Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF), a provider of contactless solutions and artificial intelligence, announced Thursday that it has signed a referral and partnership agreement with coronavirus (COVID-19) testing firm iSTOC Ltd in Finland, to create a robust test and trace platform.
Loop's AI-powered data platform and iSTOC's front-end testing application will integrate to deliver a turn-key end-to-end COVID-19 management solution, the company said.
Specifically, Loop's anonymized Digital ID and digital wallet application and iSTOC's testing and mobile telemedicine application will create a combined solution that is both FDA and HIPPAA compliant, the company said. It can be deployable by any government, NGO, healthcare organization or enterprise-level organization worldwide.
"I am very honoured for the opportunity to partner with Jarmo and his world-class team at iSTOC,” Loop CEO Rob Anson said in a statement. “These have been very trying times, and as we head into the fall-winter months, every country is in desperate need of a complete transformative solution that enables the resumption of in-person schooling, travel, commerce and a return of spectators to live events. This is a very big day for the company as our partnership with iSTOC positions us as a true global leader regarding complete COVID-19 management solutions.''
iSTOC has developed a disruptive mobile solution called IDA (immediate diagnostics and analytics) and has launched rapid tests that can detect antibodies for different infectious diseases from a small drop of blood, as well as a mobile diagnostics solution for analyzing the test results and mapping capabilities for measuring spread.
The IDA platform digitalizes and analyses lateral flow tests (LFTs), including all major infectious diseases. Unlike PCR tests, LFTs detect the antibodies for diseases like COVID-19, which means that they do not show early acute infections but can detect infections beyond the first 14 days, after which PCR is ineffective, the company said.
All diagnostics are performed using smartphone cameras, making it possible to deliver on three important diagnostic criteria: high quality, accessibility even in remote locations and affordability in countries with lower income.
“Loop Insights' venue tracing platform is the perfect complement to our best-in-class immediate diagnostics and analytics of infectious disease application,” iSTOC CEO Jarmo Järvenpää said. “For the first time, a combined product and service offering will enable a complete end-to-end management solution.''
Looking ahead, Loop will now be able to offer rapid test and lab results to any organization searching for a complete end-to-end COVID-19 test and trace platform where iSTOC has existing adoption and service contracts.
The company has already had discussions with various entities and is targeting large-scale government opportunities, hospitals, stadiums, long-term care facilities, construction sites, HR administration, campuses, airlines, cruise ships and resorts, all of which need systems in place to reopen safely.
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