Enterprise imaging company Mach7 Technologies has completed a AU$9 million capital raise via an equity placement to sophisticated and institutional investors, of which AU$6.9 million is new funding. The existing AU$2.1 million of private debt will be converted to equity.
The AU$6.9 million in new funds, which includes AU$600,000 in cash from Mach7's board of directors and senior management, will be used for investment into sales and marketing resources, customer support services, new product development, and working capital requirements.
"With this new funding, the company can significantly accelerate growth and drive towards profitability," said Mach7 managing director and CEO Albert Liong. "In addition, the conversion of a vast majority of the company's debt strengthens our financial position and adds support to our customer contract negotiations."
The company's imaging platform -- comprised of workflow tools, clinical viewing, and archiving functionality -- allows healthcare providers to own, access, and share patient data.
Recently, Mach7 gained customers such as MaineHealth, Virginia Commonwealth University Health System, and Goshen Health in the US. In the UK, it has been approved by the National Health Service Framework Agreement to sell its imaging solutions across the NHS.
In October, the company used Microsoft Azure to bring its enterprise medical imaging solutions to the cloud.
Last year in October, Mach7 and 3D Medical, which focused on medical-specific 3D printing, holographic projection, and data integrations, entered into a $60 million binding merger agreement. The merger was completed in April this year.
Under the terms of the deal, 3D Medical provided the backbone architecture for the centre's DICOM data generated by its radiology and cardiology departments, as well as the migration of legacy data onto the Mach7 Enterprise Imaging Platform.
Since first joining with Mach7, 3D Medical began building a patient portal that allows the patient to control their data and give permission for it to be shared across multiple medical practitioners and practices.
3D Medical backdoor listed on the ASX in 2015 after performing a reverse takeover of Safety Medical Products, a company formerly involved in the manufacture and distribution of single use syringes.
In Australia, Mach7 has partnered with Telstra Health, which scored a contract with the Commonwealth Department of Health to construct and run the new Australian National Cancer Screening Register for the next five years.