The AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, and the Western Investment Fund, managed by the Western Development Commission, has completed an equity investment in Galway based medical device company Syncrophi Systems Ltd.
The total investment in the company is €1m and the funding injection has enabled Syncrophi to bring to market its breakthrough wireless patient monitoring system, the KEWS100, a unique system which allows patient vital-sign trends to be continuously monitored via a lightweight wireless module while they move about in hospital.
Addressing a real gap in the market, the KEWS100 allows greater flexibility to patient management and reduces the investment and running costs associated with multiple fixed bedside monitors. Patient location is known at all times for ease of care and speed of response and patients are no longer tied to their bed, but free to ambulate safely with wireless location tracking. The system can interface with a centralised nurses’ station so that clinicians can observe and monitor the condition of patients while away from the bedside.
The continuous monitoring of patient vital-sign trends (heart rate, temperature, blood pressure, respiration, oxygen saturation ) is in direct support of the Early Warning Scorecard protocols now being implemented as ‘best practice’ nationwide and in many advanced national healthcare systems elsewhere, such as the UK. Continuous, real-time monitoring can mean earlier detection of impending patient relapses which enhances patient safety and wellbeing while avoiding the consequent treatment and drug cost.
In addition, the system also facilitates quality medical research, reducing pressure on research staff, minimising patient disturbances and providing high-quality data on five vital-signs in an easily analysable archive. With its flexible deployment options it can help improve patient flow and reduce bed-blocking in busy hospital environments. KEWS 100 may be implemented in a wide variety of acute and step down settings such as Accident and Emergency, Medical Wards, Post-Operation Wards, Recovery Wards, Medical Assessment Units and Day Procedure Units.
The KEWS100 is now being installed in the Galway Clinic with further imminent implementations in a number of medical facilities in Ireland and the UK.
David Toohey, CEO, Synchrophi Systems Ltd, said this Seed Capital round has enabled them to bring KEWS100 to market at an opportune time.
“We have received tremendously positive feedback from frontline customers and significant interest from potential distribution partners in Ireland and overseas. We believe that our product addresses an important support need at a time of great change in the delivery of healthcare services”
Rory Hynes, a Partner in Enterprise Equity ( who co-manage the AIB Seed Capital Fund ), said they see Syncrophi’s novel technology as a game-changer for hospitals and other healthcare facilities in so far as it provides them with an easily-installed and cost-effective means to monitor the vital signs of patients on a continuous basis without confining them to bed.”
Gillian Buckley, Investment Manager, Western Development Commission, said that this investment further demonstrates the Western Region’s reputation as the premier location for indigenous MedTech companies with the Western Region having in place the key ingredients to support enterprise; a talented labour pool, quality access and communications infrastructure, third level institutions and availability of risk capital.