COVID-19 rapid antigen test: Welsh medtech raises £1.2M equity funding to power the cause
Coronavirus has killed hundreds of thousands of innocent people and has constrained health systems around the world, but several medtech startups and companies are coming forward with numerous solutions to beat this worldly crisis.
Based out of Cardiff, Bond Digital Health Ltd is one of them and the rapidly growing Welsh medical technology specialist has received further equity funding in a deal supported by prominent advisers. Bond Digital is digitising an entire industry and helping with global efforts to decentralise health testing.
With a further £1.2 million in equity funding received £1 million from Wealth Club, the high-net-worth investment service, and £200,000 from the Development Bank of Wales, the startup aims to fund further their business growth, product development and expansion into new global markets.
Earlier this year, the MedTech company also received £700K in equity funding from the same two organisations and was later awarded more than £200K in government grants.
Lateral flow diagnostic tests
Founded by Dave Taylor, and Ian Bond in 2015, Bond’s digital platform – Transform, offers secure cloud connectivity and is fully regulated and compliant with the medical device. It collects and stores data from lateral flow diagnostic tests – the same type of rapid tests that are being widely used in the COVID-19 outbreak.
A version of Transform is currently in-market, digitising, and powering a Canadian client’s COVID-19 rapid antigen test. Bond is now recruiting two new iOS developers to extend the scope and functionality of the platform to users of Apple devices.
Dave Taylor, Chief Operations Officer of Bond Digital Health, said: “Our purpose has always been to help people be better with data. This funding is a fantastic recognition of our hard work and shows a strong belief and confidence in our forward mission as a business. It will allow us to continue developing our digital technology – technology that is redefining and accelerating the growth of the entire rapid diagnostics industry. We’re proud to be working in pioneering global partnerships and creating a real positive impact on the health and wellbeing of people, animals, and the environment. We would like to thank our friends at Wealth Club and the Development Bank of Wales for their efforts in helping us raise this money, our partners at Barford Owen Davies for their financial advice and assistance, Acuity Law for their legal assistance, and Bevan & Buckland for corporate tax advice.”
Emma Owen Davies, director at Barford Owen Davies, said: “We are really proud to be supporting a successful Welsh company that has such a great product and vision. We are delighted the fundraise has completed and excited to see what the future has in store for the business.”
Alex Davies, founder, and CEO of Wealth Club said: “Bond is a great example of a young and dynamic company that’s using technology to solve a real problem. The fact this technology is being applied to a rapid Covid test demonstrates the potentially huge impact of what it’s aiming to achieve. The crisis has really propelled some businesses forward, particularly in sectors such as healthcare and technology, and it’s no surprise these sorts of companies have been snapped up by investors.
“The Bond deal has been hugely popular with our clients. The initial offer was oversubscribed by 400%, with the second larger offer – available only to existing investors and those who missed out – filling up in less than a week.”
Philip Barnes of the Development Bank of Wales said: “We are pleased to continue to support Bond, an early-stage medtech company rooted here in Wales with a bright future. The growth potential for this ambitious business, including its reach into global markets is exciting. As a co-investor with Wealth Club, we look forward to continuing to work with the management team on their journey.”