AI Innovation Strategy · Series II · Confidential
Three innovations.
Three innovations.
One platform.
Own the properties. Operate them through intelligence. Keep a lifelong member relationship. Convert clinical activity into validated evidence. Each layer has its own paying customer — the figures throughout are management targets, not established outcomes.
01 · Intelligence OS
€2.5–15M
Target ARR · licensed to 10–30 external properties after internal proof
02 · Continuum
€15.5M
Annualized membership revenue · ~380 client relationships · illustrative maturity case
03 · Evidence Network
€1.5–10M
Potential annual · 3–5 research programmes · recognised on validation
Basis
Management cases
Targets — dependent on operating proof, adoption, evidence & validation
Innovation 01 · Operating System · Internal-first, then licensed
The longevity property
The longevity property
operating system.
A proprietary operating system for longevity properties. ETERRA runs it internally first, proves measurable NOI improvement on its own portfolio — then licenses it to external clinics, resorts and serviced-living operators.
The Intelligence OS optimises the parts of a longevity property that determine its margin — occupancy and pricing, staffing and clinical-capacity, guest segmentation, protocol profitability, energy and procurement, and repeat-visit forecasting. This is far more scalable, and far easier to validate, than claiming AI manufactures a credit rating: every operator already understands software that lifts NOI.
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Occupancy & pricing optimisation — dynamic rate and yield management across rooms and protocols.
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Staffing & clinical-capacity planning — match clinical and hospitality capacity to demand.
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Guest segmentation — target the right protocols and offers to the right guests.
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Protocol profitability — see the true contribution margin of every clinical programme.
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Energy & procurement optimisation — control the largest controllable operating costs.
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Repeat-visit forecasting — anticipate returning demand and plan around it.
i
Run it internally
Deploy across ETERRA's own properties as the operating backbone.
ii
Prove measurable NOI uplift
Document the operating improvement with audited, comparable numbers.
iii
License to third-party operators
Clinics, resorts and serviced-living operators pay an annual licence plus implementation and integration fees.
→ ARR
Per external property
€250–500K
Illustrative annual licence · plus implementation & integration fees
10 properties
€2.5–5M
Target recurring ARR · management case
30 properties
€7.5–15M
Target recurring ARR · management case
Founding Properties Programme
Selected hotels, residences and clinics become launch customers for ETERRA's health-intelligence infrastructure. Each implementation provides a contracted deployment environment, a distribution channel and a recurring platform relationship — making ETERRA a platform launched at its first properties, not a single-property-dependent product. These fees are customer-funded development, not simply non-dilutive capital: they carry delivery obligations.
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Up to six founding properties · €250K implementation contribution each · five-year commercial agreement with a minimum member-referral commitment. Santani is a potential launch environment — not a dependency.
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€150–250K annual platform licence per property · no ownership of ETERRA's IP or member relationship.
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Illustrative: ~€1.5M potential implementation revenue and €0.9–1.5M potential recurring B2B revenue — none in the base case until contracted.
Why investors love it
A licensable operating system with a clear customer — property owners who pay for software that lifts NOI. More scalable and far easier to validate than claiming AI creates a credit rating, and proven on ETERRA's own portfolio before a single external sale.
Innovation 02 · ETERRA Continuum · A Private Health Office
Not more information.
Not more information.
Less uncertainty.
ETERRA Continuum is a private health office for individuals and families who do not want to navigate their health alone. It remembers what came before, watches quietly between visits, and mobilises the right human expertise when something deserves attention.
It is not another dashboard to manage. Quiet Intelligence works in the background — learning each member's own Living Baseline over time rather than comparing them to population averages, and surfacing only meaningful departures from their personal range for human review. You should not have to become an expert in your own data to be well cared for. The membership covers continuity and coordination — the relationship, the longitudinal record, platform and device integration, a core annual review and defined baseline diagnostics. Specialist consultations, advanced diagnostics, treatment and stays are billed separately or passed through, which protects the margin while keeping the relationship at the centre.
i
The system identifies a meaningful change
A departure from the member's own Living Baseline — never a population average.
ii
A qualified human reviews it
No frightening interpretation is ever delivered to the member by an algorithm.
iii
A licensed clinician is involved when appropriate
Clinical judgement stays with clinicians; ETERRA coordinates, it does not diagnose.
iv
The member receives a calm, contextualised recommendation
The Red-Flag Firewall — safer, more luxurious and more defensible than direct AI alerts.
