OEM : Medical Equipment
Diagnostics for the Real World (DRW), established in 2003 as a spin-out from the Diagnostics Development Unit (DDU) at the University of Cambridge, was founded to bridge the gap between the cutting-edge research conducted by the DDU and the patients who could really benefit from it. Our mission is to serve the large, unmet need in resource-limited settings and provide innovative, high performance, easy to use diagnostics under “real world” conditions to support clinical services for people in real need. DRW technology also meets the rapidly growing needs in the developed world where the advantages of point of care testing are spurring its popularity.
CFO on why Bright Machines is going public via SPAC
Manufacturing automation company Bright Machines is going public through a special purpose acquisition company (SPAC) merger with its sights set on two goals — raising money quickly to fuel its capital expenditure-heavy business model and broadening its reach at a time when companies are struggling with supply chain issues, something it can help them with. The company integrates the hardware side with the software side of the business through a micro-factory setup, which can make it easier for companies that are working through supply chain issues to replicate their operations elsewhere.
The company, which generates about $35 million a year in sales to some two dozen customers, including medical diagnostics company DRW, attracted a $1.6 billion valuation in the spring when the merger was announced. It’s expecting to generate $435 million in cash through the merger, split almost evenly between the money held by the SPAC, SCVX Corp., and capital from a private investment in public equity (PIPE).