The EU-funded network has supported more than 90 Irish start-ups with funding, training, mentorship and networking opportunities.
EIT Health has revealed that 16 of the Irish start-ups it has supported raised a total of €75.3m last year, through a mix of private and public funding.
These companies have previously participated on the EIT Health business accelerator programme, or were involved in a pan-European innovation project facilitated by the EU organisation.
EIT Health is a not-for-profit funded by the EU, which has become one of Europe’s largest health innovation networks. The network has grown to 280 organisations, with the goal of developing new technologies to help patients.
The not-for-profit provides funding, training, mentorship and networking opportunities to start-ups. EIT Health said it has supported more than 90 companies in Ireland to date. Nine Irish start-ups supported by EIT health raised a total of €31.1m in 2021.
Of the 16 Irish start-ups that secured funding in 2022, more than 40pc were founded or co-founded by women, while more than 60pc are alumni of the University of Galway’s BioInnovate Ireland Fellowship programme.
One of the EIT Health-backed start-ups is Galway-based Luminate Medical, which raised $5m in grant financing and a seed round. The company previously saw success at EIT Health’s Catapult pitching competition.
Luminate develops medical devices that address the side effects of cancer treatment. The company’s first product, Lily, is a portable head-worn device that prevents the delivery of chemotherapy drugs to the hair follicles.
Another supported start-up is Selio Medical, which secured €2.5m in European Innovation Council Accelerator funding last year. The Trinity College Dublin spin-out is developing a novel platform medical device and aims to transform lung biopsy procedures.
Selio Medical was founded by Colm McGarvey and Garrett Ryan, who met during the EIT Health-supported BioInnovate Ireland Fellowship programme.
Graham Armitage, the interim MD at EIT Health Ireland and UK, said its partners such as the University of Galway and Trinity College Dublin “enable the brightest minds in healthcare to develop their ideas on the journey for healthier lives for patients in Europe”.
“At EIT Health, our accelerator programmes are designed to support this journey and help innovators scale their businesses into European markets, by arming them with the connections, knowledge and market insights they need to succeed,” Armitage said.
EIT Health has several business accelerator programmes currently open for applications. For more information, visit their website.
“I would encourage local start-ups here in Ireland that would like support with business plan development and a platform to test and validate their solutions in European markets to apply,” Armitage said.
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