Manifold Health Tech, Inc. Has Received Investment from ITIC and Has Overachieved the Fund Raising Target By 25%
Manifold Health Tech, inc. (MHT), a leading smart-hospital solution provider, has received investment from ITIC, the venture capital wing of ITRI, a Taiwan government agency to cultivate advanced technology and industrial applications.
The closing of this investment from ITIC is a key milestone in the Seed round equity financing of Manifold Health Tech, Inc., and marks an official recognition of the capability of MHT's management team and its overall strategy.
Roger Lo, the Vice President of ITIC, said, " We scrutinized every detail of their business plan and the assumptions and logics behind it, and challenged the management team with tough scenarios for them to respond." He also followed up with in-person interviews on the customer sites. "The customers are satisfied with the results of the past projects so far, and plans to give the company more projects; our confidence is strengthened after this due diligence."
Bo-ru Wu, the co-founder and Chief Executive Officer, said, " Different from our other individual investors, ITIC has checked us up from every angle thoroughly." He smiled, "But it is a good drill for us; we leveraged this challenge into the opportunity to streamline ourselves to go through the examination and decision-making process conducted by the institutional investors that we will need to approach in the next round of fund raising. And we have proven that we are well structured and we do have strong foundations for the growth we project in our business plan."
Simon Huang, the co-founder and Chief Financial Officer, concluded, " ITIC's investment makes the cornerstone of the completion of the Seed round financing of Manifold Health Tech, inc.; up to this moment, we have overachieved with 125% of the target amount closing, and we are going to shift our focus from financing to business development and revenue generation to live up to our projections and increase the valuation of the company for the shareholders and for the next round of financing. "