We are delighted to let you know that we have invested in Circadian Health Innovations (CHI), a groundbreaking medical technology business pioneering healthier light consumption.
What does CHI do?
CHI has created an innovative technology product designed to improve sleep, mental health, and health longevity. Their tech product, the Melanopic Eye or ‘MiEye’, is a unique wearable device that employs advanced light-sensing technology and analysis methods to guide users toward healthy light patterns.
Why did Scalare invest?
The Problem
We are all unknowingly disrupting our sleep, health, and wellbeing with light. CHI’s research has shown that light exposure patterns affect sleep, mental health, and longevity. Yet, we are generally unaware of these biological effects. CHI has identified that being able to measure the nonconscious effects of light is a game-changer with multiple commercial applications.
The market
CHI’s first target is the Research market, with an estimated Total Addressable Market of at least USD$70 million and Serviceable Obtainable Market of USD$18 million per year, and robust annual growth of 4-8% annually. Beyond the research market, there is enormous potential for growth into lucrative B2B markets including optimisation of sports performance, shift work management, jet lag solutions, and improved sleep.
Competitors
None of CHI’s competitors has comparable scientific expertise, which provides CHI with a critical competitive advantage. CHI stands out by offering valuable data insights and tools to researchers, distinguishing their products from competitors. Additionally, it allows CHI to expand into markets needing real-time recommendations based on meaningful data insights. CHI’s technological competitors have not yet made this leap (for example, in the fields of jet lag or shift work management).
The Product/technology
Circadian rhythms are foundational for general health, but there are currently no available tools to help individuals have healthier rhythms.
CHI's MiEye, a wearable light pin, discloses the impact of light exposure on the circadian clock. A linked app will provide users with meaningful real-time feedback on their light exposure patterns.
By continuously monitoring light exposure, MiEye will offer instant recommendations to optimise sleep quality, enhance mood stability, and contribute to overall health longevity.
Easily attaching to the upper torso, the device utilises a 'light score' to evaluate the effects of various light types on health and performance. Users can then make informed adjustments to enhance sleep, adapt to jetlag, increase productivity, ensure workplace safety, and optimise performance in various aspects of life.
The Team
Founded by a leading scientific team with rich research expertise, Co-Founders Sean Cain and Andrew Phillips are Harvard-trained, world-leading experts who have been conducting groundbreaking research on the importance of light on human health for decades.
Sean is a Neuroscientist and an Associate Professor at Monash University. His work on the impacts of light on the human circadian system, and the multifaceted role of circadian rhythms in human health, is internationally acclaimed.
Andrew is also an Associate Professor at Monash University, a Physicist and a world-leading expert in mathematical modelling and data analysis. He developed the standard mathematical model of human sleep, circadian rhythms, and performance, which is now widely used in industry and academia.
Together Sean and Andrew have published over 150 research articles and have received >$20 million in research grants. The MiEye device was developed for their research, leading to strong customer interest from the research market and the development of CHI.
Giles Bourne, a founding partner of Scalare Partners, will join the CHI board as Non-Executive Director and support the CHI team with their growth strategy and expansion plans.
Andrew Tymms, a valued member of the Scalare advisor community, will also join the CHI board as a Non-Executive Director. With his extensive background in technology and proven ability to collaborate with teams in crafting and executing clear growth strategies, Andrew's expertise will greatly support the CHI team.
Scalare is confident in the team’s world-leading expertise in the field of light and health, and passion for solving its challenges with technology.
“At Circadian Health Innovations, we're not just making wearable tech. We're pioneering a healthier future for our users by illuminating their path to optimal light consumption. Join us as we take this next step towards light-guided wellness and longevity.”
momentum
CHI secured a substantial investment from Monash University between 2019 and 2023, facilitating the development of MiEye, winning a prestigious Australian Good Design award in 2022. The collaboration has yielded a mass-manufacturable design. CHI retains ownership of the IP concerning data utilisation for customer solutions.
CHI has worked with Cobalt Design to refine the product and go to market.
Initial sales interest has surpassed $1 million in presales, reflecting a positive response from the research market. Furthermore, an in-principle agreement for pre-seed investment totalling $420,000 has been reached with multiple investors.
Learn more about CHI:
The Co-Founders of CHI had their recent work on mental health and light featured in an episode of The Huberman Lab podcast, which is regularly ranked as the #1 health podcast in the world.
Investment & Engagement
Scalare will be working closely with CHI to deliver support in a range of business areas.
If you wish to discuss this further, please contact Giles Bourne for an introduction to the CHI team.
About Scalare
At Scalare, we’re on a mission to create a greater impact by building a collaborative network that connects exceptional founders, advisors and investors in a unique and powerful partnership, because real transformation and growth takes more than money.
Our unique collaboration and partnership model provides clear pathways to global investors, experts and markets. We plug existing skills gaps in our portfolio companies from our best-of-breed advisor network – to bring, expert resources exactly when needed to facilitate growth and deliver exceptional returns to investors and founders alike. Find out more >
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