FeelTect says it plans to launch a recruitment drive after securing a successful €1.5m funding round.
Spiddal-based medtech firm FeelTect is to expand its workforce after securing a new investment.
The funding, which was supported by multiple medtech investment syndicates and the Western Development Commission (WDC), is the company’s second funding round after securing €1.2m in fresh investment in 2022.
“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”
FeelTect plans to use the investment to progress the commercialisation and clinical validation of its state-of-the-art Tight Alright wound treatment monitoring technology, which is used to treat leg ulcers. It is also aiming to recruit six new employees across a variety of roles, including research and development, manufacturing, project management, clinical affairs, and commercial strategy.
While most roles will be based in FeelTect’s headquarters in Spiddal, commercial and clinical roles will be spread across the United States and Europe to support the company’s entry into international markets.
A first of its kind medtech breakthrough
Tight Alright, FeelTect’s flagship connected-health technology, is the first of its kind.
Comprising a wearable device with multiple pressure sensors that wirelessly connects with a digital platform, the device allows care providers to measure and remotely monitor sub-bandage pressure applied during compression therapy, significantly reducing healing times and treatment costs, as well as leading to better quality of life for patients.
FeelTect was co-founded in 2019 by CEO Dr Andrew Cameron after he took part in BioInnovate Ireland, a clinical immersion scheme in Irish and US hospital systems. It was during this period that Dr Cameron identified an unmet need for safe, effective, and consistent application of compression therapy, which is the primary treatment for millions of people with venous leg ulcers (VLUs) globally.
“We’re extremely grateful for the trust that our investors have shown in supporting our vision for improving the treatment of wound patients,” said Dr Cameron.
“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.
“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.”
Studies show that 30% of VLUs fail to heal within a year, seriously impacting patients’ quality of life, while the amount of money spent on treating VLU patients in the UK is almost half the cost of treating all cancers combined.
To address these issues, Dr Darren Burke and Professor Garry Duffy partnered with Dr Cameron on the project supported by the Enterprise Ireland Commercialisation Fund and University of Galway. The project would later be spun out from University of Galway to form FeelTect in 2020.
The company’s achievements to date include securing intellectual property on the technology’s hardware and data transfer system, completing design for manufacturing, registering the device with the FDA in the US and CE Mark as a Class I device, and commencing international patient studies that demonstrate improved application of targeted compression.
FeelTect is also playing a leading role in a €4.6m collaborative project supported by the Disruptive Technology Innovation Fund. The project will see the company expand their pipeline of products, leading to the development of the first data-driven clinical decision support system in wound care.
The €1.5m in new funding was made up of investments from Halo Business Angel Network (HBAN) syndicates, including Irrus Investments, MedTech Syndicate, and Boole Investment Syndicate, CAJU Venture Partners, and the WDC, which added to its existing investment in the company.
“The WDC invests in the early stages of Irish companies based in the West, ensuring that those with ambition have the opportunity to scale and achieve their full potential in the market,” said WDC CEO Allan Mulrooney.
“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.
“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.”
Main image at top: FeelTect founder and CEO Dr Andrew Cameron pictured with Darren Burke, CTO & Co-founder at FeelTect. Picture: Andrew Downes