CurveBeam AI has added another billionaire to its register as part of a heavily oversubscribed pre-IPO capital raise, in which it banked $25 million ahead of a listing this year.
The company is hoping to list on the ASX this year, but would not disclose the timing of its IPO roadshow.Despite the largely closed IPO market in 2022 and the extreme sell-off that affected many emerging biotech and medtech stocks, Mr Brown said he was confident in their decision to push ahead with a float this year.
Firetrail Investments portfolio manager Eleanor Swanson said Curvebeam’s business model reminded the company of Nanosonics, in which it has a hardware sales component and a recurring revenue stream, which was one of the key reasons why the fund invested.“They’re creating a hardware installed base and once that’s in place they’ll start selling their AI reports to surgeons,” she said.
As well as investing more in its distribution channel, the capital raised will help CurveBeam shore up its supply chain. The company has committed to having a runway of at least 100 devices at any one time to protect its growth trajectory from any supply chain disruptions in the lead-up to the float.
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