BlueSemi, a consumer healthtech firm committed to building products in preventive and connected healthtech, has signed an agreement with GEM Global Yield LLC SCS ("GEM"), the Luxembourg-based private alternative investment group, for $69M USD. The amount will be provided on a shared subscription facility for over a 36-month term following a public listing of BlueSemi’s common stock. The firm will have the autonomy to determine the timing and maximum amount of drawdowns under this facility with no minimum obligation.
In connection with the shared subscription facility, BlueSemi will issue warrants to GEM to purchase its common stock on IPO at up to 7.8% of its total equity interests for a period of three years, which will be subject to a $120M USD lesser floor valuation cap.
With the investment, BlueSemi is getting geared up to launch its flagship consumer healthtech product. It is a non-invasive and revolutionary device that analyses 6 key vitals like Blood Glucose, ECG, BP, HR, SPO2, and temperature in just 60 seconds.
Commenting on the latest infusion of funds, Sunil Kumar Maddikatla, founder and CEO, BlueSemi, said, “We are excited and looking forward to the launch of first Non-Invasive Blood Glucose, which is one of the key USPs of the product. The device monitors, analyses and gives key insights regarding chronic diseases, food intake, workout, stress levels and builds a quality life. We are quite thrilled to unveil this ground-breaking device in the coming months with an intention to induce and maintain positive behavioural changes among people so that they can retain their overall health. GEM’s portfolio of companies includes 20+ health care firms across the globe and their commitment helps us in strategically placing our product in the global markets and scale exponentially.”
BlueSemi had previously raised seed funding from major industry leaders at Alphabet (Google) & Samsung.