US-based silicon photonics technology company Rockley Photonics has completed the business combination with SC Health.

Rockley has secured $167.8m in gross proceeds, as a result of this business combination.

The proceeds include $17.8m from SC Health and $150m from the financing led by institutional investors such as Senvest Management and UBS O’Connor and participation from Medtronic.

Under the deal, the combined company will retain the Rockley Photonics name and will operate as a subsidiary of Rockley Photonics Holdings.

The deal was first approved by SC Health’s shareholders and later by the High Court of Justice of England and Wales under the Scheme of Arrangement.

Rockley is engaged in the development of a range of photonic integrated circuits and associated modules, sensors, and full-stack solutions.

The company offers next-generation sensing platforms for mobile health monitoring and machine vision to high-speed and high-volume solutions for data communications.

SC Health CEO A.J. Coloma said: “Rockley’s technology is truly revolutionary. By giving access to personalised insights and information, Rockley’s unique sensing platform lets people self-manage their well-being.”

Rockley will use the gross proceeds to advance the commercial launch of its unique sensing platform, in addition to executing the 2023 and 2024 revenue projections.

The platform is designed for use in consumer health and wellness applications for continuous and non-invasive monitoring of multiple biomarkers such as core body temperature, blood pressure, body hydration, alcohol, lactate, and glucose.

Rockley is also working with various manufacturers of consumer electronics and wearables to offer a clinic-on-the-wrist digital health sensor system.

The firm’s end-to-end sensing platform will aggregate hardware and application firmware in a module for OEM manufacturers that is enhanced with cloud analytics for certain clinical and medical partnership applications.

Rockley Photonics CEO and founder Dr Andrew Rickman said: “Silicon photonics has tremendous potential to transform multiple industries through a broad range of applications, particularly in the health and wellness space by bringing laboratory-grade measurement on the wrist much closer to reality.”

Cowen and Company acted as exclusive financial advisor to Rockley, while Pillsbury Winthrop Shaw Pittman served as its legal counsel.

BofA Securities acted as exclusive financial advisor to SC Health and Ropes & Gray served as its legal counsel.