Medtech start-up Venari Medical secures €4.5 million investment
Galway-based medtech company Venari Medical has raised €4.5 million in funding to accelerate the developing of its BioVena device for the treatment of chronic venous disease (CVD).
The seed round was led by Nipro Corporation, an Osaka-headquartered medical product manufacturer. The Western Development Commission and Enterprise Ireland also participated along with MedTech angel investors and vascular surgeons.
The company said its new funding will be used to enable the clinical validation of the BioVena device and to create 20 new jobs over the next three years.
CVD affects up to 30% of adults across the globe resulting in a significant deterioration in quality of life for sufferers, especially those with advanced skin breakdown known as venous leg ulcers. The market opportunity of CVD treatment is over $2 billion annually in the US & EU.
Founded in 2018, Venari Medical is a National University of Ireland Galway spin-out, through the BioInnovate Ireland programme.
JP Gilmartin and Marie Gavin of RDJ advised Venari on the transaction.