Nedbank Corporate and Investment Bank (CIB) has invested in a minority equity interest in LifeQ, a disruptive HealthTech innovator and leading provider of biometrics and health information derived from wearable devices.
The data collected by LifeQ is used by many of the world’s leading health solutions providers to inform their science-based health data analytics with the ultimate aim of positively impacting the future of health for their members and customers.
The investment formed part of a global fundraising campaign by LifeQ, which saw the business secure $47 million from a variety of prominent investors around the world.
“Nedbank CIB’s investment in LifeQ is perfectly aligned with our mission to proactively seek out opportunities for our clients and our own business to invest in disruptive and innovative technology companies that are category-defining,” Johann van Zyl from Nedbank CIB Venture Capital, explains.
“We are excited to facilitate mutually beneficial collaborations between LifeQ and our ecosystem to identify and unlock further potential for growth and value creation at scale.”
Van Zyl explains that a key attraction for Nedbank CIB of the LifeQ business model is that it doesn’t merely collect and distribute health data, but also enables personal health insights at an individual user level, thereby creating real potential for scalable monetisation opportunities for health management providers as well as an assortment of verticals such as insurance, fitness, real estate, preventative care, clinical care, product enhancement for hardware manufacturers and commerce platforms.
“LifeQ’s vision is to improve human wellbeing at scale by enabling healthier living, including preventative healthcare, and making a healthy way of life accessible and affordable to all people. The company’s unique, biologically-underpinned analytics and modelling approach sets it apart from its competitors in the health-tech space.”
He points out that the severe global impact of COVID-19 on the health and wellbeing of people and communities has highlighted the fact that the world currently finds itself in a global health crisis – exacerbated by sedentary lifestyles, increased work demands, unhealthy foods – all of which are resulting in rapid increases in chronic illnesses like obesity, diabetes, and cardiovascular ailments.
“LifeQ has already been integrated into some of the world’s most innovative wearable products, meaning that it is already helping to address these health challenges via tailored disease detection, prevention and accurate risk flagging,” Johann said. “Doing this, while also creating opportunities for significant commercial benefit for health solution providers and other stakeholders in the health and wellbeing sectors, made the company a very compelling investment proposition for Nedbank CIB.”
Johann says that LifeQ’s intention to harness the capital it has raised form this latest investment round to expand its capacity and its global reach augurs well for the potential returns that could be achieved by Nedbank on its investment in the company.