EIT Health-supported start-ups in Ireland secure €75.3M in funding during 2022

EIT Health Ireland-UK, a Co-location Centre of EIT Health, which is part of the European Institute of Innovation and Technology, a body of the European Union, today announced that 16 of the 90+ start-ups it has supported in Ireland to date secured €75.3M* in both public and private funding during 2022.

Each of the biotech, digital health, and MedTech start-ups has previously participated on an EIT Health business accelerator programme or been part of a pan-European innovation project facilitated by EIT Health. Over 40% of the start-ups are female founded or co-founded, and over 60% are Alumni of the University of Galway’s BioInnovate Ireland Fellowship programme, that is co-funded by Enterprise Ireland.

EIT Health is Europe’s largest health innovation network. It provides pan-European training, public and private financing, mentorship programs, consortium building and collaboration opportunities to regional health ecosystems. Its network combines professionals, educators and learners, patients, clinicians, and entrepreneurs with the aim of creating healthier lives for patients in Europe.

Since its inception in 2015, EIT Health has supported 1,700+ health innovation start-ups in Europe with business acceleration opportunities, which have gone on to raise over €1B in investment to date. The portfolio of programmes offers start-ups a direct line to European markets, knowledge, finance, and stakeholders. EIT Health’s programmes have recently been shortlisted within the top five public / private business accelerators globally, by the UBI Global – Innovation For Business Incubators and Accelerators World Benchmark Study.

“Health innovation in Ireland is thriving, with an array of government-funded supports available and a vibrant investment scene. EIT Health Partners such as the University of Galway, through its BioInnovate Ireland programme, and Trinity College Dublin, enable the brightest minds in healthcare to develop their ideas on the journey for healthier lives for patients in Europe,” said Graham Armitage, Interim Managing Director at EIT Health Ireland-UK.

“At EIT Health our accelerator programmes are designed to support this journey and help innovators scale their businesses into European markets, by arming them with the connections, knowledge, and market insights they need to succeed. I would encourage local start-ups here in Ireland that would like support with business plan development, and a platform to test and validate their solutions in European markets to apply.”

Luminate Medical, 2022 winners of the EIT Health Catapult Audience Choice Award, closed a €5M  investment round in May 2022 and secured funding from the Disruptive Technologies Innovation Fund in November 2022. The start-up which aims to transform the lives of cancer patients by preventing chemotherapy-induced hair loss has developed a portable technology called “Lily”. After Luminate’s success at EIT Health’s Catapult pitching competition its logo was displayed on New York’s Nasdaq Tower, along with a message of congratulations.

Selio Medical was awarded €2.5M in European Innovation Council Accelerator funding in March 2022. The Trinity College Dublin spin-out is developing a novel platform medical device and the first indication to transform lung biopsy procedures. Selio Medical was founded by Colm McGarvey and Garrett Ryan who met during the EIT Health-supported BioInnovate Ireland Fellowship programme. The company was later awarded EIT Health grant funding for a proof of concept and went on to be part of a three-year pan-European EIT Health innovation project team, working to improve the care of lung cancer patients.

EIT Health has several business accelerator programmes currently open for application. The deadline for high-potential start-ups to apply to Catapult, Bridgehead, User Validation Labs, and Wild Card is Tuesday 2^nd May. Bootcamps in MedTech, Regulatory Pathways to Market, and Patient Innovation are open to applicants until 31^st May 2023.

*Source: dealroom.co