Seed funding helps Galway tech firm launch product

4 Nov 2010

Venture capital company Enterprise Equity Venture Capital has invested in Galway medical technology firm Nortev Ltd.

The €170,000 total investment in the firm that develops innovative medical devices for the veterinary industry, was completed as part of a €317,000 AIB Seed Capital Fund total funding round.

Nortev has recently developed a product called ‘FlexiNeb’ for the equine industry and the €170,000 investment will enable the company to complete final testing of the product and launch it to market.

“The investment by the AIB Seed Capital Fund will enable Nortev to complete final validation testing of FlexiNeb and allow us to launch the product to market.

“Nortev now intends to commercialise and market the product aggressively in the Irish and International markets,” said Gavan O’Sullivan, Nortev CEO.

Enterprise Equity Venture Capital jointly manages the AIB Seed Capital Fund of €53m on a nationwide basis.