Spectrum Medical Diagnostics
With BDC financing, we successfully launched and promoted two new rapid tests, along with a new AI-driven patient portal that will reach 6,000 pharmacies across Canada!
Sharmila Sriram
Founder and CEO
A clear mission to give back to the community to further drive positive change
About the company
A leading supplier of drug and alcohol testing kits, and several other rapid diagnostic screening devices in Canada
Location: Toronto, Ontario
Industry: Healthcare
Entrepreneur challenge
Having recently won contracts with two pharmaceutical giants, the company needed capital to launch and promote its new rapid vitamin D and HBA1C blood sugar tests to over 6,000 pharmacies across Canada. The company was also looking to invest in an AI-driven treatment predictor portal that will provide instant, accurate results to patients. The business also planned to hire new sales employees to meet demand.
BDC expertise
BDC’s small business financing experts provided the company capital to purchase inventory to fulfill its orders for the vitamin D test, and to invest in AI for its new portal. The company will also hire two more sales employees and participate in global conferences. The BDC Advisory Services team will also assist the client with financial management.
Results
- Sustained significant growth
- New test will generate up to $1.4M in revenue, if just 50% of the pharmacies order one box of tests
- Purchased critical bulk inventory
- Opens doors for other screening tools
- Invested in AI for their test results portal, which will reduce human error interpretation
- Positioned for further growth and potential injection of venture capital