翻譯公司資訊

世聯翻譯公司完成生物傳感器專業領域英文翻譯

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NeuroSky is an innovation leader in biosensor and algorithm technologies, operating at the intersection of the growth markets of wearable technology and mHealth. By extending its business beyond brainwaves to the tracking and measurement of biosignals of the entire body, we are growing our value as a critical enabling technology for the wearable and mHealth devices of tomorrow.

1 Company Overview

Founded in 2004 and commencing operations in 2006, NeuroSky (the Company) is a privately-held, Silicon Valley headquartered company with a presence in Asia and Europe. It is at the forefront of body and mind monitoring and analysis. Its biosensors and algorithms are at the core of innovative, wearable technology products. NeuroSky makes it possible for millions of consumers to capture and quantify critical health and wellness data so that they can effectively understand and manage their mind and body health.

Our core business philosophy is driven by:

MISSION – NeuroSky is innovating with biosensor solutions that monitor body and mind performance.

VALUE PROPOSITION – NeuroSky wearable biosensor technologies capture, quantify and reveal unique health and wellness insights. We provide millions of users the ability to manage and track their body and mind by using a variety of wearable technology products.

STRATEGY – We build “NeuroSky Enabled” platforms with wearable biosensors and algorithms that are at the heart of wearable technology products in the high growth vertical markets such as health and wellness.

1.1 Complete Biosensor Solution Suite

NeuroSky is a core technology company. The primary corporate vision is realized in a platform product strategy where partners, expert in their vertical areas, integrate NeuroSky biosensors, algorithm and hardware with the partner’s final product. This allows NeuroSky’s technology to be deployed by partners in many markets and across many industries, in a cost-effective manner.

NeuroSky’s core technology solution suite includes advanced biosensors, interpretive algorithms, big data analytics and reference designs.

1. Advanced Biosensors

NeuroSky designs and markets sensor components (chips, modules) that enable enterprises and OEM/ODMs to create biosensor-enabled products for their product portfolio, or for their end-customers. NeuroSky sensors come in ASIC or module forms. They offer low cost pathways for high volume, B2B customers to integrate biosensors into a new or existing peripheral, platform or other form factors. Our biosensors have been designed into consumer products such as smartwatches, wristbands, mobile device accessories, headsets, and more.

Our biosensors include the following offerings:

Mind Biosensor (EEG):

Single-channel bio-signal chip that senses electrical bio-signals from brainwave (EEG). It is a dry sensor that passively senses and outputs a person’s raw EEG waveforms, and can be coupled with our interpretive consciousness, performance, and emotion algorithms (see Sample Mind Algorithms below). The mind biosensor can also be used to sense muscle (EMG) and eye movement (EOG) signals.

Body Biosensor (ECG):

Single lead, ECG component, dry sensor that passively senses and outputs a person’s raw ECG waveforms, and can be coupled with numerous interpretive cardio algorithms. At 3mm x 3mm, it is the smallest full SoC solution current available in the market, ideal for integration into wearable devices.

Blood Pressure and other biosensors (future launch):

NeuroSky continues to innovate with the aim of broadening our portfolio of sensors, to revolutionize the mobile health industry. For instance, blood pressure monitoring without pressure pump, is one of the advanced technologies on our product roadmap.

Capacitive Biosensor:

In addition to contact-based sensors, NeuroSky also has contactless sensors under trial for mass deployment. Contactless (or capacitive) sensors provides valuable integration opportunities for automobiles for instance, where there’s the need for convenient, yet non-contact biosignal sensing.

2. Interpretive algorithms

NeuroSky’s biometric algorithms provide interpretation to output from NeuroSky sensor enabled devices. Our algorithm may be customized and sold independently to work with non-NeuroSky sensor enabled devices.

Some of our current algorithms include:

Sample Mind (EEG, etc.) algorithms:

Attention Meditation Mental effort Familiarity Appreciation

Sample Body (ECG, etc.) algorithms:

Heart rate

Heart rate variability Heart rate recovery Respiratory rate Stress

Algorithms are a major part of NeuroSky’s core technology suite that sets it apart from pure chip design houses, who do not have the capability to develop their own algorithms to work with their chipsets. NeuroSky’s algorithms were developed either by our in-house data science team, or were developed in collaboration with many universities and leading institutions based on years of research and data collection. Our data science team is comprised of seasoned scientists from leading institution in the fields of Cardiology and Neuroscience such as Harvard, Columbia, and Stanford University. The algorithms are what truly distinguish NeuroSky from pure chip design houses, who do not provide algorithms.

3. Big Data analytics

Once data is collected via either NeuroSky enabled, or non NeuroSky enabled devices, NeuroSky can provide analytics to data collected, whether on an individual (e.g. analyzing an individual’s heart rate variability trend to give an indication of one’s general heart health movement) or population level (e.g. analyzing the stress level among production line workers at a large manufacturing site). We believe data analytics is one of the key differentiators in the highly proliferated wearables market today. The capability to not only conveniently and accurately captures data, but to quantify and provides actionable insights is where we believe the real value of our data analytics lies.

4. Wearable device reference designs

NeuroSky’s seasoned engineering team, comprising hardware, mechanical, firmware, software and design engineers are experts at incorporating our biosensors and interpretive algorithms into wearable device reference designs. On the

body side, we created several form factors to address the broad and growing mobile health and wellness tracking market, including wristband, key fob, and phone case. Similarly, on the mind side, we started with headset type reference design to address the needs of the cognition, learning and research markets, and later on to better address the wellness and performance enhancement markets, we are creating headband type peripheral with soft fabric.

With these reference designs, we:

• Demonstrate to customers such as large consumer electronics companies and OEMs how to integrate our chips into different form factors, hence creating chip design-in businesses for us, and allowing faster time to revenue.

• In limited instances, we would sell these reference designs as an off-the-shelf, NeuroSky-branded device channeled directly to the consumer and sold either as a stand-alone product or operating in conjunction with a plethora of independent, third-party developer applications, so that individuals or independent developers would also have the opportunity to experience our technologies.

• Seek OEMs or other customers to acquire our creation and brand it under their name.

• Seek and motivate software developers to design apps that work with our designs, so that it creates an ecosystem of its own. For example our Mindwave Mobile is still driving by far the largest ecosystem of consumer EEG applications to date. For third-party developed applications, they may cover industries beyond our key focuses, for instance medical sub-markets such as pain management, and gaming and entertainment.

NeuroSky also provides design consultancy resources for those customers hoping to create customized products, for instance consumer wearable devices, with single, or combinations of NeuroSky sensors in them.

Once the project is awarded, NeuroSky will work with ODM of the customer’s choice, or select an ODM ourselves. NeuroSky will then collect consulting fees based on project scope.

1.2 NeuroSky Product Technology Roadmap

NeuroSky enables wearable technology product innovation with non-invasive, contactless, constant biosensing to accelerate new form factors and greater value health and wellness metrics. Its biosensors create new ways to easily capture vital biosignals like never before.

