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Welsh medtech firm raises £1.2 million to grow business

Fast-growing Welsh medtech firm Bond Digital Health has received a further £1.2 million in equity funding to cap a hugely successful year.

The Cardiff-based company received £1 million from Wealth Club, the high-net-worth investment service, and £200,000 from the Development Bank of Wales.

The money will fund further business growth, product development and expansion into new global markets.

Earlier this year Bond received £700,000 in equity funding from the same two organisations and was later awarded more than £200,000 in government grants.

Bond used the funding to expand its team, creating five new high-value tech jobs to help develop its technology for the market.

Bond’s connectivity and data platform, Transform®, collects and stores data from lateral flow diagnostic tests – the same type of rapid tests that are being widely used in the Covid19 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 fund raise 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 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.”

Bond has been honoured with a brace of prestigious awards for its Transform® platform. This week it won the award for Outstanding Covid Achievement at the MediWales Awards and last month it won the Innovation in Technology Award at the inaugural Wales STEM Awards.