The MyFiziq Ltd (ASX: MYQ) share price is zooming higher today after the company announced the launch of a new revenue stream.
About MyFiziq
MyFiziq is a technology company that uses pictures from a smartphone to create a representation of a person in the form of a 3D avatar.
The company leverages computer vision, machine learning and patented algorithms to process images and deliver 97% accurate body measurements, with a repeatability of 98%.
Using the gyroscope, front camera, camera burst mode, speaker, screen and light sensors in a smartphone, MyFiziq is able to generate a set of front and side pictures in a single user experience – without the need of another person.
Partners embed MyFiziq’s technology into their new or existing apps and then customise the experience to satisfy their branding requirements. These partners operate in several industries, including health and fitness, insurance, and medical.
What did MyFiziq announce?
This morning, MyFiziq announced that its integration within the Evolt Active application has been launched on the Apple app store.
MyFiziq’s partnership with Evolt360 Technologies was announced in April last year. The partnership sees the Evolt Active application offer in-app body scanning using the MyFiziq technology.
For some background, Evolt is a technology-driven health and wellness company focused on connected and digital health. The company has an FDA-approved intelligent body scanning device that is purchased and supported by leading names, including F45, Anytime Fitness, KPMG, and HCF. The device costs between $12,000 and $20,000 each and the scans it performs are made available to consumers for between $30 and $50.
The next step for Evolt is enabling its 500,000+ active user base to track changes in their body dimension more regularly and in the privacy of their own home. This has been made possible by MyFiziq’s technology, which has now been integrated into Evolt’s iOS application.
According to MyFiziq CEO Vlado Bosanac, Evolt has committed to targeting an initial 100,000 active users onto the joint offering in the first 12 months. In return for the integration of its technology, MyFiziq will receive $2.99 per month per user.
If the initial target user numbers are achieved, MyFiziq will meet an initial break-even position based on current monthly burn.
Commenting on today’s update, Mr Bosanac said:
“The application has been through rigorous testing in readiness for this launch. I am pleased to say the application is performing well on all fronts. The look and feel of the application is a credit to both teams. We are looking forward to supporting Evolt with its launch, users, downloads, and usage.”
After surging as much as 21.82% in early morning trade, the MyFiziq share price is currently sitting 5.46% higher for the day at 29 cents per share. This takes the company’s market capitalisation to around $32 million.
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Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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