Galway companies awarded €7.4 million funding for groundbreaking innovations

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Galway Daily business Galway companies awarded €7.4 million funding for groundbreaking innovations

Two innovative Galway based science project have been awarded €7.4 million in government funding for developing innovative technologies.

The funding is being provided under the latest tranche of the Disruptive Technologies Innovation Fund announced by Leo Varadkar.

The Galway medtech company Venari Medical, formerly known as Invera Medical, is leading project aimed at developing a new way of treating venous disease, and the leg ulcers it causes.

This project has been awarded €4.6 million, and also involves Galway based Innovative Catheter Solutions Ltd, University of Galway, and ATU Galway.

The second project, led by Glasport Bio, has been awarded €2.8 million, and is aimed at reducing the carbon footprint of livestock.

This project also involves Devenish RD&I Ltd, University of Galway, and University College Cork.

“Innovation opens the door to future growth, future prosperity and future jobs,” said Leo Varadkar, announcing the funding.

“I am glad that we are in a position to fund a further three disruptive innovation projects under Call 4 of the Disruptive Technologies Innovation Fund.”

Three projects in total were awarded €13.3 million under the latest tranche of the DTIF, with the third, based in Dublin and Louth, being aimed at the treatment of leaking heart valves.

“The latest projects being funded involve collaboration on exciting projects in the MedTech and Climate Action sectors,” Leo Varadkar said.

“These projects have the potential to significantly improve the quality of life for people with heart valve problems or leg ulcers, and to reduce the carbon footprint of livestock.”

Leo Clancy, CEO of Enterprise Ireland, which administers the DTIF, said, “Despite the huge challenges presented in recent years, Irish companies have remained agile, and have contributed to Ireland becoming a global hub for technology and innovation.”

“The recipients of these awards, who are working on disruptive projects with the ability to potentially improve healthcare outcomes and to have an impact on sustainability, exemplify that innovation and resilience.”

“These awards will support these companies to continue to be ambitious and will support further collaboration.”