Irish medical technology company MedoSync has raised €1.2 million in new funding from a range of backers including Enterprise Ireland.

Founded just two years ago by a medical consultant and a tech industry veteran, MedoSync developed a technology platform that enables secure, real-time medical billing.

Billing presents a major challenge in hospitals here and globally with up to 10% of revenue being lost every year through leakages in the billing process, it's estimated.

This is attributed mainly to error or fraud in a system that is often paper-based.

The current batch of funding was raised during what's referred to as the Series A funding round.

The term refers to funding that a startup receives from private equity investors or venture capitalists and is normally the second stage of financing.

Among the investors in the current round of funding were Jim Hannon, Michael Harding, Enrique Curran and JP Sisk.

The company says the investment will go towards supporting the expansion of MedoSync's technology platform which works by integrating hospital and insurer systems enabling accurate, efficient and real-time medical billing.

The system was used to submit 30,000 claims in 2021 alone.

The company was founded by Emergency Medicine Consultant Dr Martin Rochford and tech industry veteran Séamus Cooley in 2019.

"Despite the many incredible advances that have taken place in medicine over recent decades, hospital billing processes are often still paper-based, inefficient and admin heavy. This doesn't work for anyone, not for patients, doctors, hospitals or insurers," MedoSync CEO Dr. Martin Rochford said.

"Our solution creates a seamless, instant process for creating and approving – or rejecting – a bill in real time. This facilitates a more efficient system that ensures hospitals are paid promptly for all procedures, and one where the money follows the patient," he added.

"MedoSync has zeroed in on a significant pain point that was hiding in plain sight in health billing and with its strong team and deep industry expertise has developed an innovative solution to address this," Tech industry investor and entrepreneur Jim Hannon said.