Dundalk tech firm secure €2.25m in further investment
Dundalk-based tech company Nova Leah Ltd has secured €2.25m in investment from Kernel Capital and Suir Valley Ventures, the company have announced today.
The round was led by the Bank of Ireland Kernel Capital Growth Fund (RoI), with a €1.5m investment.
Nova Leah has developed a pioneering cybersecurity compliance solution for medical device manufacturers and healthcare providers. It has been designed to improve the security of connected medical devices, improve patient safety and reduce associated regulatory costs. The platform has global deployments with a blue chip customer base.
Connected medical devices represent a rapidly growing sector in healthcare. There are currently 10 – 15 million connected devices in use globally; cybersecurity spend in the healthcare sector is valued at $5.5Bn annually and is expected to reach $11Bn by 2020.
“We are very excited to be working with Kernel Capital and Suir Valley Ventures”, said Anita Finnegan, CEO, Nova Leah. “This investment milestone will see Nova Leah further expand on its existing success as we strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry. The proceeds of this investment will allow us to expand our team, further develop our product roadmap and build our presence in the marketplace.”
Niall McEvoy, Manager, High Potential Start-Ups ICT Accelerate, Enterprise Ireland praised the local firm for expanding in such a fast growing sector.
“In a world where connected IoT is increasingly the norm, the risks associated with security vulnerabilities are of enormous significance for patients and device manufacturers alike. Nova Leah has developed an impressive solution to improve security for device manufacturers while simultaneously improving patient safety. The company is delivering leading edge cybersecurity technology in one of the fastest growing sectors worldwide and Enterprise Ireland looks forward to continuing to support the company in achieving its global ambition.”
David McGeough, Head of Business Banking Louth, Bank of Ireland added that it was a strong indicator of the quality of business emerging from Dundalk IT.
“We are pleased to support Nova Leah with their exciting and ambitious plans. This is another example of the world-leading innovation that’s emerging from DKIT and in Dundalk more widely.”