Export risk insurance – a game changer
MindMaze, a neurotechnology company based in Lausanne, offers a unique solution based on cutting edge neuroscience for the recovery of stroke patients. The demand in the market is high. But for buyers or sellers with tight liquidity, the purchase of equipment poses a great challenge. An insurance offering from Swiss Export Risk Insurance SERV can solve this problem by helping MindMaze offer competitive payment conditions and therefore triggering great sales volumes.
31.03.2021
Founded in 2012, MindMaze is a global leader in brain rehabilitation, with a focus on stroke patients, based in Lausanne (Switzerland). “While there are many solutions for brain recovery, MindMaze is the only company that provides an engaging solution tackling objective assessment, personalised cognitive and motor recovery simultaneously and over the full continuum of care to maximise the potential rehabilitation during and after the critical recovery phase,” Jean-Marc Wismer, Chief Operating Officer at MindMaze, says.
More than just a game
Based on cutting edge neuroscience, MindMaze has developed a game-based therapy called MindMotion. Created to promote the kind of movements a patient would typically practice with a physiotherapist, MindMotion is completely customisable to each patient’s needs and progress. Furthermore, the tele-health capability enables it to be used in clinics or at home. The latter allows the patient to train with more frequency and engagement while reducing the time invested by the therapist and therefore reducing the cost of treatment. Jean-Marc Wismer highlights: “Especially in times of the COVID-19 pandemic, this option is highly beneficial.”
An enabler of growth
After extensive research, CE marking and FDA approval and pre-commercialization in 2016, MindMotion was fully commercialized in 2020. Convinced of the benefits of this product, a distributor in India ordered thousands of MindMotion licenses. To enable the buyer to order a larger volume, MindMaze offered a differed payment plan with a long credit period. However, as a young company, MindMaze has limited access to credit lines or to liquidity reserves to take on such payment terms and hence ensure sales growth. This is why MindMaze requested Swiss Export Risk Insurance SERV for support, and the company was able to address this challenge efficiently.
SERV covered the transaction with a supplier credit insurance. This product consists of assigning the claim and the SERV insurance to a bank which then partners with MindMaze. For its part, the bank agrees to finance MindMaze upfront against future payments to be made by the buyer “SERV enables growth company like MindMaze for rapid commercialization. Without SERV’s support we wouldn’t have been able to sign a deal of this magnitude especially during trying economic times,” Jean-Marc Wismer says.
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