BlueSemi secures $69 million from GEM as it seeks to go public

BlueSemi, a consumer healthtech start-up has raised $69 million from GEM (Global Yield LLC SCS), a Luxembourg-based private alternative investment group.

The amount will be provided on a shared subscription facility for over a 36-month term following a public listing of BlueSemi’s common stock. The company will determine the timing and maximum amount of drawdowns with no minimum obligation.

In connection with the shared subscription facility, BlueSemi will issue warrants to GEM to purchase its common stock on IPO at 7.8% of its total equity interests for a period of three years. This adds up to a $120 million lesser floor valuation cap.

With the investment, BlueSemi is set to launch its consumer healthtech product. It  is a non-invasive device that analyses six key vitals like blood glucose, ECG, BP, and temperature in just 60 seconds.

“The device monitors, analyses and gives key insights regarding chronic diseases, food intake, workout, stress levels and builds a quality life,” Sunil Kumar Maddikatla, founder and CEO, BlueSemi, said.