Irish medtechs raised more than €31m from EIT Health in 2021Vish Gainon April 26, 2022 at 15:00 Silicon RepublicSilicon Republic

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EIT Health, one of Europe’s largest networks of health innovators, has revealed today (26 April) that of the 76 Irish start-ups it has backed to date, nine have raised a total of €31.1m in 2021.

All nine start-ups have developed medical devices to improve patient health and outcome, of which six have been either founded or co-founded by women.

A not-for-profit funded by the EU, the EIT Health network is made up of 150 partners in Europe’s healthcare ecosystem with the aim to develop new technologies to help patients in the continent. Apart from funding, it provides training, mentorship and networking opportunities to start-ups.

Last year, the largest investments were made in companies developing cardiac imaging technologies to treat atrial fibrillation, or AFib, which is an irregular heartbeat caused by chaotic electric signals entering the heart.

The highest funded of the nine start-ups, Galway-based OneProjects, is one such company developing cardiac imaging tech. In October last year, OneProjects bagged $17m in a second Series A round to develop its Verafeye technology that aims to treat AFib.

The other start-ups funded last year include AVeta Medical, CrannMed Limited, Gasgon Medical, Luminate Medical, Novus Diagnostics (previously SepTec), Ostoform, PacSana and Tympany Medical.

“Ireland supports a vibrant health innovation community which has helped it become the second biggest of medical device technology globally,” said Leslie Harris, managing director of EIT Health Ireland-UK.

“Accelerated by the pandemic, major investments are being made in innovative medical devices across Europe, that have potential to optimise patient outcomes.”

In 2020, EIT Health awarded €5.5m to 11 health-focused start-ups, including Irish medtech Neurent Medical, to help alleviate the financial stress caused by the Covid-19 pandemic.

EIT Health’s Ireland-UK operation, which relocated from the UK to Ireland last year, has partnerships with Trinity College Dublin and NUI Galway, where it supports start-ups through the Tangent and BioInnovate accelerators respectively.

It is also one of the sponsors of the MedTech Innovator summit in Dublin this week, where more than two dozen international medtech start-ups, including six from Ireland, are pitching their innovations to a host of investors and industry leaders.

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