07 Jun 2017 | 10.18 am
Nova Leah Rounds Up €420,000 Funding
US and taxpayer funding for Dundalk cybersecurity venture
07 Jun 2017 | 10.18 am
Researchers at Dundalk Institute of Technology have launched a new medical device cybersecurity company after raising €250,000 from US investor Cosimo Venture Partners.
Nova Leah, led by CEO Anita Finnegan, has developed a cybersecurity risk management software application aimed at global medical device manufacturers and healthcare providers. The taxpayer is into the venture for €172,000 through an Enterprise Ireland payment effected in May 2017.
Dr Joe Healy, divisional manager of EI’s High Potential Start Up division explained: “Enterprise Ireland’s mission is to partner with innovative Irish businesses and entrepreneurs with the drive and ambition to scale in international markets. We have worked closely with Dr Anita Finnegan over the past five years and seen first-hand how the college based research and then the startup company Nova Leah has gone from strength to strength.”
“We believe that cybersecurity for medical devices will be a significant new market,” said Cosimo’s Rob Frasca. “A first of its kind, we are not aware of any other company worldwide that can provide medical device manufacturers with an automated solution to implement and maintain cybersecurity requirements across medical device product portfolios.”
Anita Finnegan added: “The recent WannaCry ransomware attack on the UK’s NHS highlights the importance of cybersecurity in the health sector.Medical device manufacturers are facing two major challenges: ensuring compliance with stricter regulatory measures and minimising the probability of malicious breaches aimed at medical devices and healthcare IT networks.”
The company’s SelectEvidence system was developed over a five-year R&D programme at Dundalk Institute of Technology. With an office in Boston, Nova Leah is initially targeting customers in the imaging and electro medical device sectors in the US.
Lero researcher Dr Fergal McCaffery, a non-executive director, commented: “SelectEvidence ensures speedier market deployment for devices, reduced compliance costs and fewer market recalls due to data hacks; all of which boost profitability of our target organisations.”
Anita Finnegan’s PhD research provided the basis for the SelectEvidence product. In a 2016 allotment, she received 72,000 shares in Nova Leah Ltd, with Peter Finnegan and Fergal McCaffery each receiving 9,000 shares. One of Nova Leah’s first customers is an Irish based device manufacturer, Orreco.
Photo: Anita Finnegan with Peter Finnegan (left) and Dr Fergal McCaffery. (Pic: Fennell Photography)