→ Care
The Continuity Guarantee
No member begins again. On every return, new device, new property or new specialist, ETERRA prepares the relevant history and context in advance. This is the clearest articulation of the whole product.
The Annual State of You
Not a 100-page biomarker dump — a private annual review: one longitudinal narrative of what changed, what stayed stable, the questions that need clinical review, the priorities for the next twelve months, and when to return.
The Personal Health Constitution
Your health information operates under your instructions — not the platform's assumptions: priorities, preferred clinicians and locations, sharing permissions, emergency contacts, research preferences, interventions requiring explicit approval, family access. It is the operating mandate of the Private Family Health Office — and it builds retention through accumulated context and trust, not by trapping the member (the Data Exit Guarantee ensures they can always leave).
The Situation Room
Activated for a significant diagnosis, accident or complex decision: records, specialist options, second opinions, appointments, travel, family communication and a documented decision timeline. When health becomes complicated, ETERRA creates order. Billed separately.
Health Without Borders
A global coordination layer for members between countries — a transferable dossier, medication and document preparation, specialist routing, second opinions, emergency information and clinical-record translation. Global organisation, not global coverage.
Continuity Reserve & Data Exit
Capacity reserved before it is needed — priority return stays, an annual diagnostic window, rapid coordination. And every member can leave with a complete, structured, readable copy of their record. No lock-in anxiety.
| Membership | Relationships | Price | Annualized revenue |
|---|---|---|---|
| Continuum Private | 300 | €30K | €9.0M |
| Continuum Family · Private Family Health Office · up to four profiles | 60 | €75K | €4.5M |
| Founding Circle · first Sovereign households · €500K / 5-yr | 20 | €100K p.a. | €2.0M |
| Total · client relationships, not headcount | 380 | €15.5M |
How to read the table
Illustrative management case at maturity — annualized membership revenue, not SaaS ARR. These are ~380 client relationships, not 380 people: family memberships cover several individuals and carry higher service costs. Continuum Sovereign — invitation only, €150–250K p.a. with strict capacity, served by a Health Chief of Staff — is upside tested with the first Founding Circle households and not included here until validated. Founding Circle is the launch cohort, not a permanent tier. The case is not included in the current base valuation.
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Included: named Continuity Director (a Health Chief of Staff at Sovereign level) · member-controlled longitudinal record · platform & device integration · core annual review · defined baseline diagnostics.
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Passed through: specialist consultations · advanced diagnostics · treatment · stays — billed separately, not absorbed into the membership fee.
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Acquisition reality: at a 25% stay-to-membership conversion, ~1,520 qualified household stays build 380 relationships — before cancellations. The model is driven by premium weeks per property, qualified guests, conversion, renewal and referral.
Client relationships
~380
Illustrative maturity case · relationships, not headcount
Annualized membership revenue
€15.5M
Management case · not SaaS ARR · not in base valuation
Gross-margin target
55–65%
Premium-services margin once validated — not 96% software
The promise
A private health office for those who do not want to navigate their health alone — quiet between visits, decisive when it matters, and never starting the story again. The product is not more information. It is less uncertainty.
Innovation 03 · Research & Evidence · Pharma / Biotech
From data ownership
From data ownership
to an evidence network.
Replace "selling the data" with a research and evidence business. The commercial model is built on studies and partnerships — not on ownership claims over guest data.
With a consented, longitudinal cohort across multiple sites, ETERRA can run a research and evidence programme for biotech and pharma partners — sponsored observational studies, biomarker-response research, protocol validation, trial recruitment, post-market monitoring, research-grade cohort access and custom analytics. Revenue comes from the studies and partnerships ETERRA runs, not from selling a dataset. Strategic value is recognised only after scientific validation.
