AHI Raises USD 4M Convertible Debt, Launches Canadian and UK Commercial Deals
Advanced Health Intelligence Ltd (AHI) has secured USD 4 million in convertible debt funding and launched two new commercial partnerships in Canada and the UK, marking significant progress despite its ongoing ASX trading suspension.
- Secured USD 4 million funding via convertible note from UAE-based KOR Investments
- Launched commercial partnerships with Vitall (Canada) and Unisure (UK)
- Granted US patent for predicting user body volume to manage medical treatment
- Continues working towards ASX reinstatement with 2024 Annual Report pending
- Multiple product launches and commercialisation initiatives planned for 2025
Funding Boost Amid Financial Challenges
Advanced Health Intelligence Ltd (ASX: AHI) has taken a crucial step forward by securing USD 4 million (~AUD 6.45 million) in convertible debt funding from UAE-based KOR Investments LLC. This funding forms part of a broader AUD 10 million convertible note facility that AHI is actively seeking to complete. The capital injection comes at a critical time as the company navigates a prolonged ASX trading suspension, which has delayed commercialisation and revenue generation.
The convertible note terms include a 10% annual interest rate and conversion options subject to shareholder approval, providing AHI with both immediate liquidity and potential equity dilution flexibility. This financial foundation is expected to underpin AHI's operational and commercial activities throughout 2025.
Strategic Commercial Partnerships Launched
Despite the trading suspension, AHI has successfully launched two new commercial partnerships, signaling momentum in its commercialisation efforts. In Canada, Vitall has integrated AHI's Digital Health Assessment into its SaaS platform to deliver biometric health risk screening in remote communities, targeting conditions such as diabetes, cardiovascular disease, and mental health risks. This project, scoped for 500 participants, represents a significant milestone in real-world deployment of AHI's technology.
In the UK, AHI partnered with Unisure to launch a digital underwriting solution for life insurance. This solution leverages AHI's Digital Health Assessment and Digital Health Check to enhance underwriting accuracy and efficiency, featuring AHI's single health risk score for personalised policyholder experiences. The partnership operates on a scalable SaaS model with initial modest revenues expected from 25,000 scans in the first year, with potential for global expansion.
Innovation Secured Through Patent Grant
AHI was granted a US patent titled "Predicting User Body Volume to Manage Medical Treatment," which protects its technology for calculating body volume metrics critical for medication dosing. This patent strengthens AHI's position in the MedTech sector by safeguarding innovations that improve medication safety and efficacy, particularly for treatments sensitive to body surface area or ideal body weight calculations.
Operational and Market Outlook
The company continues to work diligently to resolve outstanding audit and reporting issues delaying its 2024 Annual Report, a prerequisite for ASX reinstatement. The ASX has indicated it will review the Annual Report before considering reinstatement, meaning AHI's securities remain suspended from trading for now.
Looking ahead, AHI has a robust pipeline of product launches and commercial initiatives planned for 2025, including the rollout of its AF-Scan atrial fibrillation assessment tool, telehealth platform integrations, and augmented reality concierge services. The company also maintains strong relationships with existing partners across North America, the Middle East, and Asia, positioning it well for growth once trading resumes.
AHI's leadership expresses cautious optimism, highlighting the resilience of its partnerships and the strategic importance of recent funding. The company aims to leverage these developments to accelerate revenue growth and restore shareholder value in the coming year.
Bottom Line?
AHI’s recent funding and partnership milestones set the stage for a critical year of commercialisation, but ASX reinstatement remains the pivotal hurdle ahead.
Questions in the middle?
- When will AHI successfully complete its 2024 Annual Report and secure ASX reinstatement?
- How quickly can AHI convert its new funding into tangible revenue growth?
- What impact will the ongoing trading suspension have on partner integrations and client deployments?