Kela Medical Inc. has developed a wallet sized, smart card that stores an individual’s entire medical record, including all medical imaging. The Kela solution achieves the holy grail of a universal health care record, while effectively addressing issues of privacy and security. When Kela first engaged with Spark Centre, it was quickly determined that there were solid business fundamentals and a large addressable market. Kela’s plan however, was unclear as to what the Kela solution was, or how it worked. The business model was equally unclear and the go-to-market strategy and its rationale, essentially non-existent. As a result, garnering the interest of strategic partners and investors had been largely unsuccessful. Working with Spark Centre, Kela now has a well-defined business model, focused go-to-market strategy and product development roadmap. Spark Centre has helped organize the corporate structure, ensure the integrity of shareholder agreements and constitute an effective Board of Directors, which Spark Centre has observer status at the company’s request. Spark Centre introduced Kela to an Angel investor, who upon completion of due diligence has submitted a terms sheet for $350k, which is under consideration. There are currently three other private investors in various stages of DD. An existing shareholder has committed an additional $250k. Kela is in line for $250k from an OCE program and has received $30k from STEM. Three strategic partnerships have been established to support the go-to-market strategy.
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