Fast-growing Welsh MedTech firm Bond Digital Health has secured £1.2m in equity funding to further its expansion.

The Cardiff-based company received £1m from Wealth Club, the high-net-worth investment service, and £200,000 from the Development Bank of Wales.

The capital will fund further business growth, product development and expansion into new global markets, the firm said.

Earlier this year Bond received £700,000 in equity funding from the organisations and was later awarded more than £200,000 in government grants.

Bond used the funding to expand its team, creating five new tech jobs to help develop its technology for the market.

Bond’s connectivity and data platform, Transform, is designed to collect and store data from lateral flow diagnostic tests, the same type of rapid tests that are being widely used in the Covid19 outbreak.

A version of Transform is currently in-market, digitising and powering a Canadian client’s Covid-19 rapid antigen test.

Welsh medtech launches app for Covid-19 test

This week the platform won the award for Outstanding Covid Achievement at the MediWales Awards and last month it won the Innovation in Technology Award at the inaugural Wales STEM Awards.

Bond is now recruiting two new iOS developers to extend the scope and functionality of the platform to users of Apple devices.

Dave Taylor, Chief Operations Officer of Bond Digital Health, said the funding “will allow us to continue developing our digital technology – technology that is redefining and accelerating the growth of the entire rapid diagnostics industry.

“We’re proud to be working in pioneering global partnerships and creating a real positive impact on the health and wellbeing of people, animals and the environment.”

Alex Davies, founder and CEO of investor Wealth Club, added: “The fact this technology is being applied to a rapid Covid test demonstrates the potentially huge impact of what it’s aiming to achieve.

“The Bond deal has been hugely popular with our clients. The initial offer was oversubscribed by 400%, with the second larger offer – available only to existing investors and those who missed out – filling up in less than a week.”