Wales-based medtech company Bond Digital Health has received £1 million in funding to support its growth plans. The firm, which has developed a data capture and management system for lateral flow diagnostic tests, secured the investment from the Development Bank of Wales and members of the high-net-worth investment service, Wealth Club who are among its existing stakeholders.
Ian Smith, Chief Executive of Wealth Club, said: "This has been another important year of growth and development for Bond Digital Health. Now that we have several international customers signed up to our platform, we need to make sure we successfully service their needs 24/7. This funding will help us do that by ensuring we have the right people in the right roles."
Bond aims to raise another £500,000 by the end of January, which will be added to its current funding, as well as contributing to expanding team and helping to grow its international customer base. In 2020, Bond was granted £2 million in equity funding and more than £200,000 in UK and Welsh Government grants, enabling it to bring its Transform app to market. Transform displays the lateral flow test results and additional data in real-time.
Mark Bowman, senior investment executive at Development Bank of Wales, said: “Ian and the team at Bond have a bright future ahead as their technology has the potential to revolutionise the management of lateral flow test result data. We are proud to continue to support the growth of the business with our equity investment from our Wales Flexible Investment Fund.”
The Wales Flexible Investment Fund, which provides loans, mezzanine finance and equity for deals between £25,000 and £10 million, is financed by the Welsh Government and the Development Bank of Wales.