Qlucore secures SEK 30 million (USD 3.5m) for international expansion

Qlucore secures SEK 30 million (USD 3.5m) for international expansion

The Swedish AI software company Qlucore AB (“Qlucore” or “the Company”) – with more than 200 international customers – today announces that it has secured SEK 30 million before transaction costs in a pre-IPO private placement. The raised capital will predominantly be used to accelerate sales activities and expand the technical team prior to an initial public offering (IPO), planned within the next twelve months.

Qlucore develops and sells AI-based software that enables deeper insight into large and complex amounts of data (Big Data) up to 77 times faster than other solutions, and has also opened a new business area in cancer diagnostics. The company has over 200 customers, including well known universities and large pharma companies. Whilst continuing to expand its core business, Qlucore anticipates that cancer diagnostics will see the biggest growth in the future.

“Our initial product, Qlucore Omics Explorer, is already well established among leading universities and medical companies. This pre-IPO gives us significant financial resources as we are now launching our revolutionary software platform for cancer diagnostics - Qlucore Diagnostics. Qlucore Diagnostics aims to be a leading platform for precision diagnostics for clinical use in cancer,” comments Carl-Johan Ivarsson, president of Qlucore.

“We are delighted to have support from long-term investors enabling us to enter the next phase of cancer diagnostics and precision medicine,” says Pia Gideon, Chair of the Board of Qlucore.

The pre-IPO private placement was oversubscribed, and led by Eiffel Investment Group, a French asset management firm with a long-term approach. The other investors consisted of select long-term strategic institutional and private investors. The majority of the Board and management participated in the pre-IPO private placement. Qlucore's Board of Directors decided, in accordance with the authorization given by the Annual General Meeting on 28 September 2020, on a new issue of shares at a price of SEK 420.00 per share.

“Eiffel Investment Group is pleased to help fund the further development of Qlucore, from a worldwide recognized bioinformatics data analysis software company for precision diagnostics and research to a platform for precision diagnostics for clinical use in cancer, as a first target area, and a true enabler of precision medicine. This new investment by Eiffel Investment Group is confirmation of its 10-year-old presence as an investor in the Swedish Life Science industry that has become over recent years one of the most dynamic in Europe,” said Jean-François Paumelle, Partner of Eiffel Investment Group.

The number of shares issued in the new share issue amounts to 71,420 and increases the Company's share capital by SEK 71,420.00 to SEK 263,271.00. The new issue of shares entails a dilution effect of approximately 27 percent of the share capital in relation to the number of votes in the company after the new issue.

Advisors

Stockholm Corporate Finance acted as financial advisor and Advokatfirman Lindahl acted as legal advisors to Qlucore in the pre-IPO private placement. Hagberg & Aneborn Fondkommission was the issuing agent in the pre-IPO private placement.

For further information, please contact:

Carl-Johan Ivarsson, president of Qlucore
Phone: +46 46 286 3110, email: carl-johan.ivarsson@qlucore.com 
Web: www.qlucore.com