Health technology company MyFiziq (ASX: MYQ) has agreed to terms with American health and wellness company Bearn LLC for their tech to be integrated into the health-tracking Bearn application which offers users actual money for meeting health goals.
Key to the companies integrating their technology together is MyFiziq’s patented body-scanning smartphone software which tracks an individual’s body dimensions. The image capturing software can then be integrated into other applications and enables users to track health changes beyond body weight.
With the agreement now in place, Bearn will commence development work to integrate MyFiziq’s body scanning into their existing health app where users are encouraged to “burn it and earn it”, enabling users to earn cash for exercising and integrating with fitness brand partners. The app syncs with wearable fitness devices to provide further data into the app which then produces a Health Credit Score and stores historical data.
Under the terms of the agreement, MyFiziq will be paid USD $2.00 for each body scan conducted in the app, with full launch of the integration expected in April/May 2020.
“The Bearn application is a very innovative way to engage and retain users. Being paid to achieve your fitness goals where the consumer can benefit both financially and physically is not only unique, but also extremely motivating for the individual,” said MyFiziq CEO, Vlado Bosanac.
“Having spent considerable time now with companies globally that are looking for ways to engage and retain their consumers, I feel Bearn is on a winning formula which it will offer to organisations around the world.
“In my view, it is a very savvy way to cut through the noise and really go directly to the consumers’ needs using cash as a gamification point of difference.”
The MyFiziq tech provides existing health software developers with turnkey integration into their existing applications.
The company reported revenues of $898,556 in FY19 for a net loss of $4.35m but has a number of projects in place with high profile brands expected to roll out the MyFiziq tech in 2020, which will generate SaaS revenue for the company.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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