Non Air Pump Based Blood Pressure

Contactless

Sensors

Smarter Sensor

Enabled Wearables

Diverse Health, Wellness &

Fitness Wearables

ECG & EEG NOW 2016 2017

1.3 Marketing Opportunities

NeuroSky is well-positioned to take advantage of the strong momentum of Quantified Self and the Internet of Things (IoT) movement, leveraging its unique capability of providing innovative biosensing solutions to enable the health and wellness tracking element of these movements.

IoT, the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment, according to Gartner, will generate incremental revenue exceeding $300 billion, mostly in services, by 2020.

Gartner forecasted that “IoT will facilitate new business models, such as usage-based insurance calculated based on real-time

driving data. It will also support a large range of health and fitness devices and services, combined with medical advances, leading to significant benefit to the healthcare sector. Emerging connected sensor technology will lead to value creation in utilities, transportation and agriculture. Most industries will also benefit from the generic technologies, in that their facilities will operate more efficiently through the use of smart building technology.”

In order for connected devices to collect, and transmit as many varieties of

meaningful data set as possible, including bio data, NeuroSky’s solution is an essential enabler, whether it’s sensors on wearable devices, inside vehicles (e.g. on car seat

or steering wheel), or on smart home appliances for collecting and transmitting cardio health data.

Besides connectivity, the other critical element for realizing true IoT is to link, correlate, and make sense of the massive amount of data being collected, namely Contextual Awareness (ubiquity computing), for instance, using wearables to provide ‘context’ not available natively on smart phones, and make these smart devices even smarter. With NeuroSky’s sensor technologies and design form factors, coupled with its interpretive algorithms and analytics, it is capable of providing a variety of ‘Awareness’, including, but not limited to, Health, Wellness, Performance, Emotion, and Identity.

Below are a few examples of how NeuroSky envisions the near future, brought forth by its technologies towards IoT and Contextual Awareness:

Primary Focused Segments

NeuroSky’s solution enables primarily health and wellness tracking-oriented functionalities, which generate most notably two broad groups of use cases:

(1) Body health and wellness tracking (e.g. Cardio health), and (2) Mind health and wellness tracking (e.g. cognition, learning, and performance). These two broad groups of use cases in turn create business opportunities in a wide variety of verticals for NeuroSky. Representative examples include:

• Wearable and mobile devices for mHealth – for general health-conscious consumers and corporations

• Learning effectiveness and training aid – for students, athletes, or people in any other professions looking to improve their learning results or performance on certain tasks

• Game-based treatments – for children or adults looking to improve on certain mental or cardio conditions in a both non- medication-based and entertaining way

• Automotive – for biosensors-embedded smart vehicles

• Home appliances – for biosensors-embedded home appliances

The above verticals, as well as any others which will benefit from additional reference data points through biofeedback, can be potential target end users of NeuroSky.

To reach these broad set of vertical markets, NeuroSky leverages its business model as a core technology company to provide tools for partners and third-party developers to leverage NeuroSky’s reference designs, as well as create their own innovative products that access data delivered from NeuroSky enabled devices.

Our solution enables some of the most revolutionary features today for mobile health tracking. These features help reshape this multi-billion dollar market, whether it’s tracking of one’s cardio health from the wrist, mental wellbeing, or even pain monitoring from the forehead via simple headwear. Never before can some of the most important metrics instrumental to one’s health, such as ECG, heart rate variability, and EEG be tracked in an easy, non-invasive, and consumer friendly way.

Preventative care has become a major policy focus throughout the world. In most countries, cardiovascular disease and stress are leading health killers. Exploding health care costs coupled with aging populations, poor diet and exercise habits, and other negative lifestyle influences (alcohol, smoking) are pressuring governments to take action before the problem spirals out of control, adding burden to employers, insurance companies, and society as a whole.

According to various market studies by institutions such as Gartner and Allied Market Research, the mHealth industry market size is projected to be over $20 billion by 2017. A subset of this market, the home-use blood pressure monitor market for only North America and Europe, is a $1+ billion market. As a key enabler of this industry, the wearable personal health and fitness devices is projected to be a $5+ billion market by then. Hence the growth potential of this sector is truly vast.

Strategy and Target Customers

In recent years leading consumer electronics companies are actively establishing their own mobile health tracking platforms, with the likes of Samsung, with its Gear Fit and Galaxy S5, coupled with their S Health application, and Apple, with its Apple Watch and HealthKit application. One of NeuroSky’s main goals is to enable these industry giants to capture the most relevant biosignals technologically possible.

Besides large consumer electronics companies such as the ones above, NeuroSky actively enables other key players including but not limited to mobile carriers (e.g. SoftBank) and Internet platform powerhouses to establish and own their proprietary ecosystems. The data in the ecosystem is of immense value not only on the individual level (for individual’s health and wellness tracking), but also on the B2B level for entities such as large corporates, health insurance companies, and government.

Examples brought forth to NeuroSky by our partners include 1) a nationwide railway company looking to track the stress and drowsiness level of conductors, 2) large ODM looking to track the stress level of individual production line’s workers,

3) local governments looking to track the implied air quality through heart rate variability-derived respiratory rate of a population, and 4) school looking to track the students’ concentration and apprehension level during class, through EEG devices and algorithms.

1.4 Financial Forecasts

NeuroSky’s revenue has experienced rapid growth in recent years, benefiting from the trend of increasing interest and demand in biosensor-enabled products, particularly in wearable devices. The Company’s fiscal year-end is March 31.

Revenue growth will be driven by executing our product roadmap to include a newer and wider array of biosensors, which can address more and more verticals, and development and stimulating ample consumer applications. We forecast more partnerships, such as with mobile carriers and Internet platform companies; product design- in; and technology licensing opportunities, that will also help drive revenue growth.

The current forecast implies an approximately 52% CAGR in revenue from FY15 to FY21, reaching $163 million by FY21.

5-year forecast financials

2 Company Background

A functionally balanced human being requires a healthy body and mind. NeuroSky has been the only company with the technology to monitor, and interpret signals from both body and mind, and the company strives to maintain this edge.

Founded by professionals with deep expertise in areas of neuroscience, signal processing, and semiconductor and hardware design, NeuroSky created the first single-channel, consumer-focused brainwave sensing device in 2006. This business focused on the capture and interpretation of biosignals for consumers. In the early days, NeuroSky received most traction around brainwave-based applications for learning effectiveness, training aids, and entertainment. Since 2012, the team further expanded its competency in biosignal capturing and interpretation to build up cardio-based solutions, and with these has since gained traction in the mainstream wearable and mobile device industry.

NeuroSky’s products can be segmented into two groups: the Body and the Mind. The Body Business encompasses all business activities derived from NeuroSky’s Body biosensors (e.g. cardio ECG, blood pressure). The Mind Business encompasses all business activities derived from the Company’s Mind biosensors (e.g. brainwave EEG). In the following sections, the core technologies, business models, and target markets of each will be discussed individually.

BODY BIOSENSORS

Heart. Health. Performance.

MIND BIOSENSORS

Understand the mind. Unleash its power.

3 BODY Business Overview

The early generations of mobile and wearable activity trackers provided no actionable insights into one’s health. This trend has begun to change, albeit very slowly without real health tracking features which consumers and health professionals alike will find useful and compelling.

