Former Rewired Pitchfest winner, TestCard, has raised £7.68million ($10million) which it plans to put towards further commercialising its existing product suite and launch new ones.
The British MedTech company also intends to continue investing in its technology, which a combination of a non-invasive urine test kit with an accompanying mobile application that turns a mobile phone’s camera into a clinical grade scanner.
Looking ahead, Testcard, which was crowned the winner of Digital Health’s Rewired Pitchfest in 2019, plans to focus on new products to help diagnose conditions such as diabetes, chronic kidney disease, pregnancy and flu testing. In addition it plans to launch in the US in early 2023 and is currently working on obtaining FDA approval for its first products.
Chris Craig-Wood, chief executive officer at TestCard, said: “Over the last 12 months we have consolidated our position as one of the UK’s leading medtech enterprises. This fundraising round coupled with our proprietary world-class technology and leading domain expertise means that we’re now in a strong position to adopt a rapid expansion programme, both in terms of launching new products and expanding into global markets.”
The fundraising round was secured via corporate finance firm, West Hill Capital.
Robert Caie, managing partner of West Hill Capital, added: “We look to identify and invest in world-leading technology businesses operating in high-growth markets, with unique IP and strong management teams. We believe that TestCard, as a fast-growing and ground-breaking digital health company, exhibits all of these qualities. ”
The company, which was launched in 2017, has previously partnered with Guy’s and St Thomas’ Foundation Trust, to launch its integrated covid-19 antigen testing solution. ClearScreen was able to provide safe and reliable covid testing for patients, visitors and staff and helped reduce admin time for hospital staff and improve traceability of tests.
Back in 2020, TestCard raised £4.5m in funding to support its expansion, while its current fundraising round is its largest to date.