- September 19, 2019
- Posted by: ebanteam
- Category: News
Dublin, 19th September 2019 – HBAN announces that Bluedrop Medical, a Galway based Medical device start up, has secured €3.7M in funding to help manage one of the most devastating complications of diabetes – the diabetic foot.
An initial seed investment of €1.2M was led by HBAN’s MedTech Syndicate – which itself invested €340K in the seed round. Enterprise Ireland and the Western Development Commission also invested in the funding round along with other members of the investment community. A €2.5M grant was awarded through the European Innovation Council.
HBAN, the all-island organisation responsible for the promotion of business angel investment and a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland connected Bluedrop with angel investors. The investment will help Bluedrop Medical to continue developing a potentially life-changing product for people suffering from diabetes.
In Ireland, more than 540 amputations are carried out on patients with diabetes every year as a result of foot ulcers caused by nerve damage. Bluedrop Medical’s AI-powered temperature monitoring device will enable clinics to monitor their high-risk patients. The device is used by the patient to perform a daily foot scan in their home in less than 30 seconds. Scans are reviewed remotely using advanced algorithms which reveal if the patient shows signs of a developing foot ulcer, instructing them to contact their local clinic if necessary.
The funding will help founders, Chris Murphy and Simon Kiersey, continue to develop their device, carry out clinical trials and bring it to market in Europe and the US. This, they hope, will help to reduce the number of diabetes-related amputations worldwide. The company will also use the funding to expand its team. In the next two years, Bluedrop Medical will hire 10 people in the areas of software development, quality and regulatory affairs, clinical trial management and commercial strategy development.
Chris Murphy, CEO and co-founder, Bluedrop Medical, said: “We founded this company with the aim of improving outcomes and reducing the treatment costs associated with chronic disease. Foot ulcers are one of the most devastating complications associated with diabetes. They are expensive to treat and frequently result in amputation. Our system could save the Irish health service €40M per year on treatments associated with diabetic foot ulcers and we are hoping to collaborate with them to achieve this goal. We estimate the total worldwide market for our device to be more than €3 billion.
“We are delighted to be amongst the companies on the island of Ireland who are benefitting from HBAN angel investment. We have appointed one of the HBAN investors, Dr. Colin Henehan, to our board. He has more than 20 years of experience in the pharmaceutical and medtech industries, so his advice, along with the advice of the other angel investors in the network, will be instrumental as we forge ahead with Bluedrop Medical’s exciting next phase.”
Dr. Colin Henehan, Bluedrop Medical board member and HBAN MedTech Syndicate member, said: “When we started doing our due diligence on Bluedrop Medical, we were very impressed by the focus and drive of the team and the size of the market that they will be tapping into. Chris and Simon have developed a class leading device for early ulcer detection, resolving a huge unmet clinical need.
“If you look at medicine today, it is very treatment-focused. But this device is all about prevention and removing the cost burden on governments and insurers. Those costs are going to drive a sea change in how diseases are approached and increasingly, the emphasis will be on prevention.
“The MedTech Syndicate offers companies like Bluedrop Medical a network of highly experienced professionals who can provide advice and guidance on all aspects of developing a medical device through to product launch and, ultimately to acquisition.”
John Phelan, all-island director, HBAN, said: “Bluedrop Medical is an example of the innovation happening right here on the island of Ireland. It is a company with global scalability and it’s fantastic to see angel investment facilitate its growth, as well as further investments from other sources. There are now business angels actively investing across the island and HBAN plays an important role in connecting these investors together and introducing them to disruptive companies like Bluedrop Medical.”
HBAN is currently on the look-out for more regionally based business angels to invest in high-potential start-ups like Bluedrop Medical. HBAN will host two upcoming information sessions in Castlebar on Sept 25th and in Cork on Oct 14th. These events are targeted at new angels who are looking for structured and quality deal flow, and those looking to create de-risked portfolios with likeminded investors through syndicates. For more information, visit www.hban.org.
About Bluedrop Medical
Bluedrop Medical is a medical technology company based in Galway. The company was founded by medical device entrepreneurs Chris Murphy and Simon Kiersey who have been joined by CTO Gavin Corley and a team of experts in electronic medical devices, cloud software, and artificial intelligence. The company is developing user focused solutions for the diabetic foot, an issue which results in hundreds of thousands of amputations worldwide each year. For more information visit www.bluedropmedical.com or contact info@bluedropmedical.com.
About HBAN
HBAN is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early-stage companies. The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment community. HBAN is managed by Dublin BIC in partnership with the regional Irish BICs in Cork, Galway & Waterford and with Clarendon Fund Managers in Northern Ireland. Further information is available at www.hban.org
About Enterprise Ireland
Enterprise Ireland is the Irish government organisation responsible for the development and growth of Irish enterprises in world markets. The organisation works in partnership with Irish enterprises to help them start, grow, innovate and win export sales in global markets. In this way, Enterprise Ireland supports sustainable economic growth and regional development, and help create and sustain employment in Ireland. www.enterprise-ireland.com
About InterTradeIreland
InterTradeIreland is the only organisation which has been given responsibility by both governments to boost North South economic co-operation to the mutual benefit of Northern Ireland and Ireland. InterTradeIreland is a powerful resource for business growth, helping SMEs through a strong mix of funding, innovation supports and meaningful contacts. www.intertradeireland.com
About Invest Northern Ireland
As the regional business development agency, Invest Northern Ireland’s role is to grow the local economy. The agency does this by helping new and existing businesses to compete internationally, and by attracting new investment to Northern Ireland. Invest NI is part of the Department for the Economy and provides strong government support for business by effectively delivering the Government’s economic development strategies. www.investni.com
About WDC
The Western Development Commission is a statutory body promoting social and economic development in the Western Region. It was established in 1998 to cover counties Clare, Donegal, Galway, Leitrim, Mayo, Roscommon and Sligo. It manages the Western Investment Fund which is an Evergreen Investment Fund with a portfolio value of €72m and has invested in over 200 enterprises. www.wdc.ie