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Sponsored observational studies on a consented longevity cohort.
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Biomarker-response research & protocol validation.
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Trial recruitment & post-market monitoring for partners.
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Research-grade cohort access under governed, consented terms.
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Custom analytics for biotech and pharma.
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The Private Validation Studio — device, diagnostics and health companies fund defined, independently governed validation programmes. They do not purchase access to members or identifiable member information. All validation revenue is held at €0 in the base case.
Programmes / year
3–5
Illustrative management case · research & partnership programmes
Per programme
€0.5–2M
Study- and partnership-based · not a data sale
Potential annual
€1.5–10M
Recognised only after scientific validation
Why investors love it
Pharma and biotech already pay for evidence and validated research. By selling studies and partnerships rather than asserting ownership over guest data, ETERRA builds long-term strategic upside on the right side of consent — and assigns it no base-case value until the science is validated.
Two supporting layers
Longevity Asset Intelligence
An internal underwriting and reporting layer: forecast NOI distributions, monitor covenant performance, stress-test occupancy and pricing, produce lender reporting, benchmark properties and support refinancing. Financing savings sit in the DCF as a benefit, not a standalone business — and it is not called a "rated financial product" until an external agency or lender validates it.
Consent & Benefit Trust
Members keep transparent control over research participation. Where their anonymised information creates commercial value, they share in it — through membership credits, research access or a shared benefit pool. The narrative shifts from "we own your data and you cannot leave" to "members choose to contribute to research and share in the value they help create." That is a far stronger trust moat.
One intelligence layer · best-in-class devices
ETERRA Continuum connects member-authorised information across four categories — sleep & recovery, activity & cardiovascular health, home vital signs, and metabolic or clinically supervised monitoring. The platform is designed to remain device-agnostic: a FHIR-compatible longitudinal record normalises information from approved sources, while ETERRA's Consent and Provenance Layer records where every measurement originated, how it may be used, and when permission is changed or withdrawn. ETERRA integrates best-in-class technologies — it does not manufacture hardware, and so avoids hardware risk while retaining the valuable layer: the member relationship, orchestration and recurring membership revenue.
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The Consent & Provenance Layer records who supplied each measurement · device & software version · what the member authorised · the permitted purpose · who accessed it · when permission expires or is withdrawn. Consent alone does not make every use lawful — purpose limitation, clinical governance and research approvals still apply.
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Device partners may provide hardware, integration support and defined validation programmes. They receive no ownership of the ETERRA member relationship and no independent right to access, reuse or commercialise member information. Any validation, integration or distribution revenue is treated as upside, not base case.
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Founding Device Partner — one designation may be awarded per category for an initial 24-month period, giving launch visibility and preferred pilot status, but no exclusive data, integration or member-access rights.
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Clinical measurements are incorporated only under appropriate licensed supervision.
Oura, Garmin, Withings, Apple and Dexcom are described as potential integration partners — not current partners — until agreements and integrations exist.
Valuation · management case
Own the properties.
Own the properties.
Operate them through
intelligence.
Real estate provides the physical infrastructure. Membership creates recurring revenue. The Intelligence OS improves operating performance and scales to third-party properties. The Evidence Network provides long-term strategic upside. Properties fund distribution. Memberships create recurring revenue. Governed validation provides future upside. Member information is never the product. The figures below are management targets, not established outcomes.
| Component | Basis |
|---|---|
| Real-estate platform EV · management target · subject to appraisal & capital structure | ~€430M |
| Intelligence OS — target ARR · 10–30 external properties | €2.5–15M |
| ETERRA Continuum — annualized membership revenue · ~380 relationships, three tiers | €15.5M |
| Evidence Network — potential annual · 3–5 programmes | €1.5–10M |
| Recurring-revenue value · capitalised only on validated, audited ARR | Recognised on validation |
| Financing benefit · internal underwriting · in the DCF only | In the DCF only |
| Intelligence-platform investment · capacity up to €50M | €25M base |
| Core defensible value · real-estate platform EV, before recurring-revenue re-rating | ~€430M |
How to read this
The core defensible value rests on the real estate alone. The three recurring layers — Intelligence OS, Membership and Evidence Network — are shown as management target ARR and are capitalised into value only once audited and validated. Investor MOIC is omitted until net debt, ownership and dilution are incorporated — returns are detailed in the data room. The €580–685M figure is a contingent management upside case (all layers at scale, 2030), not base-case value.
