Avicena Systems set out to find a solution to the COVID-testing logjam overwhelming pathology services in Australia and overseas. Within three years of launching, Avicena Systems has become a multi-award-winning scale-up with capabilities well beyond COVID-19.
Keeping pace with pathogens
With vaccines months away and covid testing services facing challenges, the co-founders began developing and validating technology to make the fast, scalable mass screening of COVID-19 infections a reality. Within months of launching Avicena Systems, the trio delivered the prototype of a world-first rapid robotic COVID screening system called Sentinel. The breakthrough produced a game-changing biosecurity tool and removed the significant limitation to scalability that has long plagued pathogen testing services.
Cash flow cure
At the height of the pandemic, Avicena Systems obtained federal funding to scale up into production. But political fatigue surrounding COVID-19, changing investor perceptions, the need to diversify into new markets and cash flow pressures from supply chain disruptions conspired to create new capital requirements. One of Avicena System’s co-founders had used Radium Capital previously to finance other start-ups, so applying for a Radium Advance was a natural next step in the company’s commercialisation journey.
Avicena Systems Chief Executive Officer & Co-founder Tony Fitzgerald says, “Our Radium Advances are enabling us to maintain our fast-paced R&D and avoid interruptions.”
Accessing its tax refund early using Radium Advances provided Avicena Systems with a capital buffer to overcome supply chain challenges and pursue new opportunities in industry sectors with longer contract lead times and payment terms.
Now, the MedTech is creating solutions for global biosecurity threats to buy time for national governments, multinationals, defence forces and even multi-nation defence alliances.
Download the case study to discover how Avicena Systems reinvested Radium Advances to strengthen its R&D cash flow.
For more information, visit the Avicena Systems website.