Singular seals US deal to roll out 3D medical imaging platform
Singular Health has added a feather to its cap by securing a US$1.3 million (A$2M) commercial deal with United States healthcare group Provider Network Solutions (PNS). The company has also raised $8 million to bankroll a national rollout of its AI-driven 3D medical imaging platform across the US.
Singular says three major challenges continue to hobble the US healthcare system - redundant medical imaging, slow disease detection and fragmented access to patient data.
The company's 3D medical imaging platform - dubbed 3DICOM MD - has been purpose-built to solve these issues by streamlining access to medical scans across multiple servers, thereby reducing duplication, saving time, cutting costs and improving outcomes. It has also already been cleared for diagnostic use in the US.
The new contract follows a year-long collaboration with PNS that started with a memorandum of understanding in November last year. The project has now evolved into a full-blown rollout backed by both parties.
The breakthrough deal will see Singular push out its US$800 (A$1230) platforms to 1000 doctors within the PNS network. PNS manages more than 3.7 million patients stretched across Florida, Texas and Puerto Rico.
The deal also attracts an additional success fee of US$500,000 (A$768,000) when PNS signs off on the satisfactory integration of its AI model and centralised image repository.
A successful implementation could potentially leverage PNS's partner network in 30 additional states and open the door to a much larger-scale nationwide rollout.
Singular says the landmark deal is a massive shot in the arm, giving it a solid beachhead in the lucrative US healthcare market ahead of a much bigger national push. The company is eyeing a jaw-dropping US$19 billion (A$29.2B) annual market opportunity, with 1.3 million doctors typically linked to 19 separate managed service organisations.
To support its growth strategy Singular has also locked in firm commitments for a heavily supported $8 million placement at 35 cents per share, which is a modest 4.6 per cent discount on its recent trading average.
The company says the capital raising attracted strong interest from institutional investors and high-net-worth backers, with both PNS and existing investor Marin & Sons tinning up to support the placement.
PNS chief executive officer and founder Dr Jose Pelayo praised the technology as a smarter, more efficient way to fix duplicate imaging.
With a strong war chest, now sitting at nearly $13 million after the latest capital raising, powerful allies and a proven tech platform now gaining traction in the world's largest healthcare market, Singular Health may be about to rewrite the rules on medical imaging – in 3D.
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