Nova Leah has developed a pioneering cybersecurity compliance solution for medical device manufacturers and healthcare providers.
Dundalk-based Nova Leah has raised €2.25m in a funding round to improve the security of connected devices used by healthcare providers.
The round was led by the Bank of Ireland Kernel Capital Growth Fund (RoI), with a €1.5m investment, and also involved Suir Valley Ventures and Enterprise Ireland.
‘We strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry’
– ANITA FINNEGAN
Nova Leah is a spin-out company from Dundalk Institute of Technology (DkIT). Its flagship product, SelectEvidence, is a user-friendly system that provides a repeatable, traceable and auditable way to manage cybersecurity throughout the lifetime of a device. The system accurately tracks risks for each device, highlights known vulnerabilities, recommends solutions, provides a feedback mechanism between manufacturers and hospitals, and does so within a fully traceable framework.
Connected medical devices represent a rapidly growing sector in healthcare. There are currently between 10m and 15m connected devices in use globally in hospitals. According to Nova Leah, cybersecurity spend in the healthcare sector is valued at $5.5bn annually and is expected to reach $11bn by 2020.
“This investment milestone will see Nova Leah further expand on its existing success as we strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry,” said Anita Finnegan, CEO of Nova Leah.
“The proceeds of this investment will allow us to expand our team, further develop our product roadmap and build our presence in the marketplace.”
Founded by Finnegan, Nova Leah, a previous Siliconrepublic.com Start-up of the Week, specialises in developing expert cybersecurity risk management systems specifically for medical devices. Protecting medical equipment from cyberattacks has risen in importance, especially since the WannaCry ransomware attack last year shut down the systems of NHS hospitals across the UK.
“In a world where connected internet of things (IoT) is increasingly the norm, the risks associated with security vulnerabilities are of enormous significance for patients and device manufacturers alike,” said Niall McEvoy, manager of high-potential start-ups (ICT) at Enterprise Ireland.
“Nova Leah has developed an impressive solution to improve security for device manufacturers while simultaneously improving patient safety. The company is delivering leading-edge cybersecurity technology in one of the fastest-growing sectors worldwide, and Enterprise Ireland looks forward to continuing to support the company in achieving its global ambition.”