The MyFiziq Ltd (ASX: MYQ) share price is today soaring higher on news the company had signed a binding term sheet with WellteQ for first CompleteScan integration. The MyFiziq share price closed 29.79% higher for the day, finishing at 61 cents.
What does MyFiziq do?
MyFiziq has developed and patented a proprietary dimensioning technology that enables its users to accurately check, track, and assess dimension using only a smartphone.
Its goal is to help its partners by empowering their consumers with this capability. This in return gives partners the ability to assess, assist, and communicate outcomes with their consumers when navigating day to day life.
Whether this is a personal journey to better health, understanding the risk associated with a physical condition or tracking changes experienced through training, dieting. It also has uses under medical regimes or simply for users wanting to be correctly sized for a garment when shopping online. The MyFiziq technology delivers this privately in less than a minute.
MyFiziq has developed this capability by leveraging the power of computer vision, machine learning, and patented algorithms. The company simplifies the collection of measurements and removes the human error present in traditional methods.
What's happened?
MyFiziq announced that it had signed its first binding term sheet to expand the newly developed CompleteScan platform capabilities with Asia Pacific corporate wellness platform WellteQ. The platform will soon be released to the $10 trillion dollar global telehealth, corporate wellness and insurance market.
Under the commercial terms, CompleteScan will be integrated into WellteQ's personalised digital wellness and analytics platform in readiness for January 2021. The integrated offering will be first offered to existing corporate customers including Bupa Australia, Toll Logistics, Credit Suisse and DBS Bank before a wider reach into prospective clients and markets outside of APAC.
Foolish Takeaway
In light of the COVID-19 pandemic, digital health platforms such as WellteQ are becoming a highly sought-after engagement, triage and monitoring tool for the public healthcare, corporate and insurance sectors. These sectors are looking for new and innovative ways to engage, screen and manage people remotely with more personalised and timely health interventions. MyFiziq has filled this void with its platform that stands to benefit both parties.
The MyFiziq share price is up 29.79% on the news.
