Bluesemi gets USD 69 mn commitment from Luxembourg's GEM

Asia's Tech News Daily

Bluesemi gets USD 69 mn commitment from Luxembourg's GEM
© Provided by Zee Business

Healthtech startup Bluesemi on Wednesday announced a USD 69 million (about Rs 515 crore) funding commitment from Luxembourg-based GEM Global Yield, which will help it launch a new product.

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The company, which has products in preventive and connected healthtech, said it has signed an agreement with GEM for the fund infusion and the money will be provided as 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, a statement said.

Bluesemi will issue warrants to GEM to purchase its common stock on IPO at up to 7.8 per cent of its total equity interests for three years, which will be subject to a USD 120 million lesser floor valuation cap, it added.

The company said it has previously raised money from Google and Samsung and is also funded by the Department of Science and Technology of the Indian government.

The new product from the 2017-founded company in the offing 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.

We are excited and looking forward to the launch of the 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, its founder and chief executive Sunil Kumar Maddikatla said.

GEM is a USD 3.4 billion alternative investment group with offices in Paris, New York, and Nassau (Bahamas), and has completed over 480 transactions in 70 countries.

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