Galway based medtech company Luminate Medical is one of four which have won funding approvals of up to €18 million.
The funding comes from the latest competition under Horizon Europe’s European Innovation Council (EIC) Accelerator Programme.
The four successful companies are Luminate Medical, Hooke Bio, BioSimulytics, and Celtic Biotech.
Luminate Medical is a healthcare technology company that builds devices to prevent and control the side effects of cancer treatment.
Luminate, a University of Galway spin-out company, is pioneering the development of Lily, a device to prevent chemotherapy-induced hair loss in a comfortable and portable way.
Aaron Hannon, Co-Founder & CEO, Luminate Medical said, “This funding is a clear recognition of the scale of the unmet clinical needs in the cancer care space, like hair loss, that have such an impact on the day-to-day lives of people living with cancer.”
“Having been evaluated by expert panels at several stages, this is also a major endorsement of our team and our approach.”
“We look forward to continued partnership with Enterprise Ireland and the EIC in our shared mission of helping patients to live through and after cancer – not just survive.”
Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale-ups and SMEs.
Approvals include grant funding of up to €2.5 million combined with an equity investment ranging from €0.5 to €15 million in a blended finance offer.
Over 550 applications were submitted with 139 companies subsequently selected for interview resulting in a total of 51 funding awards to 17 countries.
The 51 companies allocated funding will together receive up to €261m in a combination of grants and equity investments.
Leo Clancy, CEO of Enterprise Ireland said, “The funding allotted to these projects will allow them to continue to develop and streamline their product offering, helping to further elevate Ireland’s status as a global leader in healthcare solutions.”
“The success of the four companies in this call reflects the direct support they receive at different stages of their journey from our research commercialisation, EIC, High Potential Start-Up and sector teams.”
“Furthermore, it is particularly welcome to see that half of the successful projects have a female inclusive leadership team which supports Enterprise Ireland’s strategic ambition to increase the participation of women in entrepreneurship and business leadership.”
