At CurveBeam AI, we strive to stay ahead of the curve. We are thrilled to…
- The Private Placement was oversubscribed and increased from an initial target of A$15m
- Investors in the round include Tenmile, Firetrail Investments, Ilwella, Karst Peak Capital, Acorn Capital, SG Hiscock & Frazis Capital Partners
- CurveBeam AI is targeting an IPO and listing on ASX this year
- The funds raised will be used for securing the supply chain, investing in inventory of key components, developing sales and technical support resources & continued development of the company’s AI, deep learning AI and weight bearing CT products and other working capital purposes
<Melbourne, Australia – 2 February 2023> – CurveBeam AI, Limited, a company providing market leading point-of-care diagnostic weight bearing CT (WBCT) imaging solutions incorporating artificial intelligence (AI) and deep learning AI (DLAI), is pleased to announce it has completed an oversubscribed A$25m pre-IPO Private Placement.
The Private Placement opened with a target of A$15m, but due to strong demand from high-quality long-term investors the offer was increased by A$10m.
The Placement gained the support of numerous highly regarded institutional investors and family offices including Tenmile (Tattarang’s health technology investment business), Firetrail Investments, Ilwella, Karst Peak Capital, Acorn Capital, SG Hiscock and Frazis Capital Partners.
In addition, CurveBeam AI’s board and management were participants in the raise, with CEO Greg Brown investing a further A$1m into the round, bringing his total cash invested to date to approximately A$5m.
“We are extremely encouraged by the interest from the investors we spoke with and who supported this round,” said Mr Brown. “It’s a big vote of confidence in the merger we completed late in 2022 as well as the vision we have for the targeted SaaS-based business moving forward, leveraging the installed base of weight bearing CT scanners.”
“I want to thank the existing shareholders for their continued support as well as welcoming our new investors in this raising. The additional funds raised in this round will enable the business to support our US distribution partner, with the roll out of our HiRise CT product throughout US medical practices and hospitals. We are well positioned to aggressively pursue our growth opportunities and move toward a public listing in the coming months.”
CurveBeam AI continues to target an initial public offering (IPO) and listing the Australian Securities Exchange (ASX) in 2023.
CurveBeam AI is the product of the merger of CurveBeam LLC and StraxCorp Pty Ltd in late 2022. The company offers proprietary tools to improve patient outcomes with a focus on WBCT imaging, while developing complementary AI software tools that will offer new solutions to assist in making informed clinical decisions around osteoarthritis and osteoporosis.
CurveBeam AI has pioneered WBCT systems for the orthopaedic specialties. Examining bone & joint alignment in a functional position improves patient outcomes by allowing for better diagnosis of lower extremity conditions including flat foot, patellar instability, and hip dysplasia. CurveBeam AI has installed more than 160 systems around the globe at leading orthopaedic institutions.
The company also specialises in providing AI and DLAI solutions for bone separation, segmentation, and microstructure as a means for improving bone fragility screening to aid clinicians in preventing fragility fractures.
Bell Potter Securities and Lodge Corporate acted as joint lead managers and bookrunners to the Private Placement.
About CurveBeam AI
CurveBeam AI specialises in cone beam CT imaging and complementary AI applications for orthopaedics and bone health.
CurveBeam AI’s global operations headquarters for product development, quality & regulatory, manufacturing and operations including marketing, sales and customer care are in Hatfield PA, USA. CurveBeam AI’s corporate office in Melbourne, VIC, Australia, covers AI research & development, AI quality and regulatory, corporate finance, and IP functions. CurveBeam AI which has over 50 employees, is an unlisted Australian public company backed by several major professional investors and is targeting an Initial Public Offering in 2023.
A prospectus in respect of an offer of shares in CurveBeam AI under an IPO will be made available when such shares are offered. Anyone who wants to acquire shares in CurveBeam AI will need to complete the application form that will be in or accompany the prospectus.