Congenica

Congenica was founded in 2014 as a Spin out from the Wellcome Sanger Institute, one of the leading genetic research institutions. The company’s platform, Sapientia, is a clinical genomic analytics platform that provides integration of human DNA sequences with deep clinical phenotyping, enabling clinicians and researchers to provide actionable interpretation of genetic disease for patients.

Congenica improves the opportunity for genomic characterization of disease. Supporting laboratories to achieve 30% higher analytical yields than averages and reduce analysis times and costs by 95%. This enables improvement of diagnostic confidence, maximize workflow efficiency and increase diagnostic yield and case throughput. It also supports rapid and accurate diagnoses and disease characterization, helping to provide patients with the treatment they need faster.

Oman Impact

Genetic diseases occur in about 5% to 7% of newborns in Oman, which is significantly higher than the global average of 4.4%, with more than 300 types of inherited diseases in Oman. This is a large undertaking by the Ministry of Health, and an opportunity to introduce technologies to relieve the burden and reduce the cost of helping these patients. 

In 2019, Congenica signed an agreement with the National Genetic Centre to aid in the management of Omani patients with rare genetic diseases.

IDO Value Add

With Congenica’s capabilities, there is vast potential for utilisation throughout advanced medical and genetic facilities in Oman and the wider GCC region. IDO Investments, together with Congenica and other regional partners are exploring opportunities to expand use, and are coordinating with relevant stakeholders to ensure benefit of this technology throughout Oman and beyond. 

IDO Investments is also looking to use this partnership to aid Oman’s efforts in digitally streamlining the capture, processing and tracking of patient sample records.

Industry: Digital Health Headquarters: UK Year Invested: 2020 Visit Website

Allurion Technologies

Allurion Technologies

Boston-area-based Allurion Technologies has developed a non-invasive weight-loss procedure in the form of a swallow-able capsule that expands into a gastric balloon and is filled with 550ml of water once placed in the stomach. The balloon remains in the body for about 4 months and then deflates and ‘passes naturally’. The balloon can be placed by a gastrologist or internist in a few minutes. This procedure substitutes gastric bypass or band surgery, invasive endoscopy and anaesthesia. Patients who used Ellipse lose an average of 15-20% of their total body weight over a five-month timeframe. Creating nutrition and healthy lifestyle plans alongside professional nutritionists are also a key element of the process and are essential to patients having a long-term benefit from the Ellipse program.

Oman Impact
Obesity presents a serious challenge to the Omani society and is a pre-cursor to many serious illnesses. Research and investment into minimally-invasive techniques to address diseases that are creating problems for the Omani people is at the heart of IDO’s strategy. In Oman, Allurion is offered in multiple private hospitals and hundreds of patients have been treated to date.

IDO Value Add
IDO Investments is a proud partner of the company as it seeks to expand its market presence in the GCC and beyond and help improve the health of people all over the world. With support from IDO, Allurion was introduced to the GCC market.

Industry: Medical Devices Headquarters: USA Year Invested: 2017 Visit Website

Carzaty

Carzaty

Founded in 2017, Carzaty offers a digital car buying experience that promises to disrupt the automotive retail industry. Operating in Oman and the UAE, Carzaty is an online platform to search, compare, buy and finance new and assured used cars. By replacing the traditional showroom with a simple and transparent online experience, Carzaty delivers a more affordable and stress-free way to buy cars.

Oman Impact

As a promising Omani start-up which has already begun operating internationally, with potential to scale even further, Carzaty has the potential to create jobs for Omani’s and positively impact the economy. With a 77% Omanisation rate, and an ever growing workforce, Carzaty embodies IDO’s vision for SMEs in Oman and enriches the entrepreneurial ecosystem in the country.

IDO Value Add

IDO’s investment in Carzaty enables further growth in the UAE and beyond, this in turn allows Carzaty to compete on the global level.

Throughout discussions with Carzaty, IDO was instrumental in building synergies with local car dealers as well as administrative support and playing a key advisory role. IDO continues to support Carzaty’s marketing efforts, and ensures they receive local and international recognition.

Industry: E-Commerce Headquarters: Oman Year Invested: 2019 Visit Website

Fractyl Laboratories

Fractyl Laboratories

Fractyl Laboratories’ mission is to cure metabolic diseases by addressing their root cause: insulin resistance. The company has developed an innovative minimally invasive outpatient approach to treat insulin resistance with a medical device. The device is designed to rejuvenate the lining of the duodenum which leads to a significant decrease in insulin resistance. Currently, the device targets patients with type 2 diabetes, polycystic ovarian syndrome (PCOS) and nonalcoholic steatohepatitis (NASH).

