$2 million oversubscribed raise backed by new and existing shareholders
The funds will give InteliCare the capital needed to transition from tech development to commercialisation
InteliCare signed its largest commercial deployment to date in March
Special Report: SaaS company InteliCare Holdings (ASX:ICR) raises $2m, setting the stage for a new phase of commercialisation after a year of technological development.
The strategic inflow is projected to provide the company with over 12 months of operational runway, allowing it to focus intensively on converting its established pipeline into tangible results.
The raise was notably oversubscribed, drawing significant interest from both existing stakeholders and new investors, including several new micro-cap institutions.
InteliCare CEO Daniel Pilbrow said the capital raise completion marked the beginning of an exciting period for the business as it transitions from tech development to commercialisation.
“We are immensely pleased with the successful close of our $2.0 million capital raise, which was warmly received and oversubscribed by both long-standing and new investors,” he said.
“This strong market support not only validates our strategic direction but also empowers us to accelerate our commercialisation efforts, turning innovative tech solutions into tangible benefits for our users.”
InteliCare is focussed on the aged care, disability and health industries. Its award-winning AI-based care support solution is built on a proprietary AI powered platform utilising smart sensors.
The company inked a significant subscription agreement with Hardi Aged Care in March, its largest commercial deployment to date.
The binding subscription agreement will see InteliCare deploy its platform across all six of Hardi’s residential aged care facilities. The private family-owned aged care business currently serves approximately 600 residents across its facilities.
The agreement, valued at $1.7 million in hardware and implementation fees, and on full deployment is expected to generate over $400 thousand per year in annual recurring application fees over a three-year initial term, marking a significant revenue stream for InteliCare.
The three-year initial term includes provisions for extensions, including hardware and implementation fees, as well as annual SaaS fees. Notably, InteliCare received an initial payment of $30,000 to fund the first stage deployment, demonstrating Hardi’s commitment to expedite the integration of the InteliCare platform into its facilities.
InteliCare has made significant strides in the residential aged care sector over the last 12 months, most notably securing a memorandum of understanding (MOU) with Australia’s largest independent not-for-profit aged care provider, Bolton Clark.
The partnership includes pilots to integrate InteliCare’s technology into Bolton Clarke’s care environments which comprises 88 residential aged care facilities, 38 retirement villages and 130,000 people they provide home-based care services to.
The collaboration, a significant milestone for InteliCare, signals the beginning of a long-term strategic partnership to embed AI solutions across the provider’s extensive network of residential aged care facilities, retirement villages and home-based care services.
This article was developed in collaboration with InteliCare, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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