The medtech company will use the funding to progress commercialisation of its wound treatment tech and expand its team.
FeelTect, a medtech which aims to significantly reduce healing times, has received an investment of €1.5m to progress its wound treatment monitoring technology.
Headquartered in Spiddal, the medtech was co-founded in 2019 by CEO Dr Andrew Cameron after he took part in BioInnovate Ireland, a clinical immersion scheme in Irish and US hospital systems. The company featured as a SiliconRepublic.com Start-up of the Week later that year.
This latest funding was made up of investments from Halo Business Angel Network syndicates including Irrus Investments, MedTech Syndicate, Boole Investment Syndicate, Caju Venture Partners, and the Western Development Commission (WDC). It is the company’s second funding round after securing €1.2m in 2022.
The company has developed a pressure-sensing device called Tight Alright that can be easily and securely attached to a compression bandage to measure and monitor pressure under the bandage.
FeelTect will use its latest investment to progress the commercialisation and clinical validation of Tight Alright, which is used to treat leg ulcers. The Galway medtech will also expand its team, recruiting six new employees across a variety of roles, including research and development, manufacturing, project management, clinical affairs and commercial strategy.
While most roles will be based in Spiddal, Co Galway, commercial and clinical roles will be spread across the US and Europe to support the company’s entry into international markets.
“We’re extremely grateful for the trust that our investors have shown in supporting our vision for improving the treatment of wound patients. 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,” said Cameron.
“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.”
Since spinning out of University of Galway in 2020, FeelTect has registered its device with the US Food and Drug Administration, secured international patents on the technology’s hardware and data transfer system, and has begun international patient studies that demonstrate improved application of targeted compression.
FeelTect is also participating in a €4.6m collaborative project supported by the Disruptive Technology Innovation Fund, which will expand the company’s pipeline of products.
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