RINTECH incorporated in I.T. group signed an investment agreement with “Life Button” project specializing in emergency call systems (“medical alarms”) for old people and the disabled. Subject to the agreement, the volume of investments in the project on the part of RINTECH will be over 35 mln. rubles. These funds will be primarily used for infrastructure development, R&D, own equipment manufacturing, as well as to extend sales channels.
”Life Button” project was established in November 2010 by alumni of full-time MBA “Skolkovo”. The service is that the user is provided with the equipment having the button which, when pressed, signals that a person needs help (see more details below). Service of this project, unique for Russia, are yet focused only on old people, the disabled and patients suffering from serious chronic diseases, however, the initiators are already planning to launch the product for children. Despite its young age, “Life Button” has become the winner in a number of business competitions, such as BIT, “Telecom Idea”, “Business Success”, “The Year Startup”. The initiators of the project are included in the list of top 10 promising business teams according to PRUFFI agency rating. Moreover, “Life Button” is one of the most significant 2011 startups according to Forbes.
“It is not by chance that we are committed to this project. We planned to start up similar service several years ago. Then, after market research and consulting with medical community, we decided not to develop this area. And it was such a surprise when we became aware that a similar project has been launched. It goes without saying that technologies have greatly evolved but also the principle “power is in ignorance” must have worked, the guys just did not know the problems which we pondered over at the time. They entered the market and showed the result able to make us believe in their future success,” said Sergey Kuptsov, General Director, RINTECH. “I see this deal as having clear synergy effect. For the years of its operation, RINTECH has accumulated great expertise in building medical information systems for the enterprise sector. This will help structure “Life Button” technology which may be used both in the mass market and in public and enterprise sectors. And for RINTECH, this is an entrance to the mass market where we had almost no operations earlier.”
“Frankly speaking, we had alternative investment proposals even with higher pre-money design assessment. However, I.T. group has been chosen, as it is difficult to fancy "smarter" money attraction for “Life Button”. RINTECH combines technological expertise, knowledge of public health industry, as well as has long-term contacts in this market,” said Dmitry Yurchenko, Project Manager, “Life Button”. “We are grateful to I.T. Group for their trust. Earlier, we had only two matters of pride - we managed to save lives and to survive. Now we have minimum the same – we may be proud of participation in a big “IT family” and attraction of the first million dollars for social business.”
“Already during our studies at Skolkovo Business School, we anticipated to build a leader in mobile medicine in the CIS countries – worldwide high tech company which improves quality and increases people lifetime,” said Irina Linnik, Director, “Life Button” Project Development. Our project was initially considered as a platform for launching new products. Already now, we are focusing on remote monitoring of the health state, study the use of neural networks to analyze the factors collected remotely with possible integration into federal medical archive system. And here, the resources of one of the leaders of this market – RINTECH – will be much of a help.”
How to Operate “Life Button”
The user is provided with the equipment (a wristlet, pendant for the neck, telephone) having the button which, when pressed, signals that a person needs help. Professional medical staff works 24/7 to receive all signals issued by mobile or home devices.
When SOS signal is issued or drop gauge is activated, the operator checks the reason of call, contacts the neighbors, relatives (the contacts are provided by the customer beforehand), as well as calls for ambulance, emergency service and other services when it is necessary.
For emergency cases, there is drop monitoring technology, no patient’s activity technology, the system automatically issues an alarm to operator in Medical Call Center and alarms relatives and the doctor. The business model is based on monthly subscriber’s payments.
“Life Button” project is developed within legal entity A-Klever LLC.