Q2 2023, Message From The CEO
Good day from buoyant Boston!
Recall from my Q1 message that we went into 2023 with three primary objectives – transition, take stock, and time our next sprint – intending to time our next sprint with a pivot to the United States, specifically Boston. Well, here we are.
I am slowly settling into the hustle and bustle of the city; I began my Master of Public Health in Health Management classes at Harvard University two weeks ago and will begin cross-registered courses (in Artificial Intelligence & Decision-Making and Entrepreneurial Finance & Venture Capital) at MIT in a few days. It is an exciting transition period, personally, professionally, and for the company.
We put the release of this report on hold for a few weeks as we had some exciting embargoed news to share. I am excited to be now able to announce that Collogh Cares Inc. is part of the Social Innovation and Change Initiative, Adrien Cheng Fellowship at Harvard Kennedy School of Government. In the words of the Program Director, the 1-year Fellowship is for Harvard University students who are “crazy enough to attend school while fully committed to building an enterprise with a social mission.” Guilty as charged. My mandate as a Cheng Fellow is to scale up the impact of our kidney care technology and service on marginalized Black communities across the United States.
Another exciting development we have been waiting to bear fruit is regarding our go-to-market. We have agreed with a kidney specialist clinic in Atlanta, Georgia, to provide chronic care management and remote patient monitoring services to a subset of their 3,700 patients. The 12-month paid pilot, which includes clauses for a 3-year or 5-year extension, consists of a revenue-sharing agreement, which we estimate will generate six-figure annual recurring revenues for our company in 2024 and beyond (if extended). In addition to providing the clinic’s nominated patients with access to our digital health ecosystem technology, we are hiring a full-time Care Coordinator (a registered nurse with extensive CKD management experience) who will be responsible for monitoring the patients daily on our care management portal and quarterbacking the necessary social services and clinical management as per each patient’s needs. In collaboration with a Finance Professor from the Harvard School of Public Health, we will also perform a cost-benefit analysis for the clinic to validate the value of our offering to similar kidney specialist practices.
In the final weeks of Q3 and Q4, our focus is executing this pilot, which kicks off on January 1, 2024.
Finally, returning to the Q1 report, I cited that positioning the company for the next fundraising round was a significant factor in our pivot to Boston. We have set a rough target of March 2024 to close the next financing round, and I started holding preliminary discussions with interested entities last week. In the past few weeks, most of our existing investors expressed interest in increasing their commitments before our next financing round. We have therefore decided to re-open our Family & Friends pre-seed round till October 9, 2023. Existing investors (only) can increase their commitments at the same terms we offered in 2021/2022. Here is a Calendly link for any interested parties to book a meeting with me to discuss further details.
We are excited for the final months of 2023, and we thank you wholeheartedly for your unfailing support.