NeuroSky’s mission is to continue to develop cutting-edge biosensors that sense different vital biosignals, to bring the collection, monitoring, and interpretation of key signals that matter the most to a person’s physical and mental wellbeing into their everyday life for self-referencing, as well as sharing with their doctors.

According to a recent survey done by PwC,

• 31% of consumers said they would be willing to incorporate an application into their existing cell phone or smart phone to be able track and monitor their personal health information

• 40 % of consumers would pay for a remote monitoring device and a monthly subscription that would send data automatically to their doctor health information such as heart rate, blood pressure and weight

All these will not be possible without appropriate technology that enables tracking easily and inexpensively.

3.1 BODY Technology

3.1.1 Core Technology

CardioChip for ECG sensing

CardioChip is a flagship product of NeuroSky. It is currently the smallest System-On-Chip (SOC) in the world for ECG sensing, allowing it to be integrated into wide variety of consumer devices, bringing the possibility of collecting raw ECG waveforms, as well as its many derived cardio health metrics outside of medical facilities and into consumers’ daily life.

Background of NeuroSky ECG sensing Technology

Although ECG-sensing technology has been around for a long time, its use was limited to hospitals, clinics and medical practitioners. Only recently the advances in technology have made it possible to deploy it for personal use. A major challenge in measuring ECG is the sensitivity and noise rejection capability required to obtain a clean signal, given that the ECG signal that can be obtained from arm/leg is very weak and in most cases the ambient noise due to AC, power lines, muscle movement, etc., can be orders of magnitude larger. These problems have been solved by a combination of advanced chip design and sophisticated signal filtering and processing algorithms. NeuroSky has been leading the charge on both of these fronts which has enabled us to offer compelling solutions in this space and offer the benefits of these advanced technologies to individuals.

For monitoring and health and wellness tracking purposes, a minimum of 2 electrodes is required to measure the electrical signal from the left and right side of the heart. Sometimes an optional third electrode is used as a reference. This type of ECG is normally referred to as Lead 1 ECG, and although it does not contain enough information to be used as a diagnostic tool, it contains sufficient information which can be used to accurately calculate several parameters that are indicative of overall heart health. The monitoring and analyzing of long term trends on these parameters allows the information to be used for providing extremely valuable feedback to the user regarding their overall heart health, and an indication of whether it is improving or deteriorating over time, so that the user can make lifestyle and/or diet changes to improve it further.

CardioChip Description and Key Differentiators

NeuroSky CardioChip BMD101 (3mm x 3mm)

The CardioChip sensor (BMD101) is composed of two dry electrodes coupled to a silicon chip or module that performs noise filtration and A/D conversion tasks to obtain an accurate, raw cardio signal. The sensor is made up of two hardware elements:

1. Dual electrodes

The dual electrodes can be built into a peripheral (e.g. key fob, cell phone case) or directly integrated into a remote platform (Smartphone, tablet, laptop, PDA) and function to collect single-lead cardio data from the user’s fingertips.

2. Silicon chip (or module)

The silicon chip is similarly built into the peripheral or remote platform. Its function is to collect the raw data output by the electrodes, filter out noise and artifact, and digitize the analog signal. In the case of a peripheral, the digital signal is then made available to the peripheral’s data communication transmitter of choice (e.g. USB tethered, Wifi, Bluetooth, etc.) to send the data stream to a remote platform.

CardioChip Key Differentiating Factors

• Industry’s First and currently the Only Single chip solution optimized for delivering reliable heart Health and Wellness metrics

• Smallest footprint, Lowest Power, Lowest Total cost solution

• Medical-grade accuracy

• 98.55% fidelity when tested against BioPac 1-lead wet ECG (CardioChip used dry sensors)

• Wide array of corresponding Algorithms and Applications

To summarize, CardioChip is a complete and ready-to-use solution that enables for:

• Least amount of external passive components required (lowest BOM)

• Shortest time to market

• Creation of truly differentiated products

3.1.2 Algorithm Library

Algorithms are a major part of NeuroSky’s core technology suite that sets it apart from pure chip design houses, who do not have the capability to develop their own algorithms to work with their chipsets. NeuroSky developed algorithms allow the interpretation of complex biosignals into simple and insightful information that the general public will understand, and find useful.

The algorithms receive the digitized cardio signal transmitted via the CardioChip sensor and “interpret” the data according to the definition and purpose of each algorithm. Any software application may then use the outputs of each algorithm for its own purposes. A given algorithm’s output may be delivered directly to the user (consumer facing) or utilized as a building block(s) to create higher-order algorithms.

Algorithm Description

Heart Rate

• Instantaneous Heart Rate calculated beat-by-beat based on successive R-peaks in ECG

Heart Rate Recovery

• Calculated from instantaneous Heart Rate

• Key Health Metric- Measures how fast the heart rate slows down and returns to normal from peak after finishing exercise

Heart Rate Variability (HRV)

• Viewed by most experts as the most important Heart Fitness Metric

• Trending up/downward over time intimately reflects cardio health improvement/degradation

• Robust Algorithm provides reliable readings even in the presence of noise

• Accurate calculation of HRV is only possible with ECG based technology

Stress

• Scientifically validated – correlated to measured cortisol levels

• Short term and long term indicators

• Short term – enables correlating and tracking to specific events that cause short periods of either low, moderate or high stress

• Long term – enables users to identify lifestyle changes needed to improve their stress and health

Respiratory Rate

• Based on one minute ECG recording

• Measures how users average respiration rate changes over time as indication of possible health changes

• Normal involuntary breaths only, not meant for special/intentional breathing patterns (e.g. after workout, intentionally slowing breaths, etc.)

Heart Age

• Uses HRV to present a person’s heart fitness in a more relatable manner – how old they appear to be based on their hearts current level of fitness

• Intended to act as motivator to make lifestyle changes and improve health

Mood (entertainment-use)

• Indicates current Mood on a scale of 0 (Calm) to 100 (Tense/Excited)

• Not as a health diagnostic tool

Personalization (limited use cases)

• For use as identification of an individual from a group of up to 4 people

• Enables multiple users from same tracking device - Not for Authentication

HeartSparks™ (entertainment-use)

• 2 people hold hands – HeartSparks measures how strong the 2 heart signals flow through each other’s body – stronger makes a better match

• Only possible with ECG, not with PPG

• Enables highly social applications

3.1.3 Reference Designs

LifeBeat Wristband Health & Activity Tracker

LifeBeat demonstrates how to integrate CardioChip with activity tracking features into a small, comfortable, and fashionable wristband device.

Several mobile carriers have already been working with NeuroSky on integrating LifeBeat into their health and wellness tracking platforms. A detailed description of this business model can be found in Case Study in Section 3.2.

LifeBeat contains NeuroSky’s proprietary CardioChip (BMD101) as well as an accelerometer, OLED display, vibration motor, rechargeable battery, memory and a microcontroller packaged in a wrist-band form factor with flexible rubber arms in multiple colors that provide a comfortable and stylish fit.

