InsightsPressBond wins £50k grant from UK government innovation scheme

Bond wins £50k grant from UK government innovation scheme

Bond Digital Health has won a £50,000 investment from the UK Government as part of a programme to drive forward new technological advances in response to the coronavirus.

Bond is one of a handful of innovative businesses and startups across Wales to benefit from the £40 million investment pond as part of Innovate UK’s Fast Start competition.

The funding will go towards the development of Transform, a digital connectivity and data capture platform for lateral flow diagnostic tests.

The company is part of an international consortium that is producing a diagnostic test for patients suspected of having Covid-19.

Earlier this month Bond raised investment totalling £700,000 from the Development Bank of Wales and Wealth Club, the high net worth investment service.

Phil Groom, Bond’s commercial director, said:

“We would like to thank Innovate UK for this funding, which will help us scale up our team and meet the real-world demand for our technology, which has increased hugely due to the coronavirus outbreak.

“To have three major investments in the space of a month is incredible, and is a major vote of confidence in Bond Digital Health and our innovative technology.”

Secretary of State for Wales Simon Hart said:

“Innovative Welsh businesses will play a vital role in tackling the coronavirus pandemic and in our future economy.

“This £40 million UK Government investment will help Welsh businesses to develop incredible solutions to the challenges that the coronavirus has created and support the sustainable growth of cutting-edge start-ups.”