Bond Digital Health, a fast-growing Welsh MedTech company, has secured £ 1.2 million in equity funding to accelerate its expansion.
The Cardiff-based company received £ 1m from Welsh Club, a wealthy investment service, and £ 200,000 from the Welsh Development Bank.
The capital will fund further business growth, product development, and expansion into new global markets, the company said.
Earlier this year, Bond received £ 700,000 from the organization and was later awarded more than £ 200,000 with a government grant.
Bond used the money to expand its team and create five new technology jobs to help develop technology for the market.
Bond’s connectivity and data platform, Transform, is designed to collect and store data from lateral flow diagnostic tests, the same type of rapid test widely used in the outbreak of Covid19.
A version of Transform is currently on the market, digitizing and enhancing the Covid-19 rapid antigen test for Canadian clients.
Welsh medtech launches Covid-19 test app
This week, the platform won the Outstanding Covid Achievement award at the MediWales Awards, and last month it won the Innovation in Technology Award at the first Wales STE Awards.
Bond is currently recruiting two new iOS developers to extend the platform’s reach and capabilities to users of Apple devices.
Dave Taylor, Chief Operating Officer of Bond Digital Health, said the funding will enable us to continue developing digital technology, a technology that redefines and accelerates the growth of the rapid diagnostics industry as a whole.
“We take pride in working as a pioneer in global partnerships and having a real positive impact on the health and well-being of people, animals and the environment.”
Alex Davis, Founder and Chief Executive Officer of Investor Wealth Club, said: “The fact that this technology has been applied to rapid Covid testing shows a potentially significant impact on what it is trying to achieve.
“Bond deals are very popular with our customers. The first offer is 400% oversubscribed and the second largest offer is only available to existing investors and those who missed it, filling up in less than a week I did. “
Welsh MedTech Raises £ 1.2 Million Growth Capital
Source link Welsh MedTech Raises £ 1.2 Million Growth Capital