Lirio is the industry-leading personalisation engine for digital health. Lirio’s Precision Nudging™️ Is transforming consumer engagement in Healthcare by delivering better health outcomes for all.
Today’s healthcare consumers want their doctors, health insurance plans, and drug companies to provide the same degree of convenience and personalisation they get from their neighbourhood grocery store and online banking experiences. Healthcare organisations find it challenging to rise to that challenge and adopt a digital-first mindset, operating model, and technology stack.
In healthcare, traditional methods for driving consumer behaviour and engagement fall short, as the focus is not on boosting online transactions but on enhancing people’s lives. Lirio, a mission-driven start-up, harnesses AI and behavioural science to facilitate personalised health journeys at scale. Our Precision Nudging™ is an AI-driven solution that autonomously learns to provide timely and appropriate interventions at the right time, via the right channels.
Team & IP
Lirio’s world-class team of scientists and engineers have built a secure platform with differentiated IP, a one-of-its-kind AI solution that seamlessly integrates with existing technology to deliver compelling outcomes. Our robust intellectual property and expertise, developed by a team of over ten PhDs in behavioural science and AI/ML, create a significant barrier to entry. Our Behavioral Reinforcement Learning driven AI/ML, which learns from real-world human decision-making, has given Lirio a multi-year lead in the field. Notably, companies like Cigna and Kroger Health, after failed attempts to develop similar solutions, have turned to Lirio’s advanced and proven capabilities.
Lirio stands out as a strategic asset, offering a competitive edge in the consumer digital health market, a sector where giants like Apple, Amazon, and Google have faced challenges. Unlike basic generative AI and language models, Lirio uniquely blends advanced AI/ML powered by reinforcement learning with deep behavioural science marking a new era in patient engagement, yielding measurable healthcare outcomes and substantial ROI. By the end of 2023, we will have the capability to integrate our Precision Nudging™ technology into major digital health ecosystems, enhancing intelligence in healthcare CRMs, EMRs, and engagement systems. This innovation is particularly impactful in health equity, effectively addressing social determinants to ensure consistent results across diverse demographics.
Lirio’s Total Addressable Market (TAM) extends well beyond traditional Customer Relationship Management (CRM) systems. While the healthcare CRM market alone was valued at $9.7 billion in 2020, it is projected to expand to $37.6 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 14%. This estimate does not include additional spend in areas like population health, digital patient engagement, disease-specific care programs, and targeted wellness initiatives. During 2023, Lirio established its significant addressable market by signing notable customers in all segments of the healthcare market: Providers (health systems, services businesses), Payors, Consumer Health, and multiple additional for-profit companies selling into those segments of the market.
Lirio delivers diverse use cases across the care sector, creating a large TAM by automating and personalising consumer engagement across large, diverse, and underserved populations. After years of investment in building the platform, the current bridge funding will enable the company to capitalise on near-term growth initiatives and drive its growing body of powerful outcomes and annual recurring revenue. Lirio’s current contracted customers collectively serve a population of 240 million. By the end of 2023, Lirio is contracted to serve 5.4 million of this population, highlighting the substantial growth potential through its strategy to first establish a foothold and then expand further.
Lirio has successfully secured $87 million across nine funding rounds, a testament to consistent growth and robust investor trust. Prominent investors such as Bon Secours Mercy Health and Ultra HNWI underscore this confidence, reflecting their belief in Lirio’s technical expertise and management capabilities to capitalise on market opportunities effectively.
Lirio’s Annual Recurring Revenue (ARR) currently stands at $2 million and is expected to increase to $18 million in 2024 and $43 million in 2025. The company is projected to reach cash flow break-even by late 2024. Currently, Lirio is raising $22 million in a convertable note, anticipated to fund operations until it achieves cash flow break-even.
We have had meaningful conversations with some of the biggest tech companies alongside numerous household private equity ventures that have expressed serious interest in acquiring Lirio. With the current bridge round, we aim to be well on our way to meeting the growth targets required for a 5x to 10x exit scenario. An exit is expected in the second half of 2024 or the first half of 2025.