News

Praesidium, a Utah Startup, Closes First Massive Commercial Deal

SAINT GEORGE, Utah–(BUSINESS WIRE)–July 21, 2022–

Praesidium, Inc, a Saint George, Utah-based technology company that specializes in non-contact vital sign detection, announced today that they have finalized a commercial agreement with two other business partners to launch an innovative, next generation “intelligent sleep” mattress early next year. This announcement represents the culmination of nearly a year of research and development collaboration with a leading domestic foam mattress manufacturer and Prius Healthcare, a leading Oldsmar, Florida-based therapeutic support surface innovator in the healthcare industry.

Praesidium’s patented BioFi technology will revolutionize the rapidly growing space of Smart Sleep. Consumers will have the ability to adjust the pressure in their mattress in all the traditional ways and track their critically important quantitative vital statistics like Heart Rate, Heart Rate Variability, Respiration, Presence, Bed Exits, Duration in and out of Bed and their qualitative measures around sleep stages, vital sign history, goals, scores, etc. Further, the BioFi technology will use Machine Learning to adjust the pressure of the mattress while constantly assessing how the consumer reacts by interpreting their vital sign data in real time, without any conscious human intervention or prompts. “Over the last several years, consumer awareness and interest in smart sleep technology has gained tremendous traction, however innovation and advancement over that time has been rather lackluster – a few advancements here and some new features to an App there. We realized that our BioFi technology could truly shift the paradigm in this space and take smart sleep and transform it into intelligent sleep. We knew we needed other leading partners in the sleep space to make this happen, and that’s exactly what we’ve done with this collaborative partnership of innovative industry leaders,” Seth Campbell, Praesidium’s Founder and CEO said.

“We are very pleased to partner with a consumer mattress titan and a paradigm shifting technology company like Praesidium to disrupt the consumer sleep industry. Coupling Praesidium’s BioFi technology with our healthcare-based air mattress components into a leading-edge mattress will provide the consumer with the ultimate restful night’s sleep,” remarked Kevin Farrell, Prius Healthcare’s CEO.

The commercial agreement includes significant volume guarantees for Praesidium’s BioFi sensors and technology over the next several years with initial geographic sales reach concentrated in North America, but quickly scaling throughout Europe and certain Asian markets. Minimum revenue estimates from this commercial agreement approach $70M for Praesidium’s BioFi technology and sensors. More definitive launch plans and additional press releases will be forthcoming from the collaborators as the 2023 launch approaches.

About Praesidium:

Praesidium was founded in 2016 to create life detection technologies that could prevent unnecessary tragedy such as children left in hot vehicles. Partnering with scientists from NASA and MIT over the last 5 years, Praesidium has developed BioFi, a patented and proprietary technology that can detect human presence and human vital signs without any contact and even through hard surfaces with extremely high accuracy and precision. For more information see www.BioFi.com.

About Prius Healthcare

Prius Healthcare USA is an FDA registered organization providing therapeutic support surfaces across the healthcare facility and home health spectrum. The surfaces both treat and prevent pressure ulcers (aka “bedsores”) with various levels of clinical therapy. Founded in 2010, Prius is based in Oldsmar, FL and distributes to all 50 U.S. states and Canada. For more information see www.priushc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220721005929/en/

Seth Campbell
[email protected]

VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.

Source: Read Full Article