Galway-Based Luminate Medical Expands Series A to $17.5M

The MedTech company now totals $17.5M in Series A funding as clinical trials begin in the US

EIT Health supported Luminate Medical, a Galway-based MedTech company dedicated to transforming cancer care, has raised an additional $2.5 million in a Series A extension, bringing the total funding for this round to $17.5 million. The extension was led by Atlantic Bridge, with participation from notable investors including Finn Murphy of Nebular and Steve Pacelli, former CEO of Nasdaq-listed Dexcom.

This announcement comes as the University of Galway spin-out begins clinical trials in the United States, a significant milestone for the company as it aims to redefine cancer treatment with innovative solutions.

Winner of the 2022 EIT Health Catapult Audience Choice Awards, Luminate Medical was founded in 2018 by Aaron Hannon, Barbara Oliveira, and Martin O’Halloran, Luminate Medical develops technologies that mitigate the adverse side effects of chemotherapy, such as hair loss and nerve damage, to improve patient dignity and treatment outcomes.

Graham Armitage, Managing Director, EIT Health Ireland-UK, said, “We are very proud of Luminate Medical’s continued success. This latest funding milestone underscores the impact of their innovative approach to improving cancer care. It is inspiring to see a company we have supported through our programmes scale its solutions and gain global recognition, advancing the future of oncology.”

Its flagship product, Lily, is a portable, cap-like device that prevents chemotherapy-induced hair loss using compression therapy. The company also focuses on enabling remote cancer care, aiming to minimise patients’ time in hospitals and other clinical settings.

Barbara Oliveira, Co-founder and Chief Clinical Officer at Luminate Medical said, “This latest round of funding is key on ensuring we can continue making those first steps into the US market. We want to create technologies that make cancer care better, faster and safer for patients. We are incredibly fortunate to have partnered with great investors and advisors who are supporting us in our journey of helping patients live better lives during and after cancer.”

Luminate’s Series A extension attracted support from a wide range of investors and partners like Atlantic Bridge and other prominent angel investors. Other Series A backers include Silicon Valley-based Artis Ventures, Metaplanet, 8VC, SciFounders, Faber, Elkstone, Gaingels, Pareto, and Lynett Capital. The company also benefits from grant funding provided by Europe’s EIC Accelerator and Enterprise Ireland’s Disruptive Technology Innovation Fund.

This funding supports Luminate Medical’s vision of transforming cancer care globally. With clinical trials now underway in the US, the company is poised to advance its portfolio of solutions and expand its impact worldwide.

Luminate Medical has achieved several notable milestones, including winning the EIT Health Catapult Audience Choice Award in 2022. This accomplishment was celebrated with the display of Luminate’s logo on New York’s iconic Nasdaq Tower. The EIT Health Catapult competition connects Europe’s top start-ups with investors and industry leaders, providing a platform to scale their innovations to new heights.

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