The business angel investment network, HBAN, has announced that Bluedrop Medical has secured €3.7m in funding.
The investment will help the Galway-based start-up to continue developing a potentially life-changing product for people suffering from diabetes.
HBAN's MedTech Syndicate led the €1.2m investment round and Bluedrop also received €2.5m from the European Innovation Council.
Over 540 amputations are carried out in Ireland 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.
A patient uses the device to perform a daily foot scan in their home in less than 30 seconds. The scans are then reviewed remotely and they can reveal if the patient is showing signs of a developing foot ulcer.
They are then instructed to contact their local clinic if necessary.
Bluedrop Medical's founders Chris Murphy and Simon Kiersey will use the funds to develop their device, carry out clinical trials and bring it to market in Europe and the US.
The funding will also be used to expand the company's team and over 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.
Bluedrop's Chris Murphy said that foot ulcers are one of the most devastating complications associated with diabetes, adding that 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," Mr Murphy said.
He estimated the total worldwide market for the Bluedrop Medical device to be more than €3 billion.