Galway based Medtech Company, Vivasure Medical Ltd. is the latest Irish company to agree Venture Debt financing with the European Investment Bank.
The second long-term EIB financing for an Irish medical technology company was confirmed ahead of a briefing for Irish business leaders on new innovation financing opportunities supported by the EU Bank.
Company representatives and innovation partners were briefed on new tailor made EIB financing at workshop in Dublin hosted by IBEC and the EIB, part of a series of corporate finance briefings being held across Ireland.
The €10 million new financing will be used by Vivasure to expand research and development of medical devices to provide non-invasive cardiology treatment. Vivasure has developed pioneering non-invasive biodegradable devices to treat cardiology patients with conditions that require vascular surgery.
Last year, the European Investment Bank Group provided €970m of long-term financing to strengthen higher education, improve healthcare, transform transport and harness clean energy across Ireland, as well as enhancing corporate research and innovation.
Speaking today, European Investment Bank Vice President, Andrew McDowell said, "Ireland is home to world class innovation and the European Investment Bank recognises the crucial need to ensure that research driven companies can expand and succeed in new markets. The new EUR 10 million backing for Vivasure Medical will contribute to efforts to improve cardiology and endovascular treatment through pioneering medtech innovation."
Ibec CEO, Danny McCoy added, "Access to diversified funding streams help boost the competitiveness, resilience and innovation of fast growing companies in Ireland. Companies across Ireland are securing EIB financing, allowing them to continue to develop, innovate and compete on a global level. Today’s joint event with the EIB allows companies across a range of sectors to gain a direct insight into new innovation financing at our fourth specialist finance briefing."