Tech
Singular Health Blocks $1M Investment From Crypto Wizard
Innovative med-tech company Singular Health Group has secured a $1 million strategic investment, representing a 42 percent premium to its most recent closing share price, from American cryptocurrency guru Craig Sellars.
Sellars is a co-founder of one of the world’s largest and most widely used cryptocurrencies, Tether, and a world-renowned technology executive, entrepreneur, and investor. He is also a user of Singular’s revolutionary 3Dicom medical device, designed for medical professionals such as dentists, surgeons, and radiologists to convert conventional 2D MRI, CT, and PET scans into immersive 3D images.
Management believes Sellars’ extensive experience in the technology sector provides the Company with valuable expertise and the potential to tap into his extensive network and expertise in blockchain technology, digital identity, consumer-facing technology applications and privacy-preserving storage platforms.
The move follows formal shareholder approval at the company’s recent AGM, with Sellars set to receive approximately 6.7 million Singular shares at an issue price of 15 cents each.
We are very excited to have someone of such renown involved with Singular Health. Craig’s involvement is a strong validation of the value of Singular Health and the demand for its software technology solution on a global scale.
Sellars’ cash injection comes on top of a further financial boost for Singular, with the company’s largest shareholder Marin and Sons shelling out $770,000 at 16 cents a share in a May offering. The US-based public relations and political communications specialist’s follow-on investment builds on its participation in another $850,000 round backed by CG1 Ventures late last year.
Singular closed the March quarter with a solid $3.5 million fund after a successful placement with institutional and professional investors. The funding is designed to accelerate the group’s commercialization efforts in the United States, where it has recently built sales momentum.
In February, the company reported its first enterprise sale in the U.S. medical education market, with Las Vegas-based Roseman University of Health and Sciences committing to a purchase order for 50 of its 3Dicom R&D licenses and 5,000 3Dicom Patient licenses, valued at approximately $152,000 over a two-year contract period.
The sale follows the group’s first corporate order for its 3Dicom software in the United States, where Techworks 4 Good purchased 5,000 licenses on behalf of American veterans in January.
Sellars’s financial backing could be a boon to Singular as the medical technology provider spreads its wings in the lucrative U.S. market. Another $1 million in cash and access to one of the world’s most revered technology experts could open up new avenues for the company’s commercialization push for its revolutionary 3Dicom solutions.
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