MedTech firm secures equity funding for development of COVID-19 test
A Cardiff-based MedTech company has secured £700,000 in equity funding to develop the digital element of a new test to support the fight against Covid-19.
Bond Digital Health is part of an international consortium that is producing a diagnostic test for patients suspected of having Covid-19. The consortium was set up by Canadian company Sona Nanotech and includes GE Healthcare Life Sciences.
Bond has been developing its connectivity technology for the past two years and was due to launch its platform later this year. However, the Covid-19 outbreak and the increased demand for its technology prompted Bond to fast-track the project and seek interim funding ahead of its planned series A investment round.
To hire additional technical and admin staff to help speed up the development, Bond turned to the Development Bank of Wales and investment service Wealth Club.
Members of Wealth Club filled their entire £400,000 allocation within one minute of the offer opening and the Development Bank of Wales’ technology venture investments team provided a further £300,000.
Ian Bond, chief executive of Bond Digital Health, said: “In the fight against Covid-19, we need affordable, accurate, rapid tests in huge volumes.
“We are grateful to Wealth Club and the Development Bank of Wales for moving quickly on this funding, which will enable our amazing team to scale up at pace to meet the challenges ahead.
“We would like to thank Bevan Buckland, Barford Owen Davies and Acuity Law for their financial and legal advice and guidance in helping us complete this interim investment.
“Bond is proud to be putting Welsh technology and talent into the fast-growing global diagnostic market.”
Bond plans to launch its series A investment round in the coming months.