An open SDK on Android/IOS platforms in addition to a library of advanced health and fitness metric algorithms enables the OEM/ODM/solution provider to rapidly customize the product and integrate the new capabilities in to their existing health/ fitness/wellness offerings.

Integrated ECG – Unmatched Health/Fitness Tracking

The key benefit provided by LifeBeat that differentiates it from other wearable activity trackers in the market is the integrated full ECG capability which enables highly valuable health and fitness metrics such as Heart Rate (HR), Heart Rate Variability (HRV), Heart Rate Recovery (HRR) and accurate Stress tracking.

Since the trending of these metrics are proven as meaningful over a period of time, LifeBeat provides a compelling user engagement model, as the value of data and analytics provided by this solution to the user increases over time, enabling sticky subscription-based health and fitness tracking services.

Convenience and Ease of Use

LifeBeat users can have all the health and wellness tracking benefits simply by wearing the wristband and measuring ECG/HRs several times a day.

Sample End User Dashboard for LifeBeat; enabling activity and cardio health tracking

Pelican Keychain Health Tracker

Observing the demand from our existing and prospective customers for a simple, small, inexpensive keychain type device, which can serve as a pure miniature cardio health monitor/data collector and sense raw ECG waveforms, or ECG with additional pedometer based features, NeuroSky created another reference design for its Body business – the Pelican keychain health tracker. The Pelican is a derivative of the LifeBeat wristband, which is positioned to be a simpler, less expensive, more universal device.

Given the keychain design is less susceptible to style preference changes compared to wrist-worn devices, plus it is even more common of a form factor for any consumers or health professionals, the device is generating appeal to both NeuroSky’s current customer groups (e.g. existing ODM/ODM, carriers), and shall be broadened to the healthcare community as well (e.g. at health check stations, emerging markets, giving out by physicians to monitor patients’

ECG over time).

At a relatively low (target at the $25 ~ $40 range) price point, the device is suitable particularly for the emerging markets such as India, where ease of access to physical healthcare facilities are highly uneven, hence an accessible device for enabling telehealth is in great demand.

Once formally productized, NeuroSky will submit the Pelican to FDA for approval.

3.1.4 Future Technology Roadmap

Next Generation CardioChip

NeuroSky is building on the expertise gained with the first generation CardioChip (BMD101) and designing the next generation CardioChip (BMD200) with the aim of expanding the market and integrating more easily in to target wearable systems.

Key enhancement of BMD200:

• More flexible interfaces

• Further improved signal quality and noise filtering

• Further improved power consumption

• R-R interval output in addition to HR and ECG

BMD200 will offer an upgrade path to BMD101 and allow for expansion into medical-focused markets where ECG signal quality is even more critical. It will also enable easier integration into wearable devices by offering industry standard interfaces such as I2C and SPI in addition to UART. Moreover, these additional features have been incorporated in the same small footprint as BMD101 (3mmx3mm).

NeuroSky aims to enable customer products with BMD200 embedded to become FDA approved, in order to extend its appeal to the medical community.

Single-Hand Heart Rate/Heart Rate Variability + Non Air Pump-based Blood Pressure Prototype

One of the most highly anticipated technologies being developed by NeuroSky. The prototype is set to debut at CES 2015. NeuroSky’s upcoming Blood Pressure sensing solution is based on a revolutionary technology. With this technology:

• The need for a pressure pump for blood pressure sensing is eliminated, allowing the creation of truly wearable and consumer-friendly form factors

• More importantly, it enables continuous blood pressure measurement

NeuroSky is working on shrinking the current technology’s footprint into a small module, and further on to a chip in 2015. NeuroSky has a proven record in achieving this with its 1st generation ECG CardioChip BMD101.

In addition, the same device enables single-hand Heart Rate and Heart Rate Variability measurement, which will be a solution superior to the now commonplace pulse oximetry-based solution. The combination of blood pressure and single-hand heart rate measurement on a single wearable device is set to redefine the world of 24-7 health monitoring.

3.2 BODY Business Model and Existing Tractions

Inspired 3rd Party Design-Ins

Chip & Reference Designs

Reference Designs Nurtured B2B Partner Projects*

Illustration of NeuroSky, Body Business Model (*The listed names are purely for illustration purpose)

Businesses from Chip Design-ins

NeuroSky’s goal is to develop, and proliferate its biosensors into different wearable and mobile devices. The Company is successfully moving towards that direction.

The first use was Coolpad 9960 in 2012. NeuroSky’s CardioChip (BMD101) was integrated into its back cover, providing live ECG streaming, Heart Age indicator, and health tips. Following this, BMD101 continued to be designed into other leading consumer electronic brands’ various form factors. For example, in 2013, it was designed into Smartwatch by Toshiba and Switzerland premium watch maker – Aerowatch. The watch illustrated the innovative concept of using the back of the watch and the watch’s dial as ECG sensors, achieving minimal disturbance to the watch’s look, making this distinctively live ECG streaming feature suitable even for the traditional premium watch category.

2014 has been an important milestone for NeuroSky, with several highly significant design-ins including:

• Jaybird Reign: NeuroSky’s entry to the consumer activity and health tracking wristband device. Winning the Engadget CES 2014 wearable award

• ASUS ZenWatch: A signature smartwatch design-in by a Tier 1 consumer electronics brand. The smartwatch was debuted at IFA Berlin 2014

• Major wireless chipset design house reference design: NeuroSky’s BMD101 was built into the design house’s own reference design phone, together with all its signature communications and display modules, and will soon be offered to all major ODM/OEM around the world

Qualcomm Reference Jaybird Reign ASUS ZenWatch Design Smartphone

NeuroSky BMD101 and algorithms together offer distinct value-added features, such as HRV, Stress, ECG streaming for these wearable devices.

There were several other design wins, with a larger percentage concentrated in the Asian market, and have more diverse use cases, for example a watch for the elderly (with GPS tracking and fall detection features), and a belly belt for infants for detecting general heart health trend.

inWatch HiWatch CityEasy Smartwatch Yunho Hellofit Cardio Patch

A major target customer and partner base: Android Ecosystem

NeuroSky has devoted much of its attention on developing a customer base within the Android ecosystem. Nielsen forecasted that by 2017, Android-based smart devices will maintain its dominance with 64% share of global shipment.

Looking forward to the growth momentum of Android Wear, which shall play a key role in defining the future smart device ecosystem, NeuroSky is already interacting with a large portion of the companies identified as Partners of the

Android Wear ecosystem, either being designed into final products or as reference designs.

Going forward NeuroSky’s goal is to:

• Design into more consumer electronic products, and secure more strategic partners.

• Design into more product categories, for instance, mobile and home care health monitoring device and event recorders targeting the home care, remote monitoring and telemedicine sectors. Two other markets where NeuroSky has seen traction, and is actively engaging with are Automotive and Smart Home Appliances. Sample potential customers of this category include Volkswagen, Renault, Bosch, and Nissan. By integrating biosensors into cars for example, data collected from the drivers will have high reference value for both drivers and auto companies and beyond.

