The Galway-based company will use the new funding to further its insufflator technology while also investing in research.
Palliare, an emerging company that designs technology to make operating rooms safer, has raised $8m in Series A funding.
The funds will be used to support the commercial US launch of its tech to reduce the amount of surgical smoke in operating theatres, while also funding new research and development activities.
Palliare was founded in 2018 as a spin-out from Irish gastro-diagnostic company Crospon, which was acquired by Medtronic in 2017. It has bases in Galway and California.
The start-up has developed the EVA15 insufflator and smoke evacuation system, which can be used in a variety of operations including laparoscopies, colorectal surgery, endoscopic surgery and endoluminal operations.
It said that there is a growing awareness of the hazardous nature of surgical smoke for operating room staff, and various medical organisations in the US have been lobbying for the safe evacuation of surgical smoke.
Palliare’s oversubscribed funding round was led by Dublin-based European venture capital firm Seroba Life Sciences, with participation from Luxembourg’s SCM AD Ventures, Ireland’s Western Development Commission and several private investors.
Jennifer McMahon, principal at Seroba, will now join the board of Palliare. “We are delighted to back the experienced Palliare team who have identified the clinical need for a user-friendly continuous pressure insufflator,” McMahon said.
“We recognise the growing trend towards minimally invasive laparoscopic surgery and the demand to create a cleaner and safer operating room for patients and clinical staff alike.”
Tomás Ó Síocháin, CEO of the Western Development Commission, added: “We are delighted to continue our investment journey with Palliare, building on the world-renowned medtech sector that exists in the west of Ireland.
“This is an example of the leading-edge indigenous innovation in the western region. Innovation such as this improves the lives of patients, drives economic activity and supports and sustains vibrant communities.”