The Galway based medtech company Vivasure Medical has secured €10 million in financing from the European Investment Bank.
The funding will be used by the medtech startup to expand research and development of medical devices to provide non-invasive cardiology treatment.
Vivasure has pioneered biodegradable devices to treat cardiology patients that otherwise would have required invasive vascular surgery.
The company was first established in 2009 and operates out of the Parkmore Business Park West near Ballybrit.
“Over the last decade Vivasure Medical has developed innovative and easy to use medical devices that transform cardiology and endovascular treatments and avoid the need for access and closure surgery,” said CEO and co-founder of Vivasure Gerard Brett.
“We welcome the European Investment Bank’s firm support and agreement of €10 million of new financing that will enable Vivasure to accelerate innovation and expand into new markets. This is a vote of confidence in the Irish Medtech.”
This is the second time that the EIB has provided long term financing for an Irish medical company, which was announced ahead of a briefing for Irish business leaders on financing opportunities supported by the EU bank in Dublin.
“Ireland is home to world class innovation and the European Investment Bank recognises the crucial need to ensure that research driven companies can expand and succeed in new markets,” said EIB Vice President Andrew McDowell.
He added that this funding will “contribute to efforts to improve cardiology and endovascular treatment through pioneering medtech innovation.”
“In partnership with IBEC we wish to ensure that companies across Ireland can consider how streamlined innovation financing can turn research ideas into commercial success.”
Last year the European Invest Bank Group provided over €970 million in long term financing to higher education, healthcare, transport, and clean energy projects across Ireland to strengthen these sectors.
It has also promoted increased corporate research and innovation within those fields.