Illustration of Cardio and Brainwave sensors integration into vehicles

Businesses from Reference Designs

While the Company generally uses reference designs to seed the market, it also proactively seeks suitable opportunities to directly monetize them, either seeking adoption by consumer electronics brands (sold as a white label product to them), or through partnership projects. For the Body business, NeuroSky only targets B2B opportunities directly, for example with mobile carriers, where NeuroSky will jointly develop a full solution with these partners, to enable these partners to own a complete (health & wellness tracking) platform, then create an ecosystem around it (see Case Study below).

NeuroSky’s Mind business (which the plan will later describe), due to its novelty and lack of sizeable and mature distribution channels, sells B2C directly in limited instances, in addition to its main B2B focus.

Case Study: Carrier Health & Wellness Tracking Platform

NeuroSky has been working with B2B partners such as mobile carriers on building mobile health & wellness tracking platforms, based on our wristband reference design. The chart below illustrates the business model for most of these projects.

NeuroSky receives income streams from not only device sales, but also from co-developing or consulting on the end user related cloud functions, for instance, data analytics on a single user, or group/population level cardio health trend.

NeuroSky aims to co-develop and co-market a gold standard ecosystem for subscription-based mobile health & wellness in each region. Key components of the ecosystems include 1) mobile health & wellness tracking devices (e.g. wristbands),

2) user-end smartphone apps, and 3) cloud based apps/services.

Sample Structure of NeuroSky – Mobile Carriers Collaboration Model (‘NS’ – ‘NeuroSky’; ‘MC’ – ‘Mobile Carrier’)

The benefit for NeuroSky partners such as carriers for owning such an ecosystem are multiple:

• By distributing their own device and ecosystem, carriers will be able to own the data generated by these devices, which can help generate long-term profitability, as opposed to only being another reseller of existing branded devices such as FitBit, Misfit, or Gear Fit, and only earning margins on device resell.

• Enables major partnership opportunities and strategies, which are not possible without ecosystem control

• By controlling the ecosystem, carriers will be able to profit similar to major ecosystem owners such as Apple, and given their ability to tailor the ecosystem to unique regional needs and regulations, carriers may have advantages over the OEMs

• Creating new revenue streams and grow subscriber count and ARPU

• Revenue streams coming from not only B2C subscriptions, but also a wide array of B2B channels, including, but not limited to large employers (e.g. Boeing, Foxconn, Toyota), insurance companies (e.g. Aetna, Kaiser), Governments, pharmaceutical companies, and healthcare providers

In terms of operating the platform, on the device front, carriers may choose to partially subsidize them, or fully subsidize, and only profit through subscriptions. On the subscription front, carriers may offer layered services for data collection and sharing, for instance, a basic package for simple activity tracking, a premium package with the addition of more specialized cardio health tracking functions (e.g. Heart Rate Variability and Stress trends), and a package for B2B customers dedicated to perhaps high-risk heart patients (e.g. live ECG streaming and sharing). In essence once key data points are collected, carriers can offer any subset of the data based on different subscription models.

Key value propositions of the mobile activity and health tracking platforms for B2C and B2B markets include:

B2C (services billed to individuals) B2B (services billed to large corporations)

Provide meaningful personal activity and health trends over time, with insights into health changes through long-term monitoring and record keeping General health tracking, management, and improvement platform for any large organizations and/or healthcare providers

Insightful comparisons with others in the same age or geographic groups Stress tracking and management platform for large employers

Data sharing with friends and families; motivational social network functions Higher-risk health tracking for health services organizations such as insurance companies

Data sharing with healthcare professionals Drug side effect tracking for patients for pharmaceutical companies

Fun fitness applications Fatigue and stress tracking for critical operators such as pilots, train and ferry conductors

3.3 BODY Strategic Collaborations

NeuroSky-designed Smartphone Case with ECG-sensing capability

NeuroSky has been partnering with Stanford University Medical Center for its cardio device and algorithms research, development, trials and validations. The Director of Stanford University’s Cardiology Department – Dr. Peter Fitzgerald is serving as NeuroSky’s Chief Medical Officer, providing valuable input to NeuroSky throughout all phases.

NeuroSky had developed a mobile phone case form factor (see picture to the left) specifically for Stanford, which helped NeuroSky on validating signal quality and fine-tuning algorithms at the early stage, and now is continued to be used by Stanford for its internal trials with heart patients.

There is enormous value expected as a result of this partnership, a few examples including:

• Continuous development and fine-tuning NeuroSky’s cardio related technologies

• Co-development of revolutionary health monitoring algorithms that are based on vitals collected from mobile and wearable devices (e.g. Heart Rate, Heart Rate Variability, Respiratory Rate) and their correlations, and in the future even predict the occurrence of serious health events

• For Stanford, having access to the most cutting-edge mobile/wearable health tracking devices for its research use, and for NeuroSky, having data collected by Stanford will be immensely helpful for future R&D

3.4 BODY Market Forward Looking

3.4.1 Core Target Markets

According to The mHealth Alliance, mHealth refers to mobile-based or mobile-enhanced solutions that deliver health. The ubiquity of mobile devices in the developed or developing world presents the greatest opportunity to improve health outcomes through the delivery of innovative medical and health services around the globe.

NeuroSky focuses on establishing and maintaining a leadership position as a biosensor technology enabler, primarily focusing on

• ODM/OEMs to build in innovative features in their mHealth-focused products based on NeuroSky’s sensors and algorithms, and

• Strategic customers and partners to establish mHealth-focused ecosystems based on NeuroSky’s technologies

Therefore when assessing the future potential of its Body business, the size of the overall mHealth market, especially the following sub sections within the mHealth market, are by far the most relevant for NeuroSky:

• Consumer mobile/wearable health and activity tracking

NeuroSky’s solution creates unique value-added health-oriented features for the existing consumer mobile/wearable devices in the market.

• Mobile/wearable device for at home or clinical health tracking use

NeuroSky enables revolutionary ways of collecting and analyzing vitals (e.g. blood pressure) that’s not to completely replace the traditional medical devices, but rather as a more convenient, lower cost supplement (e.g. air pump-free blood pressure from the wrist; ECG and continuous Heart Rate Variability from the wrist or fingertips)

3.4.2 Target Applications and Use Cases

Through NeuroSky body biosensor-enabled devices, data collected through an activity and health tracker may allow someone to ‘look under the hood’, with quantifiable and actionable insights to improve their health:

• For tracking one’s cardio health over time, for instance Heart Rate Variability, which is one of the most important body health metrics (“body’s engine”) over time,

where the up trend is good, and down trend generally implies suboptimal body conditions (e.g. having a cold, inflammation). It’s widely known that HRV has been used by professional athletes. Users can also compare themselves against population data, with people in the same age group or geographic locations.

