Embattled medical equipment developer Jupiter Diagnostics is progressing plans to raise new investment with talks continuing o a number of fronts
investors as it aims to restructure to take its advanced blood testing technology to market.
The tech startup had faced cashflow issues following several successful rounds of funding as it currently faces steep costs to continue development following insolvency of its operating company Jupiter Diagnostics Limited.
George Cautherley, the company’s largest shareholder, has been investigating raising funds in Hong Kong and has proposed to raise a £5 million fund which would be used in part to continue development of the firm’s technology with a diagnostic company based in Shenzhen, China.
Jupiter Diagnostics Holding Company Ltd and L3 Technology the two companies in the group which hold the patents remain solvent and is in talks with researchers at Imperial College, to explore ways to progress development.
Jupiter Diagnostics has developed a diagnostic platform technology which allows anyone to perform blood tests quickly and affordably anywhere. Jupiter Diagnostics last secured a lift round in January 2017 after raising in the region of £1,427,377.