Galway based medtech firm, FeelTect, has secured €1.5m in investment and is planning to use it to grow its workforce.
The Western Development Commission (WDC) along with multiple MedTech investment syndicates took part in the funding round.
It is the second time the company has raised funding, having secured €1.2m last year.
The Spiddal headquartered company plans to use the investment to progress commercialisation and clinical validation of its Tight Alright wound treatment monitoring technology, used to treat leg ulcers.
It also plans to recruit six more staff in areas such as R&D, manufacturing, project management, clinical affairs and commercial strategy in Spiddal and the US and Europe.
"We're extremely grateful for the trust that our investors have shown in supporting our vision for improving the treatment of wound patients," said FeelTect CEO Dr Andrew Cameron.
"We recognise the challenging nature of the current economic environment for investment, so we are determined to make the most of the opportunity we’ve been given."
"This funding will have an immense benefit to conducting efficacy and health economic validations of the technology, building our team, and realising commercial launch in the US and Europe."
"We’re also fortunate in the calibre of investors on our newly appointed Board, which will provide invaluable advice and guidance on our journey forward."
FeelTect was co-founded in 2019 by Dr Cameron after he took part in BioInnovate Ireland, a clinical immersion scheme in Irish and US hospital systems.
Dr Darren Burke and Professor Garry Duffy partnered with Dr Cameron on the project supported by the Enterprise Ireland Commercialisation Fund and University of Galway, before it was spun out from University of Galway to form FeelTect in 2020.
"The WDC invests in the early stages of Irish companies based in the West, ensuring that those with ambition have the opportunity to scale and achieve their full potential in the market," said WDC CEO Allan Mulrooney.
"FeelTect has received support through our initial investment of €300,000, with our latest investment matching that value, bringing the total investment to €600,000.
"Continued support is crucial, and our team works closely with every supported company to understand their needs."
"Ultimately, the success of FeelTect and our other investments translates into more jobs in the Western region. The MedTech sector in the West is thriving and the WDC has been vital to that success."
