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Pair face Angels in Dragons' Den: Inventors in cash bid to trial new care monitoring device
TWO entrepreneurs were due at Venturefest today in their bid to secure £750,000 to take their innovative new care product to field trial stage.
Graham Priestley and nephew Alan Bell, who owns Alan Bell Consulting at the Elsie Whiteley Innovation Centre, Halifax, are pitching to judges and an audience of Business Angels investors in a Dragons' Den style investment competition.
The duo represent Imonsys, one of eight young businesses pitching at the event to win a package of more than 28,000.
They have developed Verity, which is a smart monitor that records key biometric signs – heart rate, activity levels, skin temperature and the surrounding temperature.
It links with a voice activated device, which reacts quickly if there are any changes to the user's condition
The two entrepreneurs hope their invention will relieve pressure on the NHS by cutting down the number of unnecessary 999 calls.
It would also give the UK's five million carers peace of mind.
Mr Bell said: "We're facing an ageing population in the UK, with Government statistics indicating there are already 3.5 million that live alone.
"Verity has been designed to help people maintain their independence while giving their families and carers peace of mind that they are safe and well.
"We don't believe there is another real time mobile monitoring system on the market that covers as wide a range of people, applications and conditions in a single solution as Verity."
The Venturefest Yorkshire Investment Competition is organised by Connect Yorkshire and the Yorkshire Association of Business Angels with sponsorship from The Shepherd Group.
The two entrepreneurs also hope to woo board level involvement in their business and significant investment.
"Technology is only as good as the ability to use it, and we've designed this product with the end user firmly in mind at all times," said Mr Priestley.
The monitoring device is hidden in a watch strap and the communication device is no bigger than a mobile phone, with no screen or buttons.
Mr Bell and Mr Priestley share more than five decades in engineering and the IT industry.
Development work on Verity has so far been done in partnership with the University of Bradford, funded by the entrepreneurs and a research grant from Yorkshire Forward.
A further funding boost will allow it to go to trial.
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Tuesday 07 February 2012
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