Fractyl’s device is a treatment of the underlying disease and not just its symptoms. Clinical trials are being held in various locations around the world, with promising results, and commercialization has started in Europe..

Potential Oman Impact
Fractyl’s device has yet to be commercialized and is pre-FDA approval however once it has it has great potential globally, including Oman, where there have been almost 100,000 reported cases of diabetes in the sultanate, 80% of which are type 2.

IDO Value Add
IDO offers the unique opportunity for introduction of innovations to a new market – Oman and the GCC. Discussions are already underway with medical stakeholders for Fractyl’s device to be an economic alternative to traditional medication for diabetes and NASH, both of which are prevalent in the region. There has been interest shown, and talks will resume upon commercialization of the products.

Industry: Medical Devices Headquarters: USA Year Invested: 2017 Visit Website

Golden Gate Ventures

Golden Gate Ventures

Golden Gate Ventures is an early-stage venture capital firm headquartered in Singapore with an on the ground presence in Jakarta, Indonesia. Since 2011, the firm has invested in over 35 companies across Southeast Asia. The firm invests in Startups in Southeast Asia that leverage technology and the internet to scale rapidly and disrupt existing industries – from e-commerce to payments, marketplaces to content portals, mobile apps to B2B, IoT to SaaS platforms. internet and mobile start-ups across e-commerce, fintech, mobile applications, and SaaS platforms.

Oman Impact
With Golden Gate Venture’s diverse range of portfolio companies, and their active involvement in their development, this investment provides an excellent platform for the introduction of new technologies and solutions for Oman. In addition, the have provided the opportunity for the various young Omani members of the IDO team access to their portfolio and learnings from their in-house team, via regular secondments and visits.

IDO Value Add
The partnership between IDO and Golden Gate Venture’s acts as the ‘Golden Bridge’ between Singapore and Oman, bringing south east Asian companies and products to Oman, and connecting the right products with the right decision makers, and potential local investors.

Industry: Investment Fund Headquarters: Singapore Year Invested: 2018 Visit Website: //goldengate.vc/

iNNOVATEQ

iNNOVATEQ

Nibras is a digital oilfield platform (DOF), designed to optimize operations and maintenance of oil and gas assets. Built in-house by Petroleum Development Oman (PDO), Nibras was spun out and became a product of the newly incorporated company, Innovation Technical Solution LLC (ITS). The platform gathers data by utilizing existing corporate data sources. It integrates them to perform automated analysis and presents the findings through a dashboard that are available to the management for identification of issues in the fields, and for effective planning and utilization of resources, providing them with the opportunity to optimize production processes.

This unique system allows for easier and faster decision making thus resulting in less downtime, and therefore increasing production and revenue.

Oman Impact
With oil and gas being the largest industry in Oman, Nibras is an essential tool in ensuring efficiencies and mitigating losses. Since it was developed in-house, in the largest oil and gas organization, the impact was felt immediately. Nibras is now in the pilot phase in multiple oil development companies outside of MENA, thus promoting Oman as a leader in oil and gas innovation. It also creates jobs for talented Omani’s in the oil and gas fields and allows for nurturing of young Omanis.

IDO Value Add
As a homegrown innovative product with the potential to become an international phenomenon, IDO saw the potential in Nibras immediately, and along with Tanmia, was instrumental in facilitating growth from an in-house product within PDO to a startup with growth potential. IDO also assisted in ensuring that iNNOVATEQ gets the recognition it deserves in local media.

Industry: Energy Headquarters: Oman Year Invested: 2018 Visit Website

Juvenescence

Juvenescence Ltd

Juvenescence is a developer of therapeutics designed to increase healthy human longevity. They are building a portfolio of therapeutic assets targeting ageing, regeneration and the diseases of aging. Juvenescence and its portfolio companies use AI and machine learning techniques to discover and develop new drugs. They have established strong partnerships with numerous universities and institutions, most notably The Buck Institute for Research on Ageing.

Oman Impact:
With its portfolio of medical innovators, Juvenessence’s technologies have the impact both the medical and economics of longevity and ageing. There is ongoing discussion on a possible partnership where Oman’s lead thinkers and scientist can have the opportunity for secondments in the various labs and companies. There is also an exclusive event series in Oman of global experts in longevity and create a dialogue on its economic impact locally and globally.

