Melbourne-based medtech startup Seer Medical has been revived from voluntary administration thanks to a $40 million investment deal involving former backer Breakthrough Victoria and Cadwell Industries, one of the world’s largest neurodiagnostic equipment manufacturers.
Seer will join Cadwell Industries’ portfolio as part of the investment deal, which also includes Singapore-based TrialCap.
Administrators from Pitcher Partners confirmed to SmartCompany the transaction is worth $40 million and will involve Cadwell Industries, TrialCap and Breakthrough Victoria each taking an equity position in the company.
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For Breakthough Victoria, the state government-backed fund will see its existing investment in Seer converted to shares in the new, restructured company.
The deal forms part of a deed of company arrangement (DOCA) agreed to by creditors of Seer, which entered voluntary administration in late December following a product recall and the closure of its Australian clinics.