How digitAAL Life plans to diversify its portfolio on the long term
digitAAL Life is glad to inform you that they have just received the funding contract for the new project “CogniReha – Monitoring and rehabilitation of cognitive and mental deficits after COVID-19 and other viral infections” by the Austrian Research Promotion Agency (FFG).
This project together with the partners Medical University Graz (Department of Neurology), Probando GmbH and JOANNEUM RESEARCH – institute DIGITAL enables digitAAL Life to develop its solution for the new target group of Long-COVID patients. Cognitive, physical and relaxing training sessions for this specific use case are combined with a continuous monitoring of the critical target parameters attention and executive functions. This allows a personalized approach to the current state of the so-called neuropsychological profile. Finally, a scientific randomized controlled trial (RCT) will evaluate the effectiveness of the app-based intervention using neuropsychological instruments and neuroimaging (MR).
DIGITAAL life´s budget is 411k€, thereof 246k€ non-repayable grant, project-duration is 2 years, starting in October 2021.
Due to the high societal relevance of the topic and the fact that DIGITAAL life is the consortium leader, the project and DIGITAAL life will receive high international visibility. This is also a very good example how the solution can be adapted in future to various diseases and target groups with the support of public funding (e.g. Parkinson´s).
Revenue guidance 2021
As was communicated during the campaign, in early-stage phases of life science companies, government or other grants are an important share of the revenue. In the case of digitAAL Life, this is exactly the case, and Danube Angels as lead investor is proud they have been approved on several project applications.
To give you a better overview of the current situation and the outlook for the remainder of the fiscal year, we have asked the team to provide a rough revenue forecast based on the awarded grants and completed B2B mandates, as well as the portion of the pipeline that they are confident to recognize as revenue in 2021.
- AWS (Austrian Promotional Bank): € 400.000
- FFG (Austrian Research Promotion Agency) Project CogniReha: € 123.000
- B2B Red Cross: € 9.000
Pipeline advanced (but no contract yet):
- Project Mara: € 117.000
- B2B Projects: € 20.000
In conclusion, digitAAL Life gives a revenue guidance for the remainder of 2021 in the range of € 532.000 to € 669.000. Together with the expected cash inflow from the equity campaign (to be closed on August 12th, 2021) we believe the company is in an excellent position to explore the potential, develop its product in line with the roadmap and to develop new markets in a timely and efficient manner.