Luminate Medical raises $15m to accelerate innovative cancer care technology

Galway-based start-up Luminate Medical has secured $15 million in Series A funding to accelerate the development of its cutting-edge medical technologies aimed at preventing chemotherapy side effects. The investment round, led by ARTIS Ventures, also saw participation from Metaplanet, Lachy Groom, and 8VC, alongside healthcare executives from companies like Dexcom, and additional support from SciFounders, Faber, and others.

Winner of the 2022 EIT Health Catapult Audience Choice Awards, Luminate Medical was founded in 2018 as a spin-out from the University of Galway. The start-up is pioneering wearable medical devices that mitigate painful chemotherapy-induced side effects such as hair loss and peripheral neuropathy.

“We are delighted that Luminate has achieved such an impressive fundraising success, having supported them to build their pan-European visibility through EIT Health Catapult. Luminate’s innovations have the potential to transform cancer care and we’re proud to have played a part in fast-tracking their important work for the benefit of patients across Europe and beyond,” commented Magda Krakowiak, EIT Health Accelerator Director.

This latest funding brings the company’s total financing to over $25 million, following a $5M investment in May 2022 and significant grant funding from sources like Europe’s EIC Accelerator and Enterprise Ireland’s Disruptive Technology Innovation Fund.

Luminate Medical’s first product, Lily, is a wearable cap designed to prevent chemotherapy-induced hair loss. By using compression therapy, Lily aims to block the drug’s impact on hair follicles, a feature expected to enhance cancer patients’ quality of life. Their second product, Lilac, a set of wearable gloves and boots designed to prevent peripheral nerve damage. The start-up is also developing its third product, Lotus, a device enabling the at-home administration of low-risk anti-cancer drugs.

When asked about their recent fundraising achievement, Aaron Hannon, CEO and Co-founder of Luminate Medical told us: “Our mission at Luminate is to deliver every cancer treatment in the patient’s home. In order to make home delivery possible, we need to build tools to prevent side effects that require in-person monitoring, monitor urgent adverse events during treatment, and enable patients to complete infusion procedures alone. This funding allows us to take the first step of this vision: showing we can prevent important adverse events like neuropathy in large scale trials and on the market. Alongside achieving these key milestones, we continue to expand our world class team in the US and Ireland, with a number of open roles in product development, operations, and clinical. We’re excited to partner with a strong investor base to make our vision of at-home cancer care a reality.”

The funds raised will be used to advance first-in-patient clinical trials of Luminate’s technology and scale production, bringing the products to the U.S. market. The company has plans for large-scale clinical trials in the United States, followed by FDA approval.

As Luminate Medical prepares for its U.S. launch in 2025, the company will add 30 new positions at its Galway headquarters. With support from investors like ARTIS Ventures, Luminate is poised to revolutionise cancer care by enabling at-home treatments and reducing the physical and emotional toll of chemotherapy on patients.

Since its inception, Luminate Medical has grown its team from three co-founders—Aaron Hannon, Dr. Barbara Oliveira, and Professor Martin O’Halloran—to a thriving team of 14, with more growth on the horizon.

With its innovative wearable devices, Luminate Medical aims to transform cancer care by reducing side effects like hair loss and neuropathy and ensuring patients can complete their treatments with fewer complications. As the company continues its journey, its breakthrough technologies offer hope to millions of cancer patients worldwide.

Luminate Medical’s journey has been marked by significant milestones, including its EIT Health Catapult Audience Choice Award win in 2022 when its logo was displayed on New York’s Nasdaq Tower. Catapult, an EIT Health pitching competition, exposes top European start-ups to investors and industry leaders, helping them scale their innovations to new heights.

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