Nova Leah Raises €2.25m Equity Funding

08 Nov 2018 | 09.55 am

Nova Leah Raises €2.25m Equity Funding

Funds sourced from Kernel Capital and Suir Valley Ventures

08 Nov 2018 | 09.55 am

Nova Leah in Dundalk has secured €2.25 million investment from Kernel Capital and Suir Valley Ventures.

The funding round was led by the Bank of Ireland Kernel Capital Growth Fund (RoI), with a €1.5 million investment. Taxpayers are also participating through Enterprise Ireland.

Nova Leah has developed a cybersecurity compliance solution for medical device manufacturers and healthcare providers. SelectEvidence is a user-friendly system that provides a repeatable, traceable and auditable way to manage cybersecurity throughout the lifetime of a device. It has been designed to improve the security of connected medical devices, improve patient safety and reduce associated regulatory costs.

Connected medical devices represent a rapidly growing sector in healthcare. There are currently 10 to 15 million connected devices in use globally. Cybersecurity spend in the healthcare sector is valued at $5.5 billion annually and is expected to reach $11 billion by 2020.

Nova Leah CEO Anita Finnegan said: “This investment milestone will see Nova Leah further expand, as we strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry. The proceeds of this investment will allow us to expand.”

“In a world where the connected internet of Things is increasingly the norm, the risks associated with security vulnerabilities are of enormous significance for patients and device manufacturers alike,” said Enterprise Ireland’s   Niall McEvoy.

The Internet of Things is increasingly evident in healthcare. Medical devices such as insulin pumps, pacemakers, infusion devices, syringe pumps, nurses’ workstations and imaging devices are increasingly interconnected.

 

Photo (l-r): Jayne Brady, Kernel Capital; Anita Finnegan, Niall McEvoy, and David McGeough, Bank of Ireland

 

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