Canberra-based healthcare solutions provider Aspen Medical has agreed to a multi-million-dollar investment in game-changing biotech innovation that could save lives.
The deal will help health-tech company WearOptimo accelerate the development of its very first product – a Microwearable sensor that detects and alerts an individual to dehydration risk. It also opens the door to refining and testing it across industries like the military and resource sectors.
The deal consists of an initial funding round and a framework outlining Aspen Medical’s participation in the development, field trials, refinement, commercialisation and distribution of WearOptimo’s hydration Microwearable sensor products.
The sensor is designed to redefine how precision medicine is delivered and used to save lives, and could revolutionise the technology globally.
Aspen Medical founder and executive chair Glenn Keys said the technology checks all the boxes of the company’s north star – the search for innovation in healthcare solutions.
“We are continually looking for ways that biotech can better serve our customers and the level of service we can provide them,” he said.
“The development of WearOptimo’s hydration Microwearable sensor is an exciting prospect. This is an important issue for several of our clients who are focused on ensuring safety and optimal performance of their employees.”
WearOptimo was incorporated in 2018 as part of the Australian National University’s (ANU) innovation program designed to assist entrepreneurial academics around Australia successfully commercialise intellectual property through corporatisation and funding assistance.
Australian National University (ANU) vice-chancellor Brian Schmidt said one of ANU’s key missions is to “deliver innovation that improves the lives of Australians”.
“WearOptimo is a perfect example of this, developing and delivering revolutionary healthcare technology that will potentially save lives,” he said.
“Our partnership with WearOptimo is an example of how universities and private companies can deliver the innovation our nation needs, taking ideas from the lab to the wider world and putting new technology in the hands of those who need it most.”
WearOptimo founder and CEO Mark Kendall said the ANU has shown “extraordinary support and belief in WearOptimo as a company and the technology it is creating”.
He added that WearOptimo looked forward to working with Aspen Medical and its clients to assist in the accelerated development and commercialisation of the hydration Microwearable sensor.
He described the investment as a significant commercial partnership that will assist the ultimate goal in more ways than one. That goal is to develop affordable, wearable health technology that will allow people to access their health signals in real-time to help prevent disease and deliver faster, more effective treatment of health conditions.
“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,” he said.
Aspen Medical is an Australian-owned, global provider of innovative healthcare solutions across a diverse range of clients in government, global agencies, non-government organisations and the private sector. For more information, visit the Aspen Medical website.