Venari Medical said it plans to use the new seed equity funding to accelerate development of its BioVena device for chronic venous disease.
Two years after it was founded, Venari Medical has closed a new seed equity funding round. The Galway-based start-up – which is a spin-out of BioInnovate Ireland at NUI Galway – secured €4.5m in a round led by medtech manufacturer Nipro, which is based in Osaka, Japan.
The Western Development Commission and Enterprise Ireland also contributed to the investment, in addition to international medical device experts and vascular surgeons.
As a result of the investment, the company expects to create 20 jobs in senior management and technical, quality and regulatory roles over the next three years. The funding will be used to accelerate the development of its BioVena device for the treatment of chronic venous disease (CVD).
CVD affects up to 30pc of adults across the globe, resulting in a significant deterioration in quality of life for those living with it, especially those with advanced skin breakdown known as venous leg ulcers.
A ‘huge opportunity’
It’s estimated that the market opportunity for CVD is worth €1.7bn in the US and EU, with CVD management spending totalling €28bn per year in those regions.
Venari CEO and co-founder, Stephen Cox, said this investment is a “huge opportunity” for the company and those living with CVD.
“This funding enables the clinical validation of our BioVena medical device, which we are confident will offer patients a less invasive and highly effective office-based treatment that is also an intuitive procedure for physicians treating CVD,” he said.
“We believe that widespread adoption of the BioVena device has significant cost saving potential for healthcare systems.”
Nipro Corporation managing director Toshiaki Masuda added that his company was “very excited” to invest in Venari Medical.
“The Venari Medical team have impressed us greatly with this cutting-edge approach to venous disease treatment, from their novel pre-clinical research in vein biology, to collaborations with internationally recognised experts in venous disease treatment,” he said.