The Bot Image offering is now closed and is no longer accepting investments.

Bot Image

Saving lives with AI and specialized MRI

Regulation Crowdfunding
Omaha, NE
Health Tech
Accepting International Investment
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Every 17 minutes, an American man loses his life to prostate cancer 

Fortunately, with early diagnosis, prostate cancer is one of the most manageable and treatable cancers with a 98% survival rate.


However, it remains the second leading cause of cancer deaths among men because the current standard of medical care does little to support early diagnosis.


Title Source: https://zerocancer.org/learn/about-prostate-cancer/facts-statistics/

Early Diagnosis is the Key

The prostate is a complex and difficult organ to access and evaluate. So the current methods used for screening for prostate cancer are PSA and DRE. Both are non-conclusive. The followup is typically a blind biopsy and unfortunately, those are only approximately 50% accurate. Bot Image Inc is developing ProstatID, a patented artificial intelligence (AI) software that uses images collected with magnetic resonance imaging (MRI) to evaluate the prostate and identify cancer. This new technology is completely non-invasive, painless, and cost-effective. More importantly, we believe it we be far more accurate than any current method of prostate cancer detection.

"Prostate cancer screening and detection has changed little for the past 30 years despite the mountain of evidence pointing to the efficacy of superior technologies and futility of the old methods. Sadly, this has resulted in the unnecessary and premature deaths of countless numbers of men in the US alone."

- Dr. Randall, Jones, CEO & Founder of Bot Image

The inaccuracy of the current screening methods leads to negative findings even when real cancer is present

As these tests are not effective at detecting cancer at a reasonable statistical probability, they ultimately lead to persistent symptoms, worsening physical conditions, and growing cancers.


This causes significant physical suffering, very invasive medical procedures for addressing late stage cancer, and a high cost to individuals and the healthcare industry.

Men deserve better for their health

Prostate Cancer Not Only Costs Lives, It Costs the US Billions of Dollars

According to the American Urology Association, Prostate cancer costs the United States an estimated $11.5 billion every year. Medicare alone reports spending $1.2 billion over a three year period. These staggering figures only include the costs for medical care and does not account of the intangible costs of lost wages, caregiving, and even the funeral expenses patients and their families incur. We believe ProstatID will help reduce these high costs for patients, providers, and taxpayers.


By using ProstatID for the early detection of prostate cancer, physicians will be able to catch cancer earlier and provide more affordable treatment options. In fact, on average, the treatments available for early stage prostate cancer cost 2 to 4 times less than treatments available at more advanced stages. If adopted as the new standard of medical care, we believe ProstatID has the potential save the United States billions.

These Costs Aside, We're Saving Men's Lives

How ProstatID Changes the Paradigm

MRI has been shown to be the most accurate of all the current diagnostic methodsHowever, in the current standard of care, MRI is only used after other diagnostic media misses cancer. Meaning patients have had to go through three different invasive procedures before they can access the technology needed to achieve a truly accurate diagnosis. 


However, even though MRI has shown to be the most accurate diagnostic tool, the results are still very subjective based on the quality of equipment, skill of the MRI technologist, and the experience of the radiologist. With these limitations, the accuracy rate in the US falls between 60-70%.


We believe ProstatID will help overcome these issues, providing highly accurate reads regardless of these factors.

We believe ProstatID will completely revolutionize how prostate cancer is screened, removing many of the unnecessary, ineffective, and costly diagnostic steps. With ProstatID, we project that the new screening process for prostate cancer will become an annual MRI screening beginning at age 50 (40 for high risk individuals) in five simple steps:


                 Step One: The physician will prescribe a non-invasive prostate MRI for the patient


                 Step Two: The MRI will acquire the necessary images of the prostate in a quick, 20-minute scan


                 Step Three: The images of the prostate will then be uploaded to ProstatID's cloud-hosted platform almost instantaneously


                  Step Four: ProstatID's algorithm will segment the prostate and generate a probability map of cancer


                 Step Five: Radiologists will review and interpret this map and send the results to the physican


This new paradigm could potentially help patients avoid unnecessary digital rectal exams, multiple needle biopsies, and even radical prostatectomies--saving patients, pain, emotional stress, and money.


Accurate Results You Can Trust

We project that with ProstatID, if the results are negative for cancer, you can live your life with the confidence that you don't have prostate cancer. We believe our technology is not going to miss the cancer.


If the results are positive for cancer, we project physicians will see exactly the size and location of the cancer suspicious regions within the prostate and can therefore prescribe the most effective and manageable treatment regimen for your disease.

