- MyFiziq has signed a binding term sheet with WellKom
- This term sheet will see MyFiziq’s technology be integrated into WellKom’s platform – initially in the U.K. and Europe but has the potential to expand
- MyFiziq uses photos on the users smartphone to create a 3D avatar with accurate measurements
MyFiziq has signed a binding term sheet with wellness platform, WellKom to expand its digital tracking capabilities.
Under the commercial terms, MyFiziq’s technology will be integrated into the WellKom platform and be offered initially to employers across the U.K. and Europe.
WellKom will provide its white-label solutions to multiple users in corporate wellness, insurance and human resource organisations.
“The WellKom solution is a perfect fit for MyFiziq and an ideal way to enter the European market,” MyFiziq CEO Vlado Bosanac commented.
“Taking fitness and wellness into the workplace has been growing rapidly with corporations acknowledging the need to engage with their workers on their health, to further expand better workplace outcome and retention,” Vlado said.
MyFiziq is a revolutionary technology that is embedded into a partners app that uses pictures on the users smartphone to create a 3D avatar with accurate body measurements.
It uses a combination of computer vision, machine learning and patented algorithms to process the images and create the avatar.
WellKom’s vision is to enable people and organisations to attain and sustain higher levels of wellness through validated and proven behavioural psychometric profiling and development software.
It provides users with an online personal account that can be personalised to match goals and experiences. Its platform is currently deployed in over 100 organisations globally and in 12 languages.
Users receive highly personalised feedback which has the capacity to link multiple devices’ health and wellness data to the profile.
“With the addition of the MyFiziq technology, WellKom will close the loop with measurement output mapped across behavioural change outputs,” WellKom CEO Anthony Phillips said.
“The MyFiziq technology is a perfect fit for our growing organisation and I am excited to be bringing it to our team as a new and innovative addition to our platform,” he said.
Shares in MyFiziq are up 7.14 per cent this morning trading for 22.5 cents apiece. Its market cap is currently valued at $20.72 million.