Galway company DiaNia Technologies has secured €2 million in seed-funding to develop medical devices and create 20 jobs.
The innovative materials technology company which is based in NUI Galway’s Business Innovation Centre, has secured the funding to utilise materials science to develop catheter-based medical devices.
The investment has been led by four key investors - Enterprise Ireland board member and former Creganna CEO Helen Ryan, vice president of product development within Creganna Medical Liam Farrissey, Ian Quinn, founder and first CEO of Creganna Medical, and Gearóid Faherty, CEO of Eurand NV, a NASDAQ listed pharmaceutical company, and also included the HBAN’s Medtech Business Angel Syndicate and Enterprise Ireland.
The funding will allow DiaNia Technologies to develop and commercialise the first application of its proprietary materials science technology which will enhance the performance and function of medical devices resulting in increased patient safety and improved product performance.
"The technology works by providing in-built low friction at the surface of an extrusion, delivering a paradigm shift in the manipulation of friction on both the inside and outside surface of extruded catheter shafts. This inherent lubricity in the main component of a catheter will eliminate the industry’s need for expensive liners and coatings."
It is estimated the global market potential for this material science technology is in excess of €250 million.
DiaNia Technologies expects to create 20 new jobs over the next two years, which will include a number of specialised materials science and extrusion positions, as well as roles in quality assurance, regulatory affairs, manufacturing, marketing and finance.
DiaNia Technologies was founded in 2013 by Sinéad Kenny and Mark Mellett, who both have extensive experience in the medical device industry. Kenny, who has a degree in materials science, and a PhD in biomedical cements, has previously worked with a host of multinational companies, consultancies and start-ups, including Cook Medical, Boston Scientific, Altran and Creganna Medical, developing devices for a wide variety of applications. Mellett, a Fellow of the Institute of Chartered Accountants, has held a variety of senior roles in various international companies including Deloitte, Kerry Group, Oracle and more recently Alere, where he is a director of Toll Manufacturing.
Sinead Kenny, CEO of DiaNia Technologies, says: “This €2 million investment will accelerate the product arriving to market and will be of benefit to manufacturers and, ultimately, clients around the world.
"Delivering a technology which has the ability to both improve the experience and outcome for the patient, as well as making the device safer and more efficient to produce, are the drivers behind our extensive R&D programme.
"We are excited to be supported by such a knowledgeable group of investors who share our vision of advancing the next generation of medical devices through innovative materials technology.”
Helen Ryan, one of the lead investors in DiaNia Technologies, says: “We are delighted to announce this investment for Galway. There is a strong med-tech knowledge base in the west of Ireland and we’re looking forward to developing the technology to build a long term sustainable company. This is a unique opportunity for materials scientists to show how significant their knowledge is in enabling innovation in the industry.”