Cork-based med-tech firm Gasgon Medical has been named the overall winner of the InterTradeIreland Seedcorn Investor Readiness Competition, pocketing a cash prize of €100,000.

As well as cash awards for the winners, all participants in the competition benefit from business planning workshops and mentorship support throughout the competition.

Gasgon Medical manufactures AirVault, a device for removing air bubbles from flowing fluids aimed primarily at medical IV infusions.

The company said the technology eliminates the need for manual nurse intervention by automatically capturing air bubbles before they become a problem – saving medical professionals time and preventing IV drug exposure.

"It is a huge honour to be named overall winner of this prestigious competition," said Vincent Forde, CEO of Gasgon Medical.

"It gives us a major boost as we close our fundraising round," he added.

Mr Forde said their key objectives in the coming months are around product development and market strategy.

"This prize money will help us find the best people to grow our team as we move towards bringing our product to market," he said.

Meanwhile, Waterford-based STYL.wrap won the New Start category award and a cash prize of €50,000.

The company has developed an innovative cloud-based platform, reverse engineering sizing and fit across the fashion supply chain.

"Seedcorn has been an amazing journey for us," said Shana Chu, STYL.wrap CEO.

"This was our third time entering the competition, and each time the process and feedback we have received has been a brilliant learning experience – allowing us to hone down our business strategy and goals," she added.