Vesna Biotech

Vesna Biotech is a startup specializing in the manufacturing of a smart medical device: Vesna-100, which allows for 24/7 glucose monitoring without the need for finger pricks, and aims to make the lives of people with diabetes easier, with a focus on the MEA region (Middle East and Africa).

Being diabetic requires constant glucose monitoring. The devices used for this purpose are the traditional glucometers sold on the market. These glucometers are painful, invasive, uncomfortable, and time-consuming. People with diabetes are prone to sudden and severe hypoglycemic episodes that can endanger their lives, and these devices also do not allow for continuous monitoring and prediction of these episodes. Additionally, regular pricking with needles throughout the day can damage the nerve endings in the fingers in the long term.

Our solution is a smart CGM (continuous glucose monitor) that continuously and painlessly monitors glucose levels 24/7. Composed of tiny biosensors that take a measurement every five minutes, the data is then transmitted via Bluetooth to a mobile application, ensuring real-time monitoring, continuous data analysis, and AI-generated predictions of the patient's glucose trends up to 12 hours in advance.

In the MEA region, the continuous glucose monitoring market is still in its infancy, and the concept of CGM is still new throughout the region.

In the MEA market, valued at 197 million USD, we plan to achieve a market share of 1% in 2027 and 1.5% in 2028, equivalent to 2.93 million USD in 2027 and 4.5 million USD in 2028.

Starting from the commercialization of the device in 2025, we anticipate reaching the following number of users:

2025 (from Q4): 1,000 users, generating 100,000 USD in revenue
2026: 9,500 users, generating 900,000 USD in revenue
2027: 31,000 users, generating 2.93 million USD in revenue

Our revenues will come from:

Direct sales of the devices.
Monthly/annual subscription for the application.

Based on our estimates, when our company is well-established with over 30,000 users, we could potentially create approximately 150 jobs across various departments. This workforce would include roles such as production line workers, quality control specialists, software developers, data scientists, sales representatives, marketing specialists, customer service representatives, and technical support specialists. As the company grows, these numbers are expected to increase to support our expanding operations and market reach.

Our target market consists of people with diabetes who require regular glucose monitoring in the middle east and Africa.

The number of people with diabetes is 573 million worldwide. In the MEA (Middle East and Africa) region, we are dealing with 75 million people suffering from diabetes. In Tunisia, this number represents more than one million diabetics (WHO 2023).

The global market size for continuous glucose monitoring is expected to grow from 21 billion USD in 2023 to 30.79 billion USD by 2028, at a CAGR (Compound Annual Growth Rate) of 7.82% during the forecast period (2023-2028). This figure can be considered our TAM (Total Addressable Market).

In the MEA region, this market is still in its infancy, with its size estimated at 197 million USD in 2023 and expected to reach 342 million USD by 2028, with a CAGR of 11.71% during the forecast period (2023-2028). This market is expected to reach a value of over 310 million USD by 2027*, which is our SAM (Serviceable Available Market).

We aim to capture 1.5% of this market, equivalent to 4.5 million USD by the end of 2028, which is our SOM (Serviceable Obtainable Market).

Vesna-100 will reduce the need for frequent finger-prick tests with traditional glucometers, improving comfort, convenience, and the quality of life for people with diabetes.

Our device ensures real-time and continuous monitoring of glucose levels 24/7 for immediate decision-making, and unlike all our competitors (including the two American giants, Dexcom and Medtronic), our application uses artificial intelligence models capable of predicting glucose trends up to 12 hours in advance, giving the patient ample time to act if necessary (risk of acute hypoglycemia with fainting, diabetic coma).

The durability of our device, reaching 90 days, while our international competitors offer durability ranging from 3 to 8 weeks, also reduces the cost for the patient.

Users can set alerts for high or low glucose levels, allowing for proactive management.

The application facilitates data sharing with healthcare professionals by giving them access to the database through the patient, thus promoting collaboration in diabetes management.

The application offers excellent data analysis on glucose trends, helping the patient and healthcare professionals make more precise insulin dosing decisions by providing information on how various factors affect glucose levels.

Additionally, the durability of our device, reaching 90 days, while all our competitors offer durability ranging from 3 to 8 weeks, reduces the cost for the patient.

Our application also offers the ability to notify the patient's relatives as well as their doctor of their location.

Our MVP is now ready. Like all medical devices, it must be certified before being marketed, which means our solution is not yet available on the market and we do not have any users at this time. We need to obtain certification for this type 2 medical device, which is our current challenge because it is costly. We are currently seeking business angels or non-dilutive grants.

Starting from the commercialization of the solution, estimated in 2025, we anticipate reaching the following number of users:

2025 (from Q4): 1,000 users, generating 100,000 USD in revenue
2026: 9,500 users, generating 900,000 USD in revenue
2027: 31,000 users, generating 2.93 million USD in revenue.