Italian software developer Flyby is seeking investors for its UK-based subsidiary siHealth, and could consider giving up its majority in the business, founder and CEO Emilio Simeone told Mergermarket.

Flyby, which generates approximately EUR 5m in consolidated revenues, is primarily looking for strategic investors from sectors including dermocosmetics, personal care, pharmaceuticals and healthcare IT, which could help siHealth’s go-to-market strategy, Simeone said.

While the stake available has yet to be decided, Flyby – which owns 75% of the digital health solutions developer – would consider giving up its majority holding for the right investor, he added.

Germany’s BASF [ETR:BAS], which has held the remaining 25% in siHealth since June 2019, did not respond to requests for comments.

Simeone did not disclose the investment required but said that siHealth’s valuation has grown from GBP 10m at the time of BASF’s investment to between GBP 15m and GBP 20m at present. The valuation is based on the company’s patented technology and its growth potential, he added.

Flyby is relying on its network to identify investors, he said.

Founded in 2014, siHealth has 10 employees and began to generate revenues with the launch of its first product, SmartPDT, in September, CEO Marco Morelli said in the same interview.

Morelli has been at siHealth since 2017, first as CTO, then as Board Director, and was appointed CEO in April this year to lead the company’s next growth phase, Simeone said.

SmartPDT is a subscription-based digital solution for the telemedicine of photodynamic therapy (PDT), combining real-time satellite data and artificial intelligence to treat skin diseases with sunlight. The solution is clinically tested and has received medical regulatory approval in Europe, Morelli said.

The next products in its pipeline are ExpoDose, a mobile app to automatically assess whole-body solar exposure for research, to be launched in July; and Sun4Health, a medical device app providing personalised real-time recommendations to enable healthy sun exposure, he added.

Morelli also disclosed that Sun4Health is being tested in dedicated consumer pilots and will be launched on the global market in September at the International Congress on UV & Skin Cancer Prevention in Brisbane.

SiHealth is in talks with several large international players and expects to close at least one commercial partnership by the end of the year, he said.

Flyby was founded in 2001, develops advanced software solutions for defence and security, energy management and healthcare, and has 40 employees, Simeone said.