British medtech company TestCard has raised in excess of $10 million in its latest round of fundraising. This funding confirms the high degree of market confidence in TestCard’s future expansion and business prospects.
Founded in 2017, TestCard’s aims to make healthcare more accessible to all. The Company has developed a technology platform that it believes will revolutionise healthcare by increasing the accessibility and diagnostic capability of non-invasive testing. The company’s key technology turns a typical smartphone into a clinical-grade scanner, allowing it to read and interpret the results of rapid diagnostic medical tests, such as lateral flows and colorimetric dipsticks, making testing more accessible for consumers.
In 2021, TestCard secured extensive retail partnerships for its first product, a UTI test and treat service, with Superdrug Online Doctor, Weldricks, Chemist4U, Zava, Numark, Alphega and Amazon. In Q1 2022, it launched in Rowlands and Lloyds Online Doctor, further reinforcing TestCard’s leadership in this field.
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TestCard also launched its integrated Covid-19 antigen testing solution, ClearScreen, into the NHS, in partnership with Guy’s and St Thomas’ Foundation Trust (GSTT), significantly reducing admin time for hospital staff and improving traceability. The app ensures safe and reliable Covid-19 antigen testing for patients, visitors and staff.
This latest round of fundraising, which was secured via corporate finance firm, West Hill Capital, is TestCard’s largest fundraising round to date. The funds will be used primarily to further commercialise their existing product suite whilst also launching new products such as diabetes, pregnancy, CKD and flu testing. TestCard will also continue to invest in its world class technology underpinned by a robust IP portfolio.
In addition, the Company is looking to launch in the US in early 2023 and hence is currently working on obtaining FDA approval for its first product in the coming months.
Chris Craig Wood, chief executive officer at TestCard said: “This is a very exciting time for TestCard. 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.”
Robert Caie, managing partner of West Hill Capital added: “West Hill Capital is delighted to be supporting our existing portfolio company TestCard in their latest round. 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.”
