It’s the second time VALD has been able to tap the State Government. Earlier this year it won unspecified Government backing from Treasury’s Business Investment Fund, which is also managed by QIC. However, this time the Government funding was not a major part of the $36 million raised.

The company has been spectacularly successful in marketing its suite of human movement technologies and earns its revenue from the ability of sporting clubs being able to use data to drive decision making on the treatment of athletes.

Its technology is used by Australia’s NRL and AFL clubs but is also in the English Premier League and American sporting clubs and more recently they have moved into healthcare practitioners treating mainstream patients.

Last year the company was considering a listing but the funding means they were able to move ahead without diluting the ownership.

VALD co-founder and chief executive Laurie Malone said he was confident the investment would provide strategic benefit in the North American market where VALD has seen some of best success and which now generates 50 per cent of its revenue.

“This partnership with Vistara Growth will accelerate our ongoing North American expansion and allow us to make further inroads into the healthcare market worldwide,” Malone said.

“We like to say that after helping teams win sporting championships, we’re now helping grandmothers successfully recover from hip surgery so they can pick up their grandkids again.”

He said VALD would continue to build its team after employing an additional 100 staff throughout 2022.

Additionally, part of the funding has also been used for three acquisitions that helped to accelerate the company’s strategy.

The Vancouver based Vistara Growth specialises in technology companies in the North American market. Partner Noah Shipman said VALD was Vistara’s first Australian investment.

“VALD is the type of highly ambitious, disciplined and globally minded technology company Vistara Growth seeks to invest in. We are excited to back our first Australian-based company and see VALD as the world leader in their market,” says Shipman.

“VALD’s human measurement technology had been battle tested by the world’s most demanding customers in professional sport and defence organisations,” Shipman said.

“With rapid early adoption in healthcare settings, it was time to prepare for global expansion, and we are thrilled to be VALD’s partner in driving this next phase of growth”.