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Galway company secures 3.5m funding through Horizon 2020 and private investment

Written by Robert McHugh, on 8th Jan 2019. Posted in Technology

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It was announced this week that Galway-based medtech startup EnteraSense has raised €1 million in a Seed round as well as securing €2.5 million through one of the latest European Union Horizon 2020 grants. 
 
Founded by serial entrepreneur and CEO, Donal Devery, EnteraSense has developed a capsule that can detect bleeding in the gastrointestional tract. Post surgical patients who are at risk of further bleeding can have the capsule attached to their stomach to monitor and detect bleeding and thus ensure they get appropriate and quick treatment if needed.

To complement this, patients who present in ER and have suspected GI bleeding can swallow the capsule for a quick and easy diagnosis. This will mitigate unnecessary endoscopies which are invasive and in a lot of circumstances unnecessary. 
 
The combined €3.5 million will be used to help commercialise EnteraSense’s technology, build the team to nine members, and further the field of diagnostics. EnteraSense’s current investor base includes physicians from the USA, a private equity fund based in Ireland, a Dubai based strategic investor and local Galway business people.

Commenting on the investment, MD of EnteraSense, Daragh Sharkey said, "The most important aspect of this grant is that the European Union has independently validated our project. EnteraSense ranked 4th out of 200+ entries and this shows the potential and value of the project."

He added, "We are lucky to have such a strong and visionary team behind this project and now it is complimented by very focused and committed partners who believe in our vision and technology. This is further re-in forced by the early stage investors who we have on board."

Source: www.businessworld.ie

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