• To correlate cardio health data and its derivatives such as stress with activity and sleep, for instance, to yield

additional insights

• Tracking effects of daily activities, habits, or for sports training; it’s widely known that HRV has been used by professional athletes, users can then determine what actions are required to accomplish a specific well-defined fitness goal

Sample user dashboard –

HRV Moving Trend & Comparison with Avg of Age Group

ACTIVITY SLEEP

On a macro level:

• For a large manufacturing-based corporation to track Stress vs Productivity, in order to effectively manage its production lines (e.g. Stress level beyond certain level will become counterproductive for the workforce. See the well-known curve on the right)

• For Department of Health or relevant associations, to understand implied air quality (from HRV-derived effective respiratory rate, which can imply particle level in air) across different neighborhoods

• On the more medical side, for applications in the remote monitoring, telehealth sectors, live streaming of ECG, blood pressure, etc. will be essential for remote care providers or medical professionals to have a long term trend for analysis (now people only do health check-up once/twice a year, or when they’re sick, there’s no intermediate data)

3.4.3 Target B2B Customers

NeuroSky has a B2B (B2B2C/B/G) focused business model, under which the Company offers elements which make up a ‘full solution’ (device + cloud backend + service platform), and hence it works with customers and partners who can co-create a full solution with NeuroSky, as opposed to targeting end users (consumers). These customers and partners’ business models generally tie to IoT and quantified self:

ODM/OEMs

ODMs:

• Those who actively design and produce mobile and wearable health & wellness tracking devices for leading consumer electronics and specialized fitness and sports brands/OEMs

OEMs:

• NeuroSky may work directly with the OEMs and their assigned ODMs, or in some instances work with ODMs strategically on producing reference devices, so that the ODMs can market the NeuroSky technologies-embedded devices to their own OEM targets

• In addition to sensors being integrated into wearable devices, automotive and home appliance companies also present different scenarios where NeuroSky sensors can be integrated into their products (e.g. ‘smart’ cars, ‘smart’ refrigerators, toilet seats)

Technology Powerhouses

Large design houses such as Intel and Qualcomm, who have their own solution chipsets, and are actively seeking additional distinguishing components to add to their health & wellness focused reference designs

Non-ODM/OEM customer and strategic partners

Those who will work with NeuroSky to co-develop a complete solution, including the device, where NeuroSky will be the major contributor, as well as application and back-end cloud capability to wrap around the device.

The customers/strategic partners will be those who market derivatives of NeuroSky’s reference designs, and need to be willing to take ownership of and operate a complete health & wellness tracking platform, be motivated to and provide distribution and services to the device

Example: Mobile Carriers

As previously discussed, Mobile carriers are already the largest player in the mHealth market, actively collaborating with different stakeholders in the market, and so far most suited to be partner of NeuroSky to co-introduce health and wellness solutions through its channels

Example: Internet giants

Companies such as Google and Tencent are equally well-suited to build up such platform, through its expertise and reach (e.g. Tencent, with its nearly 500 million active WeChat users, may use WeChat as the tool for monitoring and sharing health data among families and friends)

Target customers (Partial List):

Category Target Customers (Partial List)

ODM

Foxconn, Foxlink, Mitac, Pegatron, Quanta, Wistron

OEM (cross-industries)

General consumer electronics : Acer, Apple, ASUS, FitBit, Garmin, HTC, Huawei, Jawbone, LG, Polar, Samsung, Sony, Toshiba, Withings, Xiaomi, ZTE

Home-use medical devices: A&D Medical, GE Healthcare, Omron Healthcare, Philips Healthcare, SunTech Medical

Automotive companies: BMW, Mercedes-Benz, Hyundai, Nissan, Tesla, Toyota, Volkswagen, Volvo

Smart Home appliance: Bosch, GE, Kenmore, LG, Panasonic, Philips, Samsung, Whirlpool

Technology Powerhouses

ARM, Broadcom, Intel, Qualcomm

Other Strategic Partners

Carriers: Airtel, AT&T, China Mobile, Orange, Singtel, Softbank, Telefonica, Vodafone

Internet giants: Baidu, Google, Tencent, Yahoo

Research Community

Universities, private and Government-funded research organizations

3.4.4 Target End Users

NeuroSky solution is positioned to allow our Body business B2B customers/strategic partners to target the following end users:

B2B2C

• People generally care about their health, as well as those of their families and friends. Those who want to adopt a healthy lifestyle and improve their overall well-being, desire an easy way of tracking the most important body health metrics anytime, allowing them to observe the correlation between these health metrics and activity data, and gain actionable insights

• For target end-users who are at risk of chronic diseases, such as hypertension and have been advised by their healthcare providers to closely monitor their vitals such as blood pressure and ECG

B2B2B

• Large corporations who want to track their employees’ general health via employee wellness programs, or measure n stress levels, which can provide an indication of productivity level

• Insurance companies and healthcare professionals who want to have a way of monitoring people’s general health, ideally be able to reference trends which may indicate serious health events ahead of time

• Health clubs who want to have a way of tracking, provide individualized training, and incentivize their members

B2B2G

• Governments and associations who are looking for a way to understand health trends of the general public in their jurisdictions, which can be used to influence policy setting. Examples include the NIH, WHO, UN, American Heart Association, and Dept. of Health of different countries

3.4.5 Market Trends

Below are selected points to highlight why the wearables and mHealth markets are what NeuroSky will continue to cultivate: According to a research done by BofA Merrill in September 2014, the total amount of wearable device shipment is forecasted to grow from 22 million units in 2014, to 610 million units in 2018, which corresponds to total revenue of $3.6 billion in 2014, and $70.4 billion in 2018, a 142% CAGR. The forecasted growth is particularly fueled by the proliferation of smartwatches, which Apple and leading Android Wear partners will dominate.

The mHealth market, which has traditionally been comprised of medical devices with limited connectivity, will be increasingly driven by mobile and wearable devices.

• According to a recent study conducted by PwC, the worldwide mhealth revenue is expected to reach about US$23B across all stakeholders, which includes mobile operators, device vendors, healthcare providers, and content/application players by 2017

• By 2017, the mobile health market in APAC is expected to comprise almost 30% of the global market and reach US$6.8 billion. Within APAC, China is expected to drive the largest share with 37%, followed by Japan at 21%, and India at 8%. Most of these markets are where NeuroSky has already invested heavily on building presence

• APAC is also expected to grow at the highest CAGR to 2019, due to a rapidly increasing, aging and unhealthier population characterized by sedentary lifestyles

Worldwide Mobile Health Revenue, 2013E-2017E

Global Mobile Health Market Opportunity by Regions, US$ Billion and % Share of Overall Market, 2017E

Total Market Size: US$ ~23 Billion

USA/Canada, 6.5, 28%

Latin America, 1.6, 7%

Africa, 1.2, 5%

Europe, 6.9, 30%

Asia Pacific, 6.8, 30%

2013 2014 2015 2016 2017

Source: PwC analysis

Among the key players currently in the mHealth ecosystem are carriers with whom NeuroSky has been partnering; they have been playing a key role in mHealth deployment around the World. They are forecasted to take up a 50% share of the mHealth market, generating roughly $11.5 billion in revenue by 2017.

