Galway medtech Palliare raises $8m in Series A round

Emerging company from Galway Palliare has a vision to create a safer operating room.

Palliare has raised $8m in an oversubscribed $8m Series A funding round led by European life sciences venture capital firm Seroba with participation from Luxembourg’s SCM AD Ventures, the Western Development Commission and several private investors.

Palliare was founded in 2018 as a spinout from Irish gastro-diagnostic company Crospon, which was acquired by Medtronic in 2017.

“Innovation such as this improves the lives of patients, drives economic activity and supports and sustains vibrant communities”

Based in Galway and with US headquarters in Oceanside, California, Palliare is dedicated to advancing the state of the art in smoke evacuation and insufflation technologies for laparoscopic, endoluminal, endoscopic and robotic surgery.

Cleaner and safer

“We are delighted to back the experienced Palliare team who have identified the clinical need for a user-friendly continuous pressure insufflator,” said Jennifer McMahon, principal at Seroba.

“We recognize the growing trend towards minimally invasive laparoscopic surgery and the demand to create a cleaner and safer operating room for patients and clinical staff alike.”

The funds will be used to support US commercial launch activities related to Palliare’s EVA15 insufflator and smoke evacuation system, as well as new Research & Development activities.

There has been growing awareness of the hazardous nature of surgical smoke to the operating room staff, and various medical organizations in USA have been lobbying for the safe evacuation of all surgical smoke.

The Covid-19 pandemic further heightened awareness across the clinical community of the exposure of medical staff to aerosolized viruses in the operating room. In 2021 alone, nine US states have introduced smoke evacuation bills, and more are anticipated in the coming months.

The company has also appointed Julie Tupen as US Vice President of Sales to spearhead its advance into North America. Tupen brings extensive commercial experience to the management team from having previously worked with such companies as Covidien, Invuity, and most recently Hologic.

The Western Development Commission operates a €75m evergreen investment fund for the Western Region. The SME Investment Fund provides both equity investment and loan finance for small and medium-sized enterprises (SMEs) across a range of sectors.

“We are delighted to continue our investment journey with Palliare, building on the world renowned medtech sector that exists in the West of Ireland, drawing on the skilled workforce this is an example of the leading edge indigenous innovation in the western region,” said Tomás Ó Síocháin, CEO of the Western Development Commission.

“Innovation such as this improves the lives of patients, drives economic activity and supports and sustains vibrant communities.”

Main image at top (from left): Tomás Ó Síocháin, CEO of the Western Development Commission, Caroline O’Dea, managing director of Palliare and John O’Dea, CEO of Palliare

By John Kennedy (john.kennedy3@boi.com)

Published: 28 June 2021

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