Galway-based medtech company FeelTect is to expand its workforce following a €1.5 million funding round to support the commercialisation of its wound treatment monitoring system.
The Spiddal company is to recruit six staff across research and development, manufacturing, project management, clinical affairs, and commercial strategy. The majority of the new roles will be based in Ireland, with commercial and clinical roles spread across the United States and Europe to support international growth.
“We recognise the challenging nature of the current economic environment for investment, so we are determined to make the most of the opportunity we’ve been given,” said FeelTect chief executive Dr Andrew Cameron.
“This funding will have an immense benefit to conducting efficacy and health economic validations of the technology, building our team, and realising commercial launch in the US and Europe. We’re also fortunate in the calibre of investors on our newly appointed board, which will provide invaluable advice and guidance on our journey forward.”
Founded in 2019, FeelTect is a spin-out from University of Galway. The company has developed a new wound treatment monitoring technology, Tight Alright, which is used to treat leg ulcers. The wearable device has multiple pressure sensors that wirelessly connect with a digital platform, allowing care providers to measure and remotely monitor sub-bandage pressure applied during compression therapy. That can reduce healing times and treatment costs.
The latest funding round was supported by Halo Business Angel Network (HBAN) syndicates, including Irrus Investments, MedTech Syndicate, and Boole Investment Syndicate, CAJU Venture Partners, and the Western Development Commission (WDC), and follows €1.2 million in fresh investment in 2022.
“FeelTect has received support through our initial investment of €300,000, with our latest investment matching that value, bringing the total investment to €600,000,” said Western Development Commission chief executive Allan Mulrooney.
“Continued support is crucial, and our team works closely with every supported company to understand their needs. Ultimately, the success of FeelTect and our other investments translates into more jobs in the Western region. The MedTech sector in the West is thriving and the WDC has been vital to that success.”
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