We established InventoryTech in late 2013 for the purpose of improving safety in the workplace. The inspiration for Clever Medkit arose when we had a accident at work. We could not treat the victim correctly because the first aid supplies had been misappropriated. The circumstances were aggravating as the first aid kit had been checked as 100% ready a mere 24 hours prior to the incident!
We decided there had to be a better way to protect people and provide them with assurance that if first aid supplies are needed, they will be there all the time. Not some of the time, or none of the time as so frequently occurs with "old school" first aid!
We rapidly prototyped the Clever Medkit Model A placing it with a customer in early 2014. Our first approach to measuring onboard inventories worked well for a period yet, we experienced many inaccuracies rendering our initial efforts invalid. We assumed Clever Medkit would prove relatively easy to develop. This was not to be. What we discovered instead was that the accurate and consistent measurement of micro medical inventories in real time was incredibly challenging.
With further experimentation, we developed an amazing algorithm we call "Clever Sense" which is also covered by one of our international patent filings. Clever Sense cleaned up the measurement data and we expanded our customer pilots and scaled further with a candidate Model B Clever Medkit. It all went well for a time yet ultimately, whilst we had enhanced measurement efficacy, the kits were still a long way from being perfected and many key technical challenges remained.
With seemingly no easy path ahead with the medkit, we began experimenting widely with sensing and developed real time measurement systems for washrooms and general inventory. These applications leveraged Clever Sense and delivered fascinating results. For example, developed the means to accurately measure the real time consumption of toilet paper! Further, we developed inventory bins that were super accurate and could be used to measure medications and many other incredibly lightweight medical consumables.
Technically this was exciting progress however we discovered that as an independent IoT supplier, the associated the business models for washrooms and inventory were not especially optimal.
Despite numerous setbacks and tens of thousands of lab and customer experiments, we persisted. During 2017 we developed the Clever Medkit Model C. The Model C was a great platform for learning and gave us the confidence to progress towards commercialization. We conducted a year of testing with customers before withdrawing the Model C. We then introduced to our customers the first production version of Clever Medkit, the Model D.
Arising from the Model C, the Model D embodies years of learning, experimentation and testing. The Model D is a fully tested and certified commercial product that we are selling in Australia and New Zealand. It has numerous innovations and leverages a number of sensing technologies to accurately measure consumption in real time.
Complimenting the Model D development, we spent 3 years developing a bespoke inventory management and event reporting software as well as an comprehensive mobile application. This involved dematerialising the "man in a van" service model. In tandem to all this development, we validated a strong business model, working around countless roadblocks to bring our amazing offering to the market. For larger companies, the future of first aid is smart and digital.
The analogue "Old School" first aid kit and associated servicing model will soon be a service of the past. Guaranteed!
Our mission is very clear and our customers love our smart approach to first aid!
In early 2019, we released our mobile application on the App store and Google Play. The Clever Medkit mobile app gathers data from all our installations, presenting clear, easy to understand performance metrics and event records. Notifications help our users stay informed wherever they are.
Peter was the founder and CEO of Mooring Systems Limited (NZX: MSL) which listed on the NZX in 2001. MSL merged with Dutch based Cavotec (NZX:CCC) in 2007. Peter then founded Tradevine Limited in 2011 and sold this business to Trade Me in 2012. Peter is an active business mentor, has an MBA from Massey University and is a Fellow of the New Zealand Institute of Management. Peter is a Beachhead Advisor for New Zealand Trade and Enterprise.
Joe has been a successful Chief Executive and Director of several major organisations. He was previously CEO of ENZA and a member of the Board and Chairman at TradeNZ (now NZTE). Joe has been involved in a number of successful start-ups and companies listed on the NZX, ASX, and the AIM. Joe had also served on the international Board of Cavotec and was Chairman of Team Talk Ltd and Revera Ltd. An accredited Fellow of the Institute of Directors, Joe is also an Officer of the New Zealand Order of Merit.