Seer Medical will get a second life after the metech startup’s directors discovered three buyers prepared to again the enterprise with $40 million.
Collectors signed a Deed of Firm Association with neurodiagnostic gear producer Cadwell Industries, present investor Breakthrough Victoria, and Singapore’s TrialCap in a deal value $40m.
All three will take an fairness place in a brand new entity set as much as management Seer Medical.
The seven-year-old startup’s tech focus is scientific monitoring at residence to take care of circumstances resembling epilepsy diagnostics and administration. Its units checking key physiological alerts, resembling mind, coronary heart and respiratory operate, together with an individual’s behaviour of their residence surroundings for indicators of impending points.
The at-home video EEG monitoring system is designed to allow high-quality, long-term research for epilepsy detection with out requiring hospitalisation.
Seer Medical administrator Lindsay Bainbridge, of Pitcher Companions Melbourne, mentioned there had been worldwide curiosity within the firm’s expertise.
He mentioned the profitable bidder, Cadwell, was a worldwide chief in neurodiagnostics, and the deal represented a wonderful end result for collectors, employees and sufferers.
“We had groups of medical and scientific representatives fly to Melbourne to be launched to the Seer Medical employees, obtain demonstrations of the merchandise and work with technologists, indicating the sturdy degree of curiosity on this firm,” he mentioned.
“As a part of the DOCA, Breakthrough Victoria will see its funding transformed to shares within the new firm.”
Seer Medical collectors now have till Could 16 to show their money owed or claims with Pitcher Companions.
The Victorian authorities’s $2 billion funding fund Breakthrough Victoria (BV), took a $30 million stake in 2022 and went on to offer extra emergency funding. It was the primary failure in BV’s portfolio since its launch in 2021.
Seer, based in 2017, raised $34 million sequence A in 2021, backed by Cochlear and influence investor Big Leap, amongst others.
However round 18 months of difficulties got here to a head in late 2024, with the books handed to Pitcher Companions as voluntary directors in early January.
The board choice got here after main job cuts and a failure to safe extra funding after beforehand elevating greater than $80 million.
The enterprise additionally had a take care of a voluntary recall in 2024 after points have been recognized with High quality Administration System documentation for its product. It additionally shut down practically 20 Seer Medical clinics throughout Australia.
Previous to the voluntary recall, Seer Medical was stay in two-thirds of he high neurology centres within the US. It’s hoping to return to the US market in 2026.
The corporate and Breakthrough Victoria have been additionally coping with an unfair dismissal declare lodged by cofounder and former CEO Dr Dean Freestone.
Cadwell CEO Patrick Jensen mentioned Seer House, epilepsy detection product, will develop into a part of its neurotechnology portfolio.
“We shall be leveraging Seer’s core property throughout our different product strains, together with Seer’s AI, cloud and net connectivity, and its patient-worn units and novel consumables,” he mentioned.
“We welcome Seer to the Cadwell household and look ahead to utilizing this expertise to allow our scientific companions to raised assist their sufferers.”
Lindsay Bainbridge mentioned collectors of Seer Medical would obtain most or all of their excellent quantities, both in money or as shares, and Seer Medical will retain virtually all workers.
There are greater than 50 million individuals with epilepsy worldwide, together with greater than 3 million within the US.
