Personal defibrillator firm raises $37.5m
Rapid Response Revival, the creator of CellAED, a personal defibrillator is to raise $37.5million.
With several funding rounds already undertaken, this raise is targeted at institutional investors including global medtech and life science funds, impact funds, venture capital growth funds and other financial institutions.
The Riverwood, New South Wales company told HealthInvestor UK that a significant proportion of the capital raising will be used to support its recently launched UK business, adding “With customer pre-orders for Q1 2023 delivery now open and having already received strong interest from existing AED [automated external defibrillator] distributors and key SCA [sudden cardiac arrest] opinion leaders, the supply of the United Kingdom market is a priority for the coming.”
Rapid Response Revival said hopes to become the next Australia-based tech unicorn, with a product that will improve survival rates from sudden cardiac arrest. Without CPR and defibrillation within the first few minutes, a cardiac arrest patient’s chance of survival diminishes 10% every minute.
Financial advisory firm Ankura is partnering with Rapid Response Revival for the raise. With the company considering an IPO by early next year on the Australian stock exchange, a global investment bank has also been appointed as financial advisor to the company for the process of IPO planning.
Rapid Response Revival said the IPO will see it expand into additional markets, with entry into the US and Canada planned for next year.
Damian Shrubsole, company secretary and head of investor relations at Rapid Response Revival said: “Current AED technology has remained relatively unchanged for the last 30 years. A result of five years of intense research and planning, CellAED brings much needed innovation to a life-saving medical device. This raise will be instrumental to our expansion into new markets and will allow us to bolster our manufacturing capabilities and scale the business. With ambitious growth plans, CellAED is already on track to become one of the life-changing health-tech innovations of a generation.”
Date published: April 7, 2022