The technology will combine fashion with personal technology and potentially harness a significant percentage of both markets, together estimated at over $1.2 trillion in 2015 and expected to value over $2.2 trillion in 2019*.
Prevayl is working in partnership with a leading global telecommunications group to pioneer the use of its 5G network to enhance its innovations. The effect of 5G on the health care sector, its suppliers and on sectors that use health care will be substantial.
IHS Markit calculates that the sales enabling the effect of 5G will be over $1.1 trillion.
Aiming to be the fastest growing ‘unicorn’ business in the world, achieving a $1 billion valuation within its first 365 days of trading, Prevayl was founded by entrepreneur investors David Newns and Chris Lord.
They have assembled an innovative team led by businessman Adam Crofts as CEO and pioneering technologist Tahir Mahmood, Director of Engineering.
The core team also includes Creative Director Bella Hepworth, In-House Patent Attorney Sam Bird, Abdus Salam as Enterprise Architect and Senior Project Manager, and Rhiannon Goswell, Physicist / STEM ambassador.
Prevayl is planning to partner with the Graphene Engineering Innovation Centre (GEIC), based at the University of Manchester, to pioneer new sensor technology with graphene for everyday use. The technology will be able to track multiple different strands of bio-data. Prevayl will analyse the bio-data using cutting edge deep learning techniques.
There is also substantial monetary value in the global human data collected. The technology is expected to have a disruptive effect on the fashion, pharmaceutical, medical and insurance industries. There are applications for the armed services and police as well as sport, health and IT.
Tahir Mahmood, Director of Engineering said: “I’m driven to create technology that makes life easier and better for everyone. The potential applications and benefits of Prevayl for people all over the world are almost endless. From helping to manage health conditions like diabetes and heart problems, alerting users to imminent allergic reactions, or coaching improved sporting technique based on body movements, Prevayl will transform lives, support better health and improve professional performance. I think we’re only just starting to scratch the surface of what it will be able to do in future.”
Adam Crofts, CEO, said: “Putting fashion first, our goal is to create beautifully designed, highly covetable and very wearable pieces, where every fibre is ‘alive’. They will enhance every area of life and become as ubiquitous in the average home as the computer, tablet and smartphone are now.
“We’re thrilled to be working with internationally-recognised and sector-leading partners to make this a reality in the very near future.”
Prevayl is talking to investors around the world to accelerate the next stages of development and with production partners keen to licence the technology for their own fashion labels and the company will be releasing its first concepts in the near future.