Dundalk-headquartered cybersecurity start-up Nova Leah has secured €2.25 million in investment to expand its team and further develop its solutions.
The funding round was led by the Bank of Ireland Kernal Capital growth, with a €1.5 million investment with support from Suir Valley Ventures.
Nova Leah, which was founded and is led by Anita Finnegan, develops cybersecurity risk assessment software for connected medical devices.
The company, which was founded in 2015 and whose other backers include Cosimo Ventures and Enterprise Ireland, last year announced plans to take on 78 people.
Growing sector
Connected medical devices represent a rapidly growing sector in healthcare. There are currently between 10 to 15 million such devices in use globally, while cybersecurity spend in the healthcare sector is valued at $5.5 billion (€4.7 billion) annually and is forecast to reach $11 billion (€9.5 billion) by 2020.
Nova Leah, a spin out company from Dundalk Institute of Technology, earlier this year picked up the Grand Prix Start-up of the Year prize at the final of the National Start-up Awards. It is also a previous finalist in the InterTradeIreland Seedcorn Competition.
“We are very excited to be working with Kernel Capital and Suir Valley Ventures. This investment milestone will see Nova Leah further expand on its existing success as we strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry,” said Ms Finnegan.