Our goal with ProstatID is to nearly eradicate false positives and false negatives

ProstatID: A New Diagnostic Paradigm

Development Stage

ProstatID is in the final stages of development before being introduced into the market at the beginning of Fall 2019. Our team of engineers and clinical advisors are currently importing new data sets from clinics around the country to improve the algorithm and finalize the integration with any MRI system. We've also begun the process of demonstrating our accuracy on a stastically-relevant number of patients for peer-reviewed publication and presentation to the urology and radiology communities. Finally, we are in the process of pursuing 510(k) clearance with the FDA by August 2019.

The Offering

Bot Image is offering $1,069,922 in Class B Common non-voting Stock at $15.75 per share at a pre-money valuation of $10,906,875. Minimum investment $504 (32 shares).


StartEngine Owner’s Bonus


This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.

Invest

$1,508 Off Installation


Invest $1,008+ and get $1,508 off your first installation

Invest

$3,016 Off Installation


Invest $2,016+ and get $3,016 off your first installation

Invest

$6,032 Off Installation


Invest $4,032+ and get $6,032 off your first installation

Invest

11% Bonus Shares


Invest $5,040+ and get 11% Bonus Shares. Plus get 25% off your first 50 scans and save $6,032 off your first installation

Invest

19% Bonus Shares


Invest $25,515+ and get 19% Bonus Shares. Plus get 25% off your first 50 scans and save $6,032 off your first installation

Invest

29% Bonus Shares


Invest $49,959+ and get 29% Bonus Shares. Plus get 25% off your first 50 scans and save $6,032 off your first installation

Invest

Installation and usage perks requires purchase of the software product, ProstatID, by licensed medical professionals or facilities. Bonus shares are available to all investors who purchase the requisite amounts shown.

Meeting an UnMet Clinical Need

We believe the market potential for ProstatID is massive. In the United States alone, this software can help 50 million men through annual screenings. Furthermore, for the 3.1 million men living with prostate cancer in the US, we believe ProstatID will offer physicians a mechanism for routine tumor monitoring and treatment efficacy.


ProstatID will be offered for an upfront installation cost, with a pay per click model based on facility utilization. This will allow physicians to utilize the technology to meet their unique local market demands. This model allows us to keep the overhead costs low for smaller independent facilities, while also creating creating a fair revenue structure for larger hospital groups.

We are developing ProstatID to interface with every make and model of MRI machine in the United States. Meaning our software will be compatible with the over 12,400 MRI machines in the United States alone when launched. Considering the existing growth market, there is a projected average of 4,000 prostate scans per year per MRI machine.


Our five year projected revenue is based on only capturing 0.6% of the entire available US market for prostate cancer screening with MRI. With scanning volume that amounts to 288,000 scans, or clicks, per year.

With Bot Image's cloud-based hosting platform and streamlined implementation and localization, we can also offer ProstatID's technology globally, helping millions of men across all continents. Plus, the baseline algorithm for ProstatID has the potential to be developed to address other pathologies in all anatomies. Currently, Bot Image is in the exploratory phases of investigating the technology for breast cancer, lung cancer, and COPD. The expansive variety of future clinical applications of Bot Image's technology make it a sound financial investment.


The Advanced Technology Behind ProstatID Explained

Offering high sensitivity, specificity, and anatomical penetration, MRI is the best diagnostic technology for detecting prostate cancer. However, despite the high quality and fast delivery of MRI imaging, the challenges of MRI interpretation lead to significant issues. Even the best trained radiologists with hundreds of cases studied miss cancerous lesions (false negative), under-estimate primary lesions (leading to inaccurate prognoses), and/or over-estimate or misinterpret (false positive) pathologies in the statistical range of 15-35% of the time. Therefore, MRI screening for prostate cancer has not been adopted as the standard of care.


We believe ProstatID will overcome this clinical hurdle by eliminating the visualization limitations of radiologists using complex, wholistic AI algorithms.


ProstatID's conceptual AI algorithm was first developed by code writers physicians at the National Institutes of Health (NIH). The algorithm overcomes the visual and cognitive limitations of humans by learning how to best interpret the MRI data. In other words, the program can assess visible features such as brightness and gray scale but also those invisible to the human eye such as pixel by pixel texture, 3D voxel texture, and infinite feature weighting testing and validation.