Potential Global Market Opportunity for Various Ecosystem Players, US$ Billion and %, 2017E

Mobile Operators, 11.5, 50%

Device Vendors, 6.6, 29%

Content / Application Players, 2.6, 11%

Healthcare Providers, 2.4, 10%

Note: Total worldwide market size (2017E): US$ ~23 billion Source: PwC analysis

With increasing amount of home use and simple clinical use portable health tracking devices starting to become part of the mHealth ecosystem, some of them (e.g. Withings blood pressure monitor) now have connectivity that allow users to transmit measurement data via Bluetooth or cellular connections (e.g. via Qualcomm 2Net), and track them from mobile devices. However, the percentage of these devices with connectivity is still small, with few can be considered truly ‘wearable’ at the moment. This is a segment that NeuroSky is aiming to revolutionize, with its wrist-worn blood pressure device for instance.

• ABI Research finds home monitoring devices which primarily target the growing elderly care market, is also expected to witness strong growth over the next five years with overall device revenue growing at CAGR exceeding 39%.

• McKinsey estimates that the cost of chronic disease treatment could be reduced by 10-20% through the use of mobile sensors, an economic impact of up to $2 trillion per year by 2025.

Taking a look specifically at the market for blood pressure monitoring:

• The global blood pressure monitoring testing market was valued at 1.7 billion in 2012 and is expected to grow at a CAGR of 11.5 percent from 2013 to 2019, to reach an estimated value of 3.7 billion by 2019 (Research and Markets 2014)

• According to Centers for Disease Control and Prevention (CDC), nearly a third of American adults aged 18 and older have high blood pressure, or hypertension (HTN)

• High blood pressure expenditure in the United States amounts to $47.5 billion annually and includes the cost of healthcare services, medications to treat high blood pressure, and missed days of work. Hence, there is an increased pressure to identify key strategies to reduce and control blood pressure

• The Agency for Healthcare Research and Quality revealed strong evidence supporting the use of Self-measured Blood Pressure Monitoring (SMBP) outside of a clinical setting as an effective way to manage the condition

3.5 Competition

Key Competitors

On the chip level, a detailed comparison against two major semiconductor companies’ cardio signal sensing solutions (both are not yet in chip format) can be found in the Appendix.

Competing Businesses

Beyond the chip level, the only form of direct competition are ODMs that could create wearable reference designs incorporating competing sensor chips, and market their creation into the same B2B channels (e.g. carriers) which NeuroSky is pursuing. So far NeuroSky has encountered very limited competition of this nature, though the Company will continue to monitor these segments.

NeuroSky does not consider consumer wearable brand companies as its competitor as a) they are NeuroSky’s own OEM customers by maintaining a “Enabled by NeuroSky” model and not competing with customers), and b) if B2B customers such as carriers are evaluating finished branded products to put into their portfolio, they are generally only interested in being device distributors, hence are not NeuroSky’s target.

Competing Technologies

Recently there have been numerous products introduced by several companies that claim to offer heart health tracking by deploying PhotoPlethysmoGraph (PPG) Technology. PPG technology is an optical sensor technology that consists of shining LED light on parts of the body and measuring the absorption/transmission of light which changes with blood flow.

Although this provides a convenient way of measuring Heart Rate, as it requires a single sensor point instead of the two sensors required by ECG technology, the accuracy of measurement is not sufficient to compute more important health tracking parameters like HRV. This technology also has higher power consumption and generally requires larger footprint. A comparison of the ECG and PPG technologies is given below.

ECG PPG

Directly uses electrical signal produced by heart activity

Uses electrical signal derived from changes in blood flow due to heart activity

Reference signal used for medical purposes

Uses ECG signal as reference for comparison

HRV (Heart Rate Variability) can be accurately derived from ECG data as R-R interval can be extracted with millisecond accuracy. Meaningful HRV data can be obtained with short duration measurements

R-R interval accuracy is limited by usable sampling rate due to high power consumption of LEDs. PRV(Pulse Rate Variation) correlates with HRV for longer periods of measurement (> 5 minutes) but not for short duration measurement

Heart rate can be accurately measured

Suitable for average/moving average heart-rate measurement

Meaningful readings can be obtained very shortly after start-up. Does not require long settling times

Requires relatively long settling time due to the need for measuring the amount of ambient light and calculating the compensation needed for cancelling its effect on the LED reading. May also require compensation of motion artifacts.

4 MIND Business Overview

NeuroSky’s mind business originated with a focus on EEG neuroscience with ASIC chip solutions developed for health and wellness markets. Endorsement by some of the world’s leading universities, including USC, Yale, Stanford, UCLA and MIT and the development of single sensor headset reference designs drove the growth of the business. The success of the headset reference design resulted in NeuroSky selling the headset directly to developers and consumers in the health and wellness markets, and to OEM partners for specific vertical markets. As a result NeuroSky has built the leading global brand of consumer wearables for EEG measurement.

4.1 MIND Technology

Evolution of NeuroSky EEG Technology: The founders of NeuroSky began their development project in 1999. The idea was to create a simple radio-frequency (RF) controlled car without a hand-held controller. The founders envisioned a multi- sensor headset controller with the turning of the vehicle controlled by eye-movement and acceleration based on the user’s brainwave attention level. After NeuroSky was formed, management revisited this prototype and determined that the multi- sensor approach was too cumbersome and too expensive for the typical consumer. The decision was made to simplify the technology down to a single, brainwave-reading (EEG) sensor, and to not targeting end-customers, but ODM/OEMs as technology enables. The ODM/OEMs would use the components and design their own headsets with their own branding, and potentially bundle the headset with their application. NeuroSky’s business model later grew to include building its own reference designs to seed the developer community market, much like the business model of Body business. A simple representation of how the NeuroSky technology operates is shown below.

Passive dry-sensor detects electrical body signals from body

Unwanted noise is filtered from EEG signal

Proprietary algorithm correlates EEG data with emotional state

BCI devices use eSense data for specific functions

4.1.1 Core Technology

NeuroSky’s core technology is the EEG biosensor - ThinkGear ASIC and module. This core technology in turn drives different reference designs.

ThinkGear

ThinkGear ASIC ThinkGear Module

Headset Family

MindWave MindWave Mobile

ThinkGear™ ASIC and ThinkGear Module

The ThinkGear presents a powerful and flexible solution for high volume applications of EEG. It provides on-board processing of bio-data collected from dry electrodes outputting raw EEG data, power spectrum bands (alpha, beta, gamma, etc.), and work with several algorithms developed by NeuroSky. ThinkGear is sold to ODM/OEMs as either the ASIC alone or as the ASIC built into a module. There are two ThinkGear chipsets; TGAM (low-cost EEG) and TGAP (programmable high-end bio-signal for EEG, EMG, ECG and EOG).

4.1.2 Algorithm Library

NeuroSky’s EEG-based Algorithm Library translates brainwave signals (EEG) into different mental state levels, e.g., Attention (Focus), Meditation (Relaxation), Mental Effort (Cognitive Workload), Familiarity, and Appreciation. The EEG signals detect on the forehead via point Fp1 (electrode placement system by the International Federation in Encephalography and Clinical Neurophysiology). The algorithms are designed to be delivered fully-embedded within ThinkGear or into external processors. The output data stream of the ThinkGear would pass through the Algorithm Library, and onto the end-use platform. NeuroSky’s neuroscience department consists of specialists developing new algorithms internally as well as vetting third party algorithms for commercial viability.

