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Singular Health locks in $1m investment from crypto wiz

Singular Health Group has collected a $1 million investment from cryptocurrency expert Craig Sellars. Credit: File

Innovative med-tech business Singular Health Group (ASX: SHG) has nailed down a $1 million strategic investment – at a 42 per cent premium to its most recent closing share price – from American cryptocurrency guru Craig Sellars.

Sellars is a co-founder of one of the world’s biggest and most widely utilised cryptocurrency stablecoins, Tether, and a globally-renowned executive, entrepreneur and investor in the technology sector. He is also a user of Singular’s revolutionary 3Dicom medical device that is designed for medical practitioners such as dentists, surgeons and radiologists to allow them to convert conventional 2D MRI, CT and PET scans into immersive 3D images.

Management believes Sellars’ wealth of experience in the technology space provides the company with valuable expertise and the potential to tap into his significant network and prowess in blockchain technology, digital identity, consumer-facing technology applications and privacy-preserving record platforms.

The move follows formal shareholder approval at the company’s recent general meeting, with Sellars set to be allocated about 6.7 million shares in Singular at an issue price of 15c each.

We are very excited to have someone of such repute involved in Singular Health. Craig’s involvement is a strong validation of the value of Singular Health and the demand of its software technology solution on a global scale.
Singular Health Group Managing Director Denning Chong

The cash injection from Sellars adds to a separate funding boost for Singular, with the company’s biggest shareholder Marin and Sons splashing out $770,000 at 16c per share in a placement back in May. The follow-on investment from the US-based public relations and political communications specialist built on its participation in another $850,000 outlay taken up by CG1 Ventures late last year.

Singular ended the March quarter with a solid $3.5 million in the kitty after a successful placement to institutional and professional investors. The funding is planned to fast-track the group’s commercialisation efforts in the United States where it has recently been building sales momentum.

In February, the company reported its first enterprise sale in the US medical education market with Las Vegas-based Roseman University of Health and Sciences committing to a purchase order for 50 of its 3Dicom R&D licenses and 5000 3Dicom Patient licenses – valued at about $152,000 in a two-year contract period.

The sale followed the group’s first enterprise order for its 3Dicom software in the US where 5000 licenses were purchased by Techworks 4 Good on behalf of American veterans back in January.

Sellars’ financial backing could be a boon for Singular just as the med-tech provider spreads its wings in the lucrative US market. Another $1 million in the coffers and access to one of the world’s most revered technology experts could open new horizons for the company’s commercialisation push for its groundbreaking 3Dicom solutions.

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