InteliCare launches $2m raising to fund predictive health platform growth strategy

Go to Imelda Cotton author's page
By Imelda Cotton - 
Intelicare ASX ICR capital raising

Australian software-as-a-service technology company InteliCare (ASX: ICR) has received firm commitments to raise $2 million via a two-tranche private share placement to institutional and sophisticated investors.

Each tranche will be issued at $0.008 per share, accompanied by a 1:3 free-attaching option exercisable at $0.02 with a three-year expiry.

Under tranche 1, the company will issue 56 million shares to raise approximately $450,000, while tranche 2 will see 193 million shares and 83 million options issued to raise the remaining $1.55m.

Predictive platform

InteliCare has commercialised a predictive analytics hardware and software platform for use in the aged care and health industries.

The technology aims to help people stay in their own homes longer while empowering healthcare providers to deliver higher quality, more efficient services.

The company secured an agreement in November with Queensland-based aged care provider Bolton Clarke to trial its artificial intelligence-driven technology in selected facilities.

The agreement is believed to be a precursor to a partnership that would assess the performance of InteliCare’s ‘smart care’ platform within Bolton’s operating environment.

Growth strategy

InteliCare chief executive officer Daniel Pilbrow said that the raising would support the company’s growth strategy and allow it to accelerate deployments for new customers over the next 18 months.

“The recent deployment of our software platform into Hardi Aged Care facilities in Sydney has demonstrated our ability to deliver on a B2B [business-to-business] model and we will use this validation to build on increasing market interest,” he said.

“The extra funds received from this placement will be used to push further commercial agreements with key groups in our sales pipeline.”

InteliCare non-executive director and co-founder Greg Leach has (subject to shareholder approval) committed to subscribing for $100,000 under the placement, comprising 12.5 million shares and 4.16 million new options.