Cork-based medical-technology company Lincor has secured a €7.3m investment (US$9.5m) from Edison Ventures, a US venture capital firm specialising in healthcare IT investments. The investment will pave the way for 30 new jobs.
The investment will enable Lincor to establish its corporate headquarters in Nashville, Tennessee, while maintaining R&D, sales and customer support at locations in Dublin and Cork.
Lincor will use the investment to spearhead growth in the US, increase product development and provide liquidity for existing shareholders.
The investment will also enable Lincor to create 30 new jobs in software development, marketing, customer support and finance roles in Ireland and the US.
Lincor’s patented MEDIVista platform provides secure bedside access to picture image archiving, integration to medical records and hospital management systems for hospitals and providers. For patients, Lincor provides multimedia entertainment, interactive education and communications services that improve outcomes. Lincor’s products are currently deployed in more than 120 hospitals around the world.
Lincor CEO Richard Cooke said the company is an ambitious global company with a unique technology at the centre of healthcare IT.
“The healthcare industry is experiencing tremendous cost and care delivery challenges particularly in the United States. This financing will enable us to aggressively expand our market presence both in the US and globally with an accelerated programme of product development.
“We view this investment by Edison Ventures with its prior experience and success with other leading healthcare information technology companies as a fantastic endorsement of our products, track record and management team. It also allows us to provide a return to our original investors – such as Enterprise Ireland – who have been so supportive over the years and have been instrumental in ensuring we got to this point,” Cooke explained.
Edison Ventures principal Lenard Marcus said Lincor’s technology acts as the primary point of information integration and distribution for patients.
“Hospitals utilising the technology have demonstrated increased physician-patient interactions, lower patient re-admissions, and an improvement in clinical outcomes. Several US customers have increased their patient satisfaction scores since implementing the product,” Marcus added.
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