The first revision AI software platform of ProstatID was tested on 270 men with prostate cancer symptoms, leading to the findings published in the peer-reviews Journal of Medical Imaging (4(2), 024506 (Apr-jun 2017)). You can read their findings here:


Detection of prostate cancer in multiparametric MRI using random forest with instance weighting

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5467765/


Automatic magnetic resonance prostate segmentation by deep learning with holistically nested networks:

https://www.researchgate.net/publication/319229526_Automatic_magnetic_resonance_prostate_segmentation_by_deep_learning_with_holistically_nested_networks


This prototype technology was then exclusively licensed to ScanMed, LLC, a world-leading MRI technology company with over a dozen patents, including the world's first Prostate MRI antenna, the PROCURE, to develop and bring to market.


To date, ScanMed, dba Bot Image, Inc, has acquired over 1700 proprietary data sets, most with radiologists interpretations, segmented prostate gland image sets, pathology laboratory results, correlation data, and first-pass AI interpretations. This is the largest collection of data sets in the industry and will work to further improve the accuracy of ProstatID's AI image interpretation capabilities. ProstatID also seamlessly integrates into the radiologist workflow and we predict as more studies are interpreted the better the technology will become with the potential of our learning algorithm. 


In summary, ProstatID uses MRI (bpMRI and/or mpMRI) and AI to:


  • Eliminate the visualization limitations of radiologists using complex holistic learning algorithms.
  • Facilitate screening at low cost and high accuracy by delivering significant throughput improvements.
  • Provide precision diagnostics and cancer targeting for follow-up exams.
  • Integrate into physician work-flow for added efficiencies.
  • Significantly improve physician confidence, accuracy, credibility and can lower physical and care provider liability insurance premiums.


ProstatID is an easy-to-use software interface for post processing MRI using cloud based computing, radiology/urology work-station integration, and AI image interpretation to provide highly accurate prostate cancer diagnostics.


Help Us Save Lives

Invest in a Medical Breakthrough

With 1 in every 41 men dying of prostate cancer every year, it is imperative we change the standard of care to focus on early diagnosis. We believe ProstatID will do just that. By utilizing the latest technology, we can significantly reduce the negative impact of prostate cancer.


However, Bot Image needs your support to help bring our life-saving technology to market. Our peer-reviewed, highly-accurate technology can help millions of men and with our cloud-based platform we bring this product to market fast and effectively pending FDA clearance.


Invest today with as little as $504 and you can start saving lives.

In the Press

Journal of Medical Imaging

Detection of prostate cancer in multiparametric MRI using random forest with instance weighting

Journal of Medical Imaging

Automatic magnetic resonance prostate segmentation by deep learning with holistically texted networks

Offering Summary


Company

:

Bot Image, Inc.

Corporate Address

:

9840 S 140th St, Ste 8, Omaha, NE 68138

Offering Minimum

:

$9,985.50

Offering Maximum

:

$1,069,992.00

Minimum Investment Amount

(per investor)

:

$504.00











Terms


Offering Type

:

Equity

Security Name

:

Class B Common - non-voting

Minimum Number of Shares Offered

:

634

Maximum Number of Shares Offered

:

67,936

Price per Share

:

$15.75

Pre-Money Valuation

:

$10,906,875.00











*Maximum subject to adjustment for bonus shares. See Bonuses below

Investment Incentives

  • Invest $1,008+ 
  • Save $1,508 off your first installation 
  • Invest $2,016+ 
  • Save $3,016 off your first installation 
  • Invest $4,032+ 
  • Save $6,032 off your first installation 
  • Invest $5,040+ 
  • Get 11% more shares through bonus shares 
  • Get 25% off your first 50 scans 
  • Save $6,032 off your first installation
  • Invest $25,515+ 
  • Get 19% more shares through bonus shares 
  • Get 25% off your first 50 scans 
  • Save $6,032 off your first installation
  • Invest $49,959+ 
  • Get 29% more shares through bonus shares 
  • Get 25% off your first 50 scans 
  • Save $6,032 off your first installation

The 10% Bonus for StartEngine Shareholders

Bot Image, Inc. will offer 10% additional bonus shares for all investments that are committed by StartEngine Crowdfunding Inc. shareholders who invested over $1,000 in StartEngine's own offerings.

StartEngine shareholders who invested $1,000 or more in any StartEngine offering will receive a 10% bonus on this offering. This means you will receive a bonus for any shares you purchase. For example, if you buy 10 shares of Class B Common Stock at $15.75 / share, you will receive 11 Class B Common Stock shares, meaning you'll own 11 shares for $157.50. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% bonus is only valid for one year from the time StartEngine Crowdfunding Inc. investors received their countersigned StartEngine Crowdfunding Inc. subscription agreement.