Governance · Execution · Proof
The hard questions —
The hard questions —
answered.
A thesis is only as strong as the objections it survives. Here are the three an institutional investor raises first — and where each lands.
01 · Is the data even sellable? — Consent & GDPR
Yes — because it is built on consent, not surveillance. Health data is special-category data under GDPR Art. 9 and the Swiss FADP; ETERRA processes it only on each guest's explicit, withdrawable consent, captured at onboarding. Only anonymised, aggregated data ever leaves the platform — never identifiable records — and the consent architecture, data-protection concept and medical-board oversight are documented in the data room (08-07). The asset is a governed, consented dataset, not a privacy liability.
02 · Can a real-estate team build this? — Execution
Sven Bading
Founder & Chairman
Paramedicine · banking · real-estate economics
Wencke Mühlenberg
COO & CAIO · Executive Owner, AI Platform
AI strategy, product & delivery · Harvard & MIT trained
Daniel Slenters
CIO · CEO, ETERRA Deutschland
15+ years in real estate, finance & capital structuring
Hamza Waqas
Chief Technology Officer
Conversational AI at scale · Stanford · Johns Hopkins
Prof. Dr. Michael Friebe
Medical Data & Device Advisor
Health-tech innovation · 100+ patents · NextMed Health
Dr. Ahmad Hassan
Medical Equipment & Imaging
Medical-physics PhD · validation & QA
- Building a proprietary intelligence platform — clinical intelligence, longitudinal health-data infrastructure, guest products and operating systems.
- Funded at ~€25M over four years (up to €50M) — incl. cybersecurity, regulatory compliance and multi-country deployment.
- Off the critical path: if the AI slips a year, the real-estate base case is unaffected.
Medical & Scientific Advisory Board — in formation. World-class longevity, diagnostics and clinical-operations experts are being appointed to govern the clinical and data programme.
03 · Is the upside real? — Proof & honest dependency
Pharma invests heavily in longitudinal health data — Roche's ~$1.9bn acquisition of Flatiron Health (a full oncology data & software business) and GSK's $300M equity-and-R&D collaboration with 23andMe (5M+ users). These evidence that the market exists; they are not direct licence precedents. ETERRA treats its dataset as potential research & licensing upside — unpriced in the base case until scale, consent rights and buyer demand are proven. Base returns stand on the real estate alone.
Data leaving platform
Anonymised
Aggregated only · explicit consent · GDPR Art. 9 / FADP
Intelligence platform
~€25M
Over four years · up to €50M · staged & off the critical path
Comparable data deals
$0.3–1.9bn
GSK–23andMe · Roche–Flatiron (2018)
Base-case dependency
None
AI is upside on the funded real-estate plan
The point
The three innovations are structured so the things that usually kill an AI story — data legality, execution risk, and over-dependence — are de-risked up front. You are not asked to underwrite the AI for the deal to work. You get it as upside on a real-estate base.
Direct · Confidential · By Invitation
The conversation.
SB
WM
The conversation.
One email.
Forty-five minutes by call or in person. A mutual NDA enables the data room. Site visit to Mallorca optional. No pitch.
SB
Founder & Chairman
Sven Bading
ETERRA AG · Steinhausen, Switzerland
sven@eterra.ch
+49 151 6156 6664
WM
COO & CAIO
Wencke Mühlenberg
ETERRA AG · Steinhausen, Switzerland
wencke@eterra.ch
+49 176 4389 6696
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ETERRA AG · Sumpfstrasse 15 · CH-6312 Steinhausen · Switzerland