Irish tech firm aims for $23m investment
Irish company 3D4Medical hopes that medical technology it is developing will help convince biotech fund Malin to sink $23m (€18.6m) into the firm within the next two years.
Dublin-based Malin recently paid $16.4m to take a 38pc stake in 3D4Medical and has an option to up its stake to 50pc at a cost of an extra $23m. This option must be exercised within the next 24 months.
Dublin-based 3D4Medical creates apps, with its most popular product allow users to navigate 360 degree views of the body.
Chief executive John Moore said he is hopeful that Malin will choose to utilise the option, adding that it will likely be dependent on what level of revenue growth the company can achieve in that time period.
Newly filed accounts for the firm show that profits increased from just over €1m in 2013 to €1.3m last year.
Mr Moore said that the firm had sales of about $4m, although he added that neither figure reflects the potential of the company.
He said that the firm is now focusing on developing several new ways of utilising its technology, such as digitising medical textbooks.
He said that the company is now aiming to hit sales of $25m over the next three years and would like Malin to up its stake to 50pc, calling it a "phenomenal partner."