IDO Value Add:
As a strategic investor into Juvenescence, we see mutual potential for Oman to become a hub for longevity. Potential manufacturing, as well as a nurturing ecosystem with the possibility of growth makes Oman the ideal location for Juvenessence to explore further opportunities.

Industry: Medical Technology Headquarters: UK Year Invested: 2019 Visit Website

Locum’s Nest

Locum’s Nest

Locum’s Nest is a web platform and mobile application which allows hospitals to fill vacant locum (also known as temporary staffing) positions internally whilst also providing external locums access to temporary jobs posted by hospitals. Locum’s Nest is focusing on the National Health Service (NHS) in the UK which has historically relied on their internal lists of locums and external agencies to fill their temporary shifts at a high cost.

Locum’s Nest offers a better, more cost-effective service in finding suitable locums for hospitals compared to existing agencies. With the current budget strains throughout the medical industry, Locum’s Nest offers an alternative to agencies whilst maintaining the highest level of doctors and medical professionals to hospitals.

Oman Impact
Similar to other medical ecosystems, hospitals in Oman often suffer shortages in staff and require locums. Due to the smaller population and medical offering, specialist locums are not always available to fill in. IDO is facilitating expansion of Locum’s Nest offering to allow Omani hospitals to access UK locums for short clinical placements in Oman. This model will enable knowledge transfer from well-trained UK doctors to local Omani hospitals and doctors, and is currently in the pilot phase.

IDO Value Add
IDO has made possible the expansion of Omani Run Locum’s Nest to the Omani market, thus allowing it to expand past its initial expectation.

Industry: Health IT Headquarters: UK Year Invested: 2017 Visit Website

Polares Medical

Polares Medical

Polares Medical is an early and clinical-stage medical device company working on developing a technology that can address mitral valve regurgitation: a common cardiovascular disease. The company is based in Switzerland with Ra large office in Palo Alto, California. The company spun-out of Symetis (acquired by Boston Scientific) which developed a technology to treat aortic valve stenosis, to fully concentrate its efforts on the mitral valve of the heart.

Polares is currently developing a passive implant that would serve not as a repair nor a replacement of the Mitral Valve (MV) but as a partial replacement, which is a fast and cost-effective treatment than the current offering

Oman Impact
With the devices is potential, IDO is discussing with various stakeholders how to gain first access and make the technology readily available to the Omani population after regulatory approvals are attained.

IDO Value Add
Polares’ device is in clinical trials, nevertheless there is an opportunity for Omani physicians to travel to Europe to participate and learn from the ongoing trials. This knowledge exchange is a unique learning opportunity for Omani doctors, which will enrich the medical innovation and research done locally, as well as offer Polares a new set of minds to contribute to the development and success of the product.

Industry: Medical Devices Headquarters: Switzerland Year Invested: 2018 Visit Website

Sense Labs

Sense Labs

Sense Labs is an energy monitoring device that plugs in to residential distribution boxes and is able to give the consumer in real-time total home intelligence in terms of total energy usage as well as different devices in the house and the energy they are consuming. The application is also increasingly integrating with smart home players such as Nest Labs and Wemo Plugs so that the consumer can have more control as well as visibility of what’s going on in the household. Sense has successfully completed pilots with energy monitoring organization to successfully reduce unnecessary energy consumption within its customer base, by identifying heavy energy consumption from “Always On” devices.

Sense is one of very few energy monitoring devices that has disaggregation capabilities of different devices and is able to get more than a million datapoints per second. It is already working with 30,000 homes across the USA and Canada, and is increasing at a promising rate. Apart from the great potential for energy monitoring, it partners well with solar devices and allows monitoring of solar energy production and use.

Oman Impact
With the push to diversify energy sources, and more awareness on waste and the increased need for efficiency in Omani residential and commercial properties, there is great potential for Sense Labs to be used both locally and regionally. Conversations have already been initiated with major players in the energy space in Oman, who have expressed interest for national integration.

IDO Value Add
IDO have been instrumental in starting a dialogue between Sense Labs and various energy companies, distributors and government bodies to explore the possibilities of distribution in Oman. These discussions have resulted in an opportunity for Sense Labs to adapt their product to an international market, with the pilot occurring in Oman. This further enhances the Sultanates agenda to ensure responsible energy use.

Industry: Energy Monitoring Headquarters: USA Year Invested: 2019 Visit Website