Software-as-a-service technology company InteliCare Holdings (ASX: ICR) has received firm commitments to raise approximately $2.05 million for the scaling of its predictive analytics hardware and software platform throughout the aged care and health industries.
New and existing sophisticated and professional investors will be issued with a total 93 million shares priced at $0.022 each.
This represents an 11.9% discount to the 10-day VWAP of $0.025, and boosting the total number of shares on issue to 714.8 million.
Funds raised will support the company’s scale-up plans for broader commercial deployment of its sensor monitoring platform, which aims to help people stay in their own homes longer while empowering healthcare providers to deliver higher quality and more efficient services.
Significant Commercial Progress
InteliCare’s placement follows a period of significant commercial progress highlighted by a $8.8 million five-year master subscription agreement with Victorian aged care provider mecwacare.
The company also signed a $2.9 million three-year deal with New South Wales provider Hardi Aged Care, as well as a $200,000 three-year contract with Warrigal Care.
The Warrigal deal represents InteliCare’s strategic entry into the retirement village sector.
It will see the deployment of the company’s AI-driven platform across 65 villas within a new development.
New Phase of Development
InteliCare chief executive officer Angus Cameron said the placement had been well supported as the company moves into a new phase of its development, with large-scale contracts signed, deployments underway, and revenue beginning to materially grow.
“The aged care sector is facing structural pressures from workforce shortages, rising compliance requirements, and increasing demand for better care outcomes,” he said.
“Our platform has been designed to address these pressures by combining real-time monitoring, data-driven insights, compliance reporting, and operational support in a single system.”
“The support received for this placement strengthens our balance sheet as we progress the mecwacare deployment, continue the rollout across Hardi Aged Care, and advance a number of near-term opportunities within our commercial pipeline across the residential aged care and retirement living sectors.”
