Intelicare, an Australian technology company serving the aged care sector, has received binding commitments to raise A$2.5 million from both new and existing investors.
The amount will be raised through a two-tranche placement. On the first tranche, it will place 9.6 million new shares at A$0.26 apiece and on the second, it will offer a free attaching option, which is priced at A$0.50 per share, for every two shares purchased. The latter is still subject to shareholders' approval.
WHAT THEY DO
Intelicare develops both hardware and software systems using predictive analytics for the aged care sector. Its solutions are built on a proprietary Internet of Things platform utilising smart sensors and artificial intelligence.
The company's flagship InteliLiving solution tracks an individual's daily routine through smart sensors and informs their carer of any irregular movement. Intelicare states that it can detect and prevent falls and health issues before they happen. The product's capabilities are expanded into the InteliCare Pro system which is being used in hospitals, clinics and aged care facilities.
WHY IT MATTERS
In a stock exchange disclosure, Intelicare said it will use the new funds, along with its existing cash reserves, to roll out more nationwide marketing campaigns through television, social, digital and radio platforms; expand its national sales team; and implement new sales strategies. By the end of the share placements, the company expects to have more than A$4.3 million for the promotion of its technology.
THE LARGER TREND
In March, the Royal Commission into Aged Care Quality and Safety published its report calling for fundamental and systemic reforms in the sector. Among 148 recommendations, it wanted the federal government to craft a new law providing older people with universal access to high quality and safe care, a new programme offering greater access to care at home and improved access to health care for the elderly, including a new primary care model; access to multidisciplinary outreach services; and a Senior Dental Benefits Scheme.
The Australian government is expected to provide its response to the recommendations by end-May.
ON THE RECORD
"We are positioning to capture the growing tailwinds arising from the Aged Care Royal Commission and expected flow-on to federal budgets. This is a pivotal time in Australia's aged/disability care evolution," said Intelicare CEO and managing director Jason Waller.