Algorithm Description

Attention A measurement of how single minded one is at a given moment

Meditation Measurement of how calm and clear-minded one is at a given moment

Mental Effort The mental ‘workload’ experienced during a task (the harder one work on a task, the higher the mental effort value; similar concept to computer CPU usage)

Familiarity Measure the process of learning while doing a task, by observing the changes in performance with experience

Implies ‘mastery of skill’ and able to provide a ‘progress curve’

Appreciation Measure the level of enjoyment or appreciation towards an external stimuli (e.g. movie, commercial, music)

The Current 3 Main Categories of NeuroSky EEG Algorithms

4.1.3 Reference Designs

MindWave™ Mobile

MindBand

The MindWave and MindWave Mobile headsets are not only the least expensive brain computer interface (BCI) available, but they are the most robust BCI products available to the general public. These headsets read brainwaves using NeuroSky’s dry sensor technology and wirelessly transmit (RF – MindWave, Bluetooth – MindWave Mobile) high-grade raw EEG data (at 5% or less packet loss), power spectrum bands (alpha, beta, gamma, etc.), meditation and attention (as calculated by the NeuroSky eSenseTM algorithm). The MindWave headset can interface with Mac and PC. The MindWave Mobile is universally compatible with iPhone, iPad, Android, Mac and PC.

Going beyond the more rigid plastic headset form factors such as MindWave MindBand is an alternate fabric based form factor technology. The fabric form factor allows for better ergonomic form and fit and is much more versatile in fashion adaptation. The headband form factor also provides the potential to include two EEG sensors on the forehead, one for left and one for right brain. Two prior versions of MindBand were in limited production in the past. Both versions had Bluetooth wireless connectivity and were compatible with MindWave and MindWave Mobile software and apps. NeuroSky is currently collaborating with a industry leading chest sensor band partner to develop a new generation of MindBand (“Clothing+ band”; see section below) with the goal of making the form factor even more discrete and comfortable than prior generations. We hope to bring this technology to market in 2016.

4.1.4 Future Technology Roadmap

Besides its current Single EEG sensor based solutions, there are other advanced sensor technologies already in NeuroSky’s portfolio, and will be on its roadmap for productization once there are sufficiently attractive market opportunities, and suitable partners for co-development. For instance, non-contact EEG sensors-based applications such as visual control have received initial interests from automakers, and dual-sensors-based applications have received interests from the sports training market.

Single EEG Cutaneous Dual / Multi EEG Cutaneous EEG Hair Sensor EEG Touchless

Variations of EEG Sensors

The main advancements on the roadmap for both the sensors and the reference designs include:

• On the sensor technology side, we introduced multi-channel, non-contact EEG solutions to generate more variety of data and provide more insights

• On the algorithm side, we introduced more EEG-based mental state interpretation algorithms (e.g. deception, anxiety, pleasure-displeasure, sleep, etc.)

• On the reference design form factor side, we introduced more wearability improvements (e.g. conductive fabric as opposed to metal electrodes, electrical ground and reference electrode elimination, etc.)

To address wearability enhancement, NeuroSky has already begun a new design, collaborating with Clothing+, a Finnish company that develops various innovative material that can make devices more wearable.

Clothing+ Headband

The more immediate issue that the new headband will address, is the level of comfort for the user. With the headband being flexible and adjustable, it could be embedded into various markets that already adopted headgear, such as sports and Yoga/meditation.

4.2 MIND Business Model and Existing Tractions

Design-ins

NeuroSky’s Mind business also orients to B2B customer engagements (OEMs, developers, etc.), where the Company is aiming to maintain the “Enabled by NeuroSky” model. The customers design with NeuroSky’s sensor components (e.g. chips/modules) and algorithms in order to build custom headgear tailored to a specific target customer(s), and in some cases also supports their own software application and/or hardware platform (e.g. base station for a toy) that operates in conjunction with the headgear.

There has been a variety of 3rd party design-ins in the past few years, powered by NeuroSky’s EEG sensor module – ThinkGear AM (TGAM). In the early years, the design-ins were largely concentrated in the entertainment sector, with signature products including:

• Mattel’s Mindflex Duel – Time Magazine named it All-time 100 Best Toy since 1923

• Neurowear’s Necomimi – Time Magazine named it 50 Best Inventions in 2011

• Uncle Milton’s Star Wars Force Trainer and Star Wars Force Trainer II – a Holography Experience

The above design-ins have generated over $ 7.5 million revenue to-date, and some of these OEMs still have new projects in the pipeline powered by TGAM.

In the past 2 years, there has been a growing number of design-ins in the health and wellness space, with examples including:

• MindRDR – The NeuroSky partner created a breakthrough integration of Google Glass and NeuroSky MindWave Mobile, enabling brain-initiated comments for Google Glass

• Macrotellect’s Brainlink headset, Melon’s headband – stylish headwears ideal for during mild exercises and other day- to-day activities, coupled with their own rich set of applications

• iWink’s Aurora sleep headband – monitor one’s sleep pattern through EEG, which is the more accurate way to detect sleep staging (e.g. RE1 - RME3) compare to accelerometer-based detection

MindRDR Macrotellect Brainlink Headset Melon Headband

These products not only demonstrated continuing interests in the market to integrate NeuroSky’s TGAM into consumer products, but also NeuroSky’s success in using its reference design (headset and headband) as models to promote more innovative designs powered by NeuroSky’s EEG core technology, including not only chip (TGAM), but also algorithms.

Going forward NeuroSky’s goal is to 1) seed designing of more form factors (partly contributed by NeuroSky’s own R&D to create more reference designs), 2) design-in into devices for more verticals, for example, devices for younger students’ learning, device for driving safety (e.g. drowsiness detection), and more clinical uses (potentially FDA) such as sleep, autism, or other use cases.

Inspired 3rd Party Design-Ins

Chip & Reference Designs

Reference Designs Nurtured App Ecosystem & Bundles

Illustration of NeuroSky Mind Business Model

NeuroSky Reference Design (MindWave Mobile)-nurtured App ecosystem

MindWave Mobile – this reference design has by far the largest share in the market of consumer grade EEG device, due to its ease of usage, consumer-friendly price point, and ease of integration. In addition to inspiring many of the 3rd party design-ins mentioned above, the headset by itself has created the dominant consumer EEG device-driven app ecosystem.

As consumer EEG is still a rather nascent market, NeuroSky has endeavored to build it up by incentivizing application development in order to create an ecosystem. Similar to Android, NeuroSky offers an open source platform for developers to develop with NeuroSky’s reference designs and algorithms. There are now over 200 apps that have been developed based on NeuroSky headsets. For selected applications which are well-received by the market, NeuroSky would also consider bundling them with the headset and promote or sell them under the NeuroSky brand, as opposed to only having them sold separately on iTunes or Google Play independent of headsets.

Developers are supported under the NeuroSky Developer Program. With its open API platform, NeuroSky attracts and encourages a broad range of developer partners, both large and small, from a broad spectrum of vertical markets.

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