Cyber infrastructure company Veea and healthcare provider NovaGen Group said they are pursuing a business combination, and plan to launch NovaGen Health Networks, a connected health platform.

The new platform will combined Veea's computing, connectivity and cyber security capabilities with NovaGen's cellular reprogramming science and clinical services, the companies said.

The business combination remains subject to the negotiation and execution of definitive documentation, according to the companies. GeoNova Capital, signed a term sheet to provide an initial $10 million investment in the combined company, subject to the business combination's successful closing.

The NovaGen Health Networks launch is planned as a two phase process. The initial phase will see the service provide a private household health hub which will include a patient-controlled health records wallet. The service will process sensitive data locally and support AI wellness companions, medication reminders, and patient-authorized provider sharing, the companies said.

In the second phase, the network will combine digital twins and medical records with cellular data from small skin biopsy to help creates a pathway to identify and evaluate potential candidates for NovaGen's personalized regenerative medicine and longevity therapies, the companies added.

Following the news, shares of Veea were trading 41% higher after hours. The stock closed the day's regular session at $2.29, but had risen to $3.23 after the bell.