Wales-based medtech company Bond Digital Health has received significant equity investment as it looks to develop the digital element of a new rapid test for coronavirus.
The company is part of an international consortium producing a diagnostic test for suspected coronavirus patients. The consortium, established by the Canadian firm Sona Nanotech Inc, also includes GE Healthcare Life Sciences.
The test, based on lateral flow technology, is intended to be affordable, simple to use and to rapidly return results. Digital connectivity supplied by Bond Digital Health will seek to enable test data to be securely captured, stored, analysed and shared in real time.
Established in 2016, Bond’s connectivity technology has been in development for two years, with its platform due to be launched this year. However, the coronavirus pandemic has seen increased demand for medical technology, causing the company to fast-track the project and seek funding.
Members of Wealth Club filled their entire £400,000 allocation within a minute of the offer opening and the Development Bank of Wales’ technology venture investments team provided further funding of £300,000. Bond plans to launch its Series A investment round over the coming months.
Bond Digital Health CEO Ian Bond said: “In the fight against COVID-19, we need affordable, accurate, rapid tests in huge volumes. To make a real impact we need to collect the test data to help authorities monitor the spread of the outbreak. Bond is proud to be adding its unique digital connectivity technology to such tests.”