The annual event attracted over 10,000 participants, including large and small companies from Thailand and more than 30 other countries, local and international investors, experts as well as technology fans of every kind.
Actively seeking international contacts and growth, Finnish digital health companies Peili Vision and GoodLife Technology presented their solutions at the Techsauce Global Summit in Bangkok, Thailand, in June 2018. The annual event attracted over 10,000 participants, including large and small companies from Thailand and more than 30 other countries, local and international investors, experts as well as technology fans of every kind.
For the first time, Techsauce showcased the HealthTech theme with its own stage and program, which had a strong Nordic Health Innovation angle thanks to RUFF & CO. Business Innovation, which brought five startups to the event from Denmark, Finland and Sweden.
“The discussions at Techsauce often mentioned the opportunity offered by the Asian markets to jump straight to mobile devices in terms of service development. Health tourism is also a significant factor. Thailand has hospitals with the resources and readiness to try new things which makes it an interesting place for startups,” says Mikko Kontio, COO, Peili Vision.
The companies also had an opportunity to network through the Finnish and Danish embassies. One of the new contacts was an Australian health technology accelerator and its foundation, which work in the neurological rehabilitation of cerebral palsy and autism patients.
Founded in 2015, Peili Vision is a forerunner in utilizing virtual technology in neurological rehabilitation and remote therapy. The immersive training environments enabled by VR headsets, individually tailored and gamified exercises, and efficient data analysis – for example monitoring the patient’s movements and responses to exercises – will revolutionize speech therapy, neuropsychology and occupational therapy in the future.
Peili Vision already has more than 15 customers in the Nordic countries, ranging from big hospitals to smaller rehabilitation centres. Internationalization has been the company’s goal from the beginning.
“We started a pilot project in Denmark in 2017. It has proved our value proposition and brought us a paying customer. Now we are also piloting in Poland and looking for new partners in North-West Europe,” says Kontio.
“We see very good growth opportunities in the home rehabilitation concept especially in the Nordic countries because it is already on everyone’s agenda and the possible cost savings are really substantial. In the future, we can apply all these user experiences also in other countries.”
Established in 2013 by experienced professionals from the Finnish game industry, GoodLife Technology develops high-quality solutions for remote rehabilitation and personal training. For example, the company has produced the PT Momentum mobile app for PhysioTools, the global leader in online exercise software. PT Momentum has tens of thousands of users around the world
“Techsauce was a very interesting event. We got the impression that Thailand and the surrounding region is starting to grapple with the same issues as in Europe. They are thinking about how to provide quality services for the ageing population, and the role of technology will certainly play a major role in this,” says Toni Kankaanpää, Client Manager, GoodLife Technology.
GoodLife Technology’s approach to internationalization is through partnering and reseller contacts. The company has participated in Business Finland’s delegation trip to Saudi Arabia and is actively involved in the EU Horizon 2020 ACTIVAGE events and trade fairs.
“We are now at a point along the path where it is possible and sensible to scale up products during this year and the next year.”
There is fast-growing interest towards Thailand and other South-East Asian countries among Finnish companies, according to Riku Mäkelä, Counsellor, Trade and Innovation Affairs, at the Embassy of Finland in Singapore. Many of the companies try to find their first references in Singapore which is the most developed economy in the region.
“South-East Asia’s 650 million people need better healthcare services and their purchasing power is increasing all the time. The service providers are looking for new solutions. Tens of Finnish health technology companies have already started to make some moves towards these markets,” says Mäkelä.
The Team Finland Market Opportunities portal offers information about business opportunities for Finnish companies in the health and wellbeing sector both in South-East Asia and globally. www.marketopportunities.fi
Global Opportunity Leader, Health & Wellbeing
terhi.rasmussen (at) businessfinland.fi