MENU



The transaction will result in Rockley listing on the New York Stock Exchange under the Rockley name and values the company at a pro forma enterprise value of $1.2 billion.

Rockley was founded by Andrew Rickman, a recognized pioneer of silicon photonics and has developed sensing technologies for continuous non-invasive health and wellness monitoring of biomarkers such as glucose, hydration, blood pressure and core body temperature.

The transaction is expected to bring gross proceeds of $323 million to the combined company. This comprises up to $173 million of cash held in SC Health’s trust account and a commitment of $150 million from institutional investors including participation from leading medical equipment company Medtronic plc. Rickman will remain in place as CEO and chairman of the company.

The company intends to bring medical sensors to the wearables market that are substantially more accurate than LED-based ones. It is working on a “full-stack” offering including co-packaged hardware devices, biosensing algorithms, firmware, and data analytics.

Rockley’s technology is already applied high-speed data communications and machine vision applications, including lidar. The company raised $390 million in funding over seven years as a private company.

The transaction has been unanimously approved by SC Health’s board of directors and the independent directors of Rockley’s board of directors. It is expected to close in 2Q21, subject to approval by SC Health’s shareholders and other customary closing conditions.

Related links and articles:

www.rockleyphotonics.com

News articles:

Rockley and partners demo 25.6Tbps switch, Ahren invests

Swiss startup claims low power PPG plus ToF sensor

China helps Leman bring V-sensor to market


 

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News

Share:

Linked Articles
10s