ Seven Domain Framework. (I’m biased because I ❤ LBS)
John Mullins, an entrepreneur and professor at London Business School, developed the Seven Domains Model and published it in his 2003 book, “The New Business Road Test.” The model separates a new venture into seven “domains”: four that look at the small-scale (micro) and large-scale (macro) aspects of the market and industry, and three that focus on the team.
Market Domain
Macro Market
The global industry has a projected value of $266.8 billion, with growth driven by factors such as increased demand for digital healthcare solutions, big data, and telemedicine.
Micro Market
The company provides a unique solution that enables remote collaboration and real-time visualization and guidance during surgeries, which can potentially improve patient outcomes and reduce costs.
Industry Domain
Macro Industry
The healthcare technology industry is highly competitive and subject to stringent regulations, but innovation has been ripe and garnering strong funding lately (Healthtech funding in Q2 2022 was $11B)
Micro Industry (Sustainable advantage)
The platform can potentially improve patient outcomes, reduce costs, and democratize surgical expertise. The company has already been used in a variety of surgical procedures, including orthopaedics, neurosurgery, and plastic surgery.
Team Domain
Value Chain Connectedness
Proximie’s management team includes experienced healthcare and technology professionals, including CEO Dr. Nadine Hachach-Haram, who is a trained surgeon and expert in AR technology.
Mission & Aspirations
The team has a good balance of medical members, implying by their qualification that involves years of study that they hold a passion towards it.
Ability to Execute Critical Success Factors
The company has closed deals with a variety of businesses, indicating execution prowess.
