Joe Zhou welcomes $1.2m investment in StrongRoom AI
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The news: Joe Zhou, the new owner of healthcare software business StrongRoom AI, has welcomed an additional $1.2 million investment from pharmacy owners and other healthcare sector investors.
The context: The Financial Review reported on Thursday that an additional $1.2 million has been invested in StrongRoom AI from wealthy individual pharmacy owners, healthcare private investors, aged care operators and hospitals.
Zhou said in a LinkedIn post that he is “thrilled to have many healthcare industry operators across hospital, pharmacy, cannabis and aged care” investing in StrongRoom AI through its latest funding round to help “continue our comeback”.
The company’s founder and former management team have been embroiled in a fraud scandal earlier this year after EVP called police on the startup to try and recoup a $10 million investment after it alleged StrongRoom AI mischaracterised itself as profitable when it was actually losing $800,000 a month. StrongRoom AI founder Max Mito later accused EVP of due diligence failures.
In June, Zhou bought the company for $3 million just four months after StrongRoom AI raised $17 million at a $70 million valuation.
What they said: “This is a great testament to the great progress the team has made in the last three months which has been a turbulent year. We thank all the superstars that is putting their blood sweat and tears into bring StrongRoom healthy again,” Zhou said.
The sources: LinkedIn, The Australian Financial Review
