13th January 2021

Equity funding injection wins deal of the month

A funding injection secured by a rapidly growing Welsh medical technology specialist has been named as Deal of the Month.

Cardiff-based Bond Digital Health has received £1m 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 Covid-19 outbreak. A version of Transform is currently in-market, digitising and powering a Canadian client’s Covid-19 rapid antigen test.

Barford Owen Davies provided financial advice and assistance to Bond Digital Health while Acuity Law and Bevan & Buckland provided legal and corporate tax advice respectively.