- G Medical Innovations (GMV) has secured a $30 million funding facility over a three year period from GEM Global Yield
- GEM Global is a Luxembourg-based investment group focused on emerging markets
- The company will use the funds to expand its current U.S. sales team 4-fold
- In addition, G Medical will seek global opportunities to further its health monitoring product suite
- G Medical is up a healthy 17.5 per cent today with shares trading for 11.8 cents each
G Medical Innovations (GMV) has secured capital commitments of up to A$30 million over a three year period from GEM Global Yield.
The funding gives the company the financial flexibility to rapidly grow in established markets where its technology is gaining significant traction.
"This is the funding catalyst that GMV has needed to significantly scale our sales function and fast track our market penetration," G Medical CEO and Executive Director Dr Yacov Geva said.
GEM Global is a leading $3.4 billion investment group based in Luxembourg. It manages a diverse set of investment vehicles focused on emerging markets across the world.
Headquartered in the Cayman Islands, G Medical Innovations is gearing up to be at the forefront of the digital health revolution. It develops mobile health technologies and e-health solutions and services to healthcare professionals and patients.
Its smartphone case is said to "turn your phone into your very own mobile medical monitor."
The device enables both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators.
The company also has a patch which is targeted for clinics, assisted living homes and post-discharge patients. The patch allows the wearer to monitor their heart rate and rhythm, blood pressure, body temperature and position, as well as location.
The company will use the funds to expand its sales force by roughly 20 staff in the U.S. and global markets next year. It hopes to further extend the team to a total of 60 by 2022.
Currently, G Medical has a U.S. sales team of five people that are expected to generate roughly US $5.5 million (A$8 million) in annual revenue this year. This figure represents up to 100 per cent growth since 2018.
"GMV is exceptionally well positioned to realise the benefits from its expanding sales pipeline, predominantly in the United States, as well as other international markets where our technology has received considerable interest," Dr Yacov added.
The digital health company will pay a A$440,000 fee to GEM as part of the Capital Commitment Agreement.
G Medical Innovations is up a healthy 17.5 per cent today with shares trading for 11.8 cents each at 2:21 pm AEDT.