SA Business Which Created a Health Information Provider Company Raises $47m

Thursday, May 27, 2021 at 11:54 AM by Reeshni Chetty

- A SA independent provider has raised a whopping $47 million to assist with growing and scaling the company

- LifeQ provides wearable devices that help with biometrics and health information to various hospitals

- The biometrics offers a visual into the patient's body, thus bringing a focus on both the management and prevention of illnesses and chronic conditions

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LifeQ a South African independent provider of wearable devices aimed at providing biometrics and health information, has raised US$47 million to be used in the growth and scaling of the company.

LifeQ, operating from branches in South Africa, the United States and the Netherlands, offers a constant lens into the individual's body, creating business-grade biometrics for the recipient of the devices focusing on the management and prevention of illnesses and chronic conditions.

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CEO Laurence Olivier confirmed that the majority of the funding accumulated from the series will be implemented to help hospitals and physicians develop remote monitoring, additionally focusing on the consumer-device monitoring LifeQ currently offers.

SA Business Which Created a Health Information Provider Company Raises $47m — A South African business has raised a whopping $47 million to assist with growing the company. Image: Michele Spatari / AFP
Source: Getty Images

Following reports by Disrupt Africa, in spite of LifeQ raising US$47 million, they have already been operating with a more than adequate amount of capital.

Accompanying OneBio are fellow funding investors such as Invenfin, 4Di Capital, Allen & Co, Analog Devices, Convergence Partners, Hannover Re, Nedbank and Rachel Diamond, according to ITWeb.

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Previously, Briefly News reported on Healthcent, a Cape Town-based health tech startup company founded by Andrew Davies that bagged a massive contract with the British National Health Service (NHS).

The company's app, called Signapps, secured Healthcent a massive R66 million contract for the next two years. Healthcent was founded by Andrew Davies with the aid of The South African Department of Trade and Industry, and the Gauteng Innovation Hub.