SA health tech company lands largest early funds raise in state’s history
A South Australian health tech company has secured a huge Series A capital raise amid growing demand for its AI-powered services.
Adelaide-based splose has announced a $46 million Series A capital raise, which marks the largest cash injection of its kind for a South Australian Software as a Service startup in the state’s history, according to the state government.
Its raise was led by growth equity firm Spectrum Equity in partnership with Athletic Ventures, and comes amid heightened demand for the startup’s tech, which is powered by AI to give allied health providers more control over workflows.
The platform – founded in 2016 by CEO Nicholas Sanderson – aims to relieve the burden on allied health staff by automating patient onboarding, appointment scheduling, case management, invoicing and payments.
The Adelaide-based tech is now used by more than 20,000 allied health professionals across Australia, the UK and New Zealand.
splose said it would use the funds to expand further in the Australian and UK markets, accelerate product development with a focus on more intuitive AI-integration, and deliver easier-to-use payment solutions.
You might like
Sanderson said demand for allied health tech services had “skyrocketed”.
“But so many allied health practices are using a patchwork of siloed software, manual admin work, and AIs that aren’t actually that helpful.”
He said the backing of Spectrum Equity and Athletic Ventures “enables us to leverage their global reach and experience to accelerate our mission to improve the business and lives of allied health providers and the care they can provide to their patients”.
“Spectrum Equity has a global reputation for scaling category-defining B2B SaaS software companies, as well as a deep track record in healthcare technology investments,” he said.
Stay informed, daily
Spectrum Equity managing director Matt Neidlinger will join splose’s board of directors. He said the company looked to invest in software companies that are “truly loved by their users”.
“splose has quickly become a trusted, end-to-end operating platform for allied health professionals in Australia,” Neidlinger said.
“We’re excited to partner with Nick and the team, supporting splose’s continued product innovation and expansion – in Australia, the UK and beyond.”
South Australian Trade and Investment Minister Joe Szakacs congratulated the company, which received seed funding from the Marshall Liberal government in 2021.
“With an earlier $100,000 grant from the South Australian Government’s Seed Start grant, it shows the value in identifying and supporting high growth potential businesses in their early stages,” he said.
“It also indicates the opportunity for informed investors presented by the many innovative companies that are growing in South Australia.”
