The Galway based medtech start-up company EnterSense has secured €3.5 million in funding from private investments and EU grant aid.
Founded in 2015, EnteraSense is working on a diagnostic tool to easily detect bleeding in the gastrointestinal tract.
It consists of a capsule the patient ingests, and an external receiver and has shown promise in initial tests.
They first licensed the technology from Harvard University, and will use this funding to further develop and commercialise the product.
According to the Irish Times, the funding they have secured consists of €2.5 million grant from the EU’s Horizon 2020 programme, and €1 million from varied investors.
EnteraSense was founded by veteran medtech investor Donal Devery, who has previously set up biomedical company Vysera Biomedical and was CEO of Galway medtech test lab Anecto.
Other founding members include Dr Chris Thompson of Brigham and Women’s Hospital and Harvard Medical School, and Dr Marvin Ryou of Brigham and Women’s Hospital.
The private investors they have brought in so far include physicians from the United States, an Irish equity fund, Dubai investors, and local Galway business people.
It has also been supported by Enterprise Ireland.
Donal Devery said the fact that physicians are among their investors shows just how much promise their product has from a medical standpoint.
They hope to go looking for regulatory approval for the device’s use by mid-2020.
“We want to improve patient outcomes and drive cost down for the health system,” said Mr Devery.
“Each process and function within the deliverables associated with the grant will help us achieve this goal.”