Luminate, a University of Galway spin-out that makes product to control the side effects of treatment for cancer, has raised $15 million (€13.5 million).
The initial investment round will allow the business add 30 staff, doubling its workforce in advance of a launch in the US market next year.
Chief executive Aaron Hannon said the investment was a vote of confidence and he is looking forward to seeing the positive impact it will have for patients.
The funding follows a successful clinical trial phase for Luminate products, which focus on treating cancer at home. These include a hat, called Lily, worn during chemotherapy to prevent hair loss, and gloves and boots, named Lilac, to prevent peripheral nerve damage.
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According to research, cancer patients spend more than 10 per cent of their time in hospitals, the company says.
Mr Hannon said it is exciting to be able to grow the team “with over 30 new roles in our HQ in Galway, and also in the US”.
[ Cancer outcomes in North worst in UK as cases continue to riseOpens in new window ]
The $15 million investment was led by venture capital firm Artis Ventures, along with Metaplanet and 8VC. Lachy Groom, an early employee at Stripe, was also among the names of those who put forward capital.
Austin Walne, partner at Artis Venture, said Luminate had the potential to create a more comfortable experience for patients as well as reducing costs for insurers.
Luminate is designing a new product called Lotus to give low-risk anti-cancer drugs to patients at home.
[ Employee whose role was filled while out sick with cancer awarded €50,000Opens in new window ]
The move towards home healthcare was accelerated by Covid-19, Mr Hannon said. The impact could be seen in the US as the country tries to move hospital care to a home setting, he added.
By collecting medical data from patients directly, they “get to spend less time waiting and more time living when they are going through a really difficult time”, he said.
Luminate was established in 2018 by Mr Hannon, Dr Barbara Oliveri and Prof Martin O’Halloran when they were medical device researchers at the University of Galway.
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