Irregular Use of Proceeds

The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Inter company debt or back payments.

Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$62,661.00 USD
USD
Cash And Cash Equivalents
$137,814.00 USD
USD
Accounts Receivable
$0.00 USD
USD
Short Term Debt
$0.00 USD
USD
Long Term Debt
$0.00 USD
USD
Revenues And Sales
$0.00 USD
USD
Costs Of Goods Sold
$0.00 USD
USD
Taxes Paid
$0.00 USD
USD
Net Income
-$78,528.00 USD
USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

Bot Image Begins Preparations For The Clinical Study

23 days ago

Bot Image has recruited our Clinical Study Physicians, our Clinical Study Data Manager and Statistician, and an Acting CFO.  The Clinical Study is the integral component of the FDA submission and we expect to begin before month’s end.

Notice of Funds Disbursement

25 days ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Bot Image has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Bot Image be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Bot Image Begins The Process To Acquire MRI Biomarker AI Software

about 2 months ago

We are pleased to announce that we have signed the option for a world-wide exclusive license with Oregon Health Sciences University of their incredible discovery, a MRI biomarker (activity MRI explained in the attached Tech Pub NCS Tech 2346) that is claimed to have the potential to identify any and all specific tissue types of the human body including cancers. This is huge and once validated, could be the diagnostic game-changer of the century. We are finalizing the deliverables and licensing fee structure for this over the next couple of weeks before final execution.  

Bot Image Licenses Prostate Cancer Software And Data Sets From UCLA

about 2 months ago

We are excited to announced that after several months of negotiations, Bot Image won the exclusive license for UCLA's prostate cancer AI software and data sets on September 13. 2019. This complementary software and large data sets will not only help make the ProstatID become more robust, locking this technology in also prevents potential competitors from taking it so we’re very pleased to have these on deck. 


Learn more about this software here: http://newsroom.ucla.edu/releases/artificial-intelligence-radiologists-detecting-prostate-cancer

Bot Image Has Completed Its First Pilot Study With Great Results

about 2 months ago

In August, Bot Image conducted its first pilot study to test the accuracy of ProstatID against a small group of experienced and trained radiologists. We are happy to report that we have completed the review of the data and ProstatID out-performed these seasoned radiologists and the algorithm has already shown to be improving over time. The results of this pilot study will be part of our upcoming FDA submission.

Notice of Funds Disbursement

2 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, Bot Image has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Bot Image be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Bot Image Begins FDA Clearance for ProstatID

2 months ago

This week, Dr. Jones the CEO of Bot Image had a productive phone conversation with the FDA about the clinical study for our FDA submission. 

Notice of Material Change in Offering

2 months ago

[The following is an automated notice from the StartEngine team].

Hello! Recently, a change was made to the Bot Image offering. Here's an excerpt describing the specifics of the change:


Extended length of campaign.


When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.

Bot Image Begins Final Clinical Review Prior to FDA Submission

3 months ago

This weekend, Bot Image brought in three new subject matter experts from around the country to join our clinical advisory team in the review of our data sets. These three renown radiologists met at BotImage's sister company FirstScan, a dedicated prostate cancer MRI facility, and evaluated test cases to compare results and accuracy. This is the final step before ProstatID is submitted for FDA review. 

Bot Image Secures Another $100,000 Investment

4 months ago

On July 26,2019, Bot Image secured another $100K investment of the initial offering of $1.5MM initial offering. These funds will be used to hire more staff to support the development team.

Bot Image Secures $250,000 Investment

4 months ago

On July 12, 2019, Bot Image secured a $250,000 capital investment of the initial $1.5MM offering available to accredited investors.  These funds will assist the Bot Image team in collating and drafting the FDA 510(k) submission for ProstatID™ which is now in-works.  

ProstatID Begins Case Study Review

4 months ago

The software engineers at Bot Image have finished training the underlying algorithm of ProstatID and have submitted case studies to be reviewed by our clinical partners. Once these studies have been approved by our clinicians. We predict these case studies will be complete by the end of July, at which time, they will be submitted to the FDA for clearance to bring ProstatID to market.

Bot Image Will Be Showcased At AHRA 2019

4 months ago

Bot Image will be exhibiting at AHRA, the leading conference for radiology healthcare administrators, from July 21-24 in Denver, Colorado. 

 

Radiology professionals are invited to join Bot Image at Booth 1618 to gain insights on how to transform their prostate cancer screening with ProstatID. We will be looking for beta testing sites, research partners, and future clinical clients looking to be on the forefront on medical technology. 

Show More Updates End of Updates

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