WearOptimo backed by Aspen Medical in multi-million-dollar strategic deal
18 March 2022
A multi-million-dollar investment agreement by Aspen Medical in Queensland-based health-tech company WearOptimo, has cemented a strategic partnership between the two companies to revolutionise precision medicine globally.
The investment provides WearOptimo (a BMTH awardee) significant funding to accelerate the development of its very first product - a Microwearable sensor that detects and alerts an individual to dehydration risk – while refining and testing it across industries like the military, mining, and resource sectors.
The deal consists of an initial funding round, and a framework agreement outlining Aspen Medical’s participation in the development, field trials, refinement, commercialisation, and distribution of WearOptimo’s hydration Microwearable sensor products.
Founder and CEO of WearOptimo, Professor Mark Kendall said, “Today’s announcement solidifies our relationship and provides a vote of confidence by Aspen in WearOptimo’s Microwearable sensor technology platform.”
“We look forward to working closely with Aspen and its clients to assist in the accelerated development and commercialisation of the hydration Microwearable sensor.”
WearOptimo’s Microwearable sensor technology, is designed to redefine how precision medicine is delivered and used to save lives.
Professor Kendall described the investment as a significant commercial partnership and major step in WearOptimo’s journey to accelerate the development of its product launch, and gain access to key markets.
“In addition to the capital, this partnership provides WearOptimo with the ability to test and refine our product and ensure appropriate take up by the markets,” Professor Kendall said.
Investment opportunities remain open to investors with aligned interests in healthcare technology that revolutionises the future of health science and market delivery.
Glenn Keys AO, founder and Executive Chair of Aspen Medical said, “We are continually looking for ways that biotech can better serve our customers and the level of service we can provide them. The development of WearOptimo’s hydration Microwearable sensor is an exciting prospect as this is an important issue for several of our clients who are focused on ensuring safety and optimal performance of their employees.”
Aspen Medical is a global provider of guaranteed, innovative and tailored healthcare solutions across a diverse range of sectors - providing from a single paramedic to a full spectrum solution. Aspen Medical is wholly Australian owned, employs approximately 4000 people domestically and internationally, and is headquartered in Canberra, Australia.
WearOptimo was incorporated in 2018, as part of the Australian National University’s (ANU) innovation program designed to assist entrepreneurial academics around Australia in successfully commercialising intellectual property through corporatisation and funding assistance.
Professor Brian Schmidt, Vice Chancellor Australian National University, said: “At ANU one of our key missions is to deliver innovation that improves the lives of all Australians. WearOptimo is a perfect example of this, developing and delivering revolutionary healthcare technology that will potentially save lives.”
WearOptimo is currently speaking to investors regarding its capital plans.
Since 2018, MTPConnect has been supporting WearOptimo's innovations through the BioMedTech Horizons (BMTH) program, a Medical Research Future Fund (MRFF) initiative supporting innovative collaborative health technologies,and driving discoveries towards proof-of-concept and commercialisation that address key health challenges as well as maximise entrepreneurship and idea potential.
WearOptimo was awarded funding in Round One to help create WearOptimo’s Microwearable platform and again for Round Two in 2019 to help advance WearOptimo’s Cardiac Microwearable sensors which is currently an ongoing project.
Tune into the MTPConnect podcast to hear WearOptimo Founder & CEO Professor Mark Kendall and Chief Technology Officer Dr Steve Wilson talk about their groundbreaking microwearable technology - Episode 61: WearOptimo.