A Philadelphia life sciences company will pitch its breast examination product to a slate of investors including Apple co-founder Steve Wozniak and pop singer Lance Bass when it appears on the new streaming show “Unicorn Hunters" on Nov. 2.
UE LifeSciences CEO Mihir Shah will pitch iBreastExam, an Food and Drug Administration-cleared device that identifies non-palpable breast lumps without radiation in a few minutes, to at-home investors. iBreastExam is used for early detection of breast cancer, and more than 400,000 people have been tested with the device so far.
The show, which is in its first season, streams on the "Unicorn Hunters" website.
The premise may sound similar to ABC’s “Shark Tank,” but the companies that appear on the show are being funded by viewers rather than a panel of billionaires.
Founders on “Unicorn Hunters” pitch their private companies to the “Circle of Money,” a group of experts and investors, who ask questions and provide criticism and commentary on the company. The Circle of Money includes Wozniak, Bass, former U.S. Treasurer Rosie Rios, Christopher Diamantopoulos of HBO's "Silicon Valley" and Argentine entrepreneur Silvina Moschini.
Viewers are then invited to invest in the companies — with a minimum investment set by each startup — on its website so they can get a piece of the pie ahead of a potential initial public offering.
Shah was excited to be on the show not only for the experts, but also for the opportunity for startups to be funded in part by everyday people.
“I think this is like the 21st century way of raising capital,” Shah said.
Shah is looking to raise $20 million to support the commercialization of iBreastExam and the company’s first-ever consumer product, which will be unveiled during “Unicorn Hunters.” Shah declined to share details about the consumer product.
UE LifeSciences wants to raise the first $5 million through “Unicorn Hunters,” with plans to raise the rest through a variety of sources including venture capital firms, high net worth individuals, family offices and corporate VCs, Shah said.
The show seeks founders looking to raise between $20 million and $50 million in funding for expansion, with plans for an exit within three years that can generate high returns for investors. Founders are asked for a 10-year option for the show to acquire 5% of the company at the valuation they’re pitching.
UE LifeSciences ended up on “Unicorn Hunters” after being introduced to show executives through Drexel University. Shah, a Drexel alumnus and instructor, formed the company in 2009 and has since grown it to 26 employees and three offices in Philadelphia, India and Malaysia.
“Unicorn Hunters” is produced by the same executive producer behind Fox’s reality competition hit “The Masked Singer,” Craig Plestis. The show premiered in May.
