Magnes: Meet the Venture Leader Technology making smart shoes that analyze the gait

27.03.2023 08:00, Morgane Ghilardi

Meet George Chatzipirpiridis, co-founder and COO of Magnes. The startup's smart shoe provides real-time gait analysis and tactile feedback to help manage neurological disorders affecting the gait and to mitigate the risk of a fall. The product, which has applications in neurorehabilitation and clinical trials as well, has the potential to improve the mobility and safety of its users. George will join nine other tech innovators on the Venture Leader roadshow in Silicon Valley this April.

Name: George Chatzipirpiridis
Location: Zurich
Nationality: Greek
Education: ETH Zürich, Ph.D. Microrobotics  
Job title: COO & Co-founder 
Number of employees: 10
Money raised: CHF 4.2 million
First touchpoint with Venturelab: Venture Kick, 2016

Whom does your product or solution help, and how?
Our solution is of interest to patients with neurological disorders such as Parkinson's, Alzheimer's, dementia, and multiple sclerosis. With our technology, they can monitor the progression of the disease and can fine-tune medication dosages for personalized therapy. We also assist them while walking with vibrotactile feedback to improve their mobility. In the long term, we will target all elderly people to minimize the risk of falling. Our solution can assess their gait and warn them in real time to prevent falls. 
 
How did you come up with the idea for your startup?
The idea was developed during Ph.D. studies of the founders at the Multi-Scale Robotics Lab (MSRL) of ETH Zurich. We developed algorithms to guide and locate microrobots inside the human body. Today we use similar algorithms to capture human movements, specifically the gait. 

What market are you addressing and what is the potential of your startup in that market?
Use cases of our technology range from management of neurological disorders, risk of fall detection/fall prevention, neurorehabilitation, and clinical trials. As the global population ages, the prevalence of neurodegenerative disorders, including Parkinson's disease, dementia, and Alzheimer’s disease (AD) is increasing quickly. We are offering a remote monitoring/therapy solution to this population.

How do you think the Venture Leaders roadshow will help you achieve your vision?
Our main challenge for 2023 is to launch our product in the US. We believe Venture Leaders roadshow in Silicon Valley can help us greatly to establish partners, validate ideas, and make concrete plans for starting operations in the US. The program will increase our visibility there, which will speed up our market entrance. 

What excites you most about your work right now?
Each time we equip a patient with our shoes and see the positive effect on their walking. This boosts our motivation and pushes us to continue our research and development activities.



How did you go about building your team?
Having a strong team is the foundation of every successful company. We give utmost importance to having a multicultural and multidisciplinary team. We value the strengths of our team members while emphasizing team spirit.

What are your team's key achievements to date?
We were the runner-up at the Swiss AI Awards 2022 and were also awarded the prestigious Pioneer Fellowship of the ETH Zurich Foundation. Moreover, we were granted four Eurostar projects; incubated at DayOne by Basel Area, Invest Horizon by European Commission, and in Innosuisse Coaching; and we were selected as a tech partner at the Roche Startup event.

How do you foster creative thinking in your team?
We do regular brainstorming sessions on a 6x2m wall and encourage everyone to participate and provide their input. Most of our creative ideas came up from these sessions.

Who do you look to for guidance and mentorship?
An excellent mentor is someone that cares about what we do, encourages us, and pushes us forward but also can be direct and provide constructive criticism. We like people who give us a hard time by asking difficult questions and push us to go out to get feedback in the real world.

What is the most challenging aspect of being a founder?
As a founder, you have many hats and you must be able to wear them on any given day. On a single day, I may have to deal with complex technical problems, job interviews, supply chain problems, and demands from customers.

What is the most rewarding aspect of being a founder? 
Developing a product that has a positive impact on people. 

What are you known for among your friends and family? 
Being very energetic and persistent. 

What did you want to do with your life at age 12?
Be an engineer and invent things.
 

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ABOUT THE PROGRAM
The Venture Leaders Technology 2023 were chosen from over 150 applications by a jury of investors and technology experts. The roadshow in Silicon Valley, one of the world's most important tech hubs, provides a unique opportunity for entrepreneurs to accelerate their startups' expansion in the US while expanding their professional network and profiting from workshops with investors and industry leaders. This year's Venture Leaders Technology is co-organized by Venturelab and supported by Canton of Vaud, Canton of Zürich, EPFL, ETH Zürich, Kellerhals Carrard, and Rothschild & Co.
 

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