Deal Abstract

Augmented Reality (AR) and Virtual Reality (VR) studio and distributor for medicine. The platform is called “Vital Recall.” Simply put: this company makes AR and VR experiences to help you visualize and understand the human body in a variety of settings, such as during clinical trial. Has revenue, solid valuation, large customers such as AstroZeneca and others.

The 6 Calacanis Characteristics (91 161 18)

1. A startup that is based in SVFail: Princeton NJ on LinkedIn, Austin TX when looking for a job.
2. Has at least 2 founders Pass (3), maybe, at least 2 C-suite. (CEO, CTO, Mike O’Brien.)
3. Has product in the market Pass
4. 6 months of continuous user growth or 6 months of revenue.Pass: 2018 Revenue was $257k, 2019 Revenue was $436k.
5. Notable investors?Fail: None that I recognize but I’m not a deep expert in this space. That said, they did highlight Notable advisors include Bill Mezzanotte, (MD,) Executive Vice President, Head Research & Development at CSL Behring. YouTube interview was friendly and gracious, so redemption credit.
6. Post-funding, will have 18 months of runway Pass: Raising $2.5 million, current burn is 37k, confirmed will have 67 months of runway at present spend.

The 7 Thiel Questions (ETMPDDS)

  1. The Engineering question:
    • Interesting: Came in wanting to hate on AR/VR businesses since there hasn’t been one yet. Magic Leap has raised 2.6 million over 9 rounds and still hasn’t shipped a product. That said, these guys are convinced that going medicine first (as opposed to tech first,) will be the reason for their success.
  2. The Timing question
  3. The monopoly question
    • Yes: Assuming you can solve for the complex software engineering and ability to deploy this on mobile devices everywhere, for sure, why would you have two medical education AR/VR apps?

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