Cardiff-based Bond Digital Health is predicting significant growth in 2020 on the back of inroads made into the global diagnostics market.
The digital health company, based at the Life Sciences Hub Wales, has doubled its 2020 revenue predictions from £1.5m to more than £3m as a result of recent trips to California in which it consolidated relationships with west coast-based life sciences companies.
Bond has also secured 50% of a £1.1m equity funding round enabling the employment of at least five new technical staff to meet the increased market demand.
The company has also signed an export deal with a Canadian company and is in negotiations with a Japanese pharmaceutical giant. Later this month Bond will be exhibiting at Medica, one of the world’s largest medical technology trade shows in Dusseldorf, Germany, on a trip supported by the Welsh Government.
Ian Bond, founder and CEO of Bond Digital Health, said: “We knew 2020 was going to be a big year for Bond, but we didn’t realise just how big. It is abundantly clear that the international diagnostic market needs our fully compliant medical-grade technology to support its products.
“We are really excited about the opportunities we are pursuing in the United States and proud to have entered the export field. The demand for our digital connectivity is so strong that we now have to expand our team this quarter, rather than the first quarter of 2020 as we planned.
“We look forward to more success and growth over the course of the next year and beyond. What is happening now, combined with planned future discussions at Medica, will have a major impact on our growth and business valuation”
Bond Digital Health has developed a digital connectivity platform called ‘Transform’, which is specifically tailored for companies developing lateral flow diagnostic tests. Lateral flow is the technology behind the home pregnancy test. It is now extensively used across a wide variety of human, animal and agricultural diagnostics as a direct-to-consumer lab testing solution.