Maeve McCarthy wins Enterprise Ireland Spinout Showcase Award as eight investor-ready ventures pitch to Ireland’s start-up ecosystem at the Aviva Stadium.
Substrato Medical, a spin-out from the Royal College of Surgeons of Ireland, has won the Spinout Showcase Award at Enterprise Ireland’s Start-Up Day 2026, following what judges described as the standout pitch of the event.
The award was presented to Maeve McCarthy of Substrato Medical at the Aviva Stadium on Thursday, 7 May, as part of Enterprise Ireland’s annual showcase of high-potential start-ups and research-led spin-outs.
“The event highlights the high calibre of research commercialisation activity within Ireland, and the significant impact these companies will have to help address huge global challenges”
The Spinout Showcase featured eight deep tech companies, each delivering a three-minute pitch to an audience of more than 600 people from across the Irish start-up ecosystem, including venture capital firms, funders, State agencies and professional services advisers.
A new approach to healing
Substrato Medical is an Enterprise Ireland commercialisation-funded project that is approaching spin-out stage. The company is developing a new approach to oxygen therapy designed to enhance tissue repair for patients living with chronic wounds.
Built on research from RCSI’s Tissue Engineering Research Group and supported by a founding team with more than 25 years of MedTech experience, the technology aims to extend ulcer-free time for patients while easing the long-term cost burden associated with chronic wound care.
The runner-up Spinout Showcase Award was presented to MetHealth, a University College Dublin spin-out led by Fiona McGillicuddy. MetHealth is focused on immunometabolic diagnostics to improve precision risk stratification in obesity-related cardiometabolic diseases.
Its proprietary biomarker platform combines laboratory diagnostics with AI-driven algorithms, with an initial focus on a non-invasive, blood-based in vitro diagnostic for metabolic liver disease, also known as MASH.
As winners of the Enterprise Ireland Spinout Showcase 2026, Substrato Medical and MetHealth have each secured a place on a week-long European market access programme. The initiative will include tailored engagements across the UK and Europe, supporting the companies as they develop customer relationships, connect with international investors and refine their go-to-market strategies.
Start-Up Day 2026 also marked Enterprise Ireland’s celebration of the ‘Class of 2025’ High Potential Start-Up companies that received investment during the year. The event highlighted the growing contribution of research-driven ventures emerging from Ireland’s universities and institutes of technology. In 2025, Enterprise Ireland directly supported 28 start-up businesses from the research ecosystem.
Presenting the awards, Jim Woulfe, chair of Enterprise Ireland, said: “The Spinout Showcase pitching element and awards at Start-Up Day provides a platform to showcase Enterprise Ireland’s commercialisation funded research approaching start-up status, with significant potential for success.
“The event also highlights the high calibre of research commercialisation activity within Ireland, and the significant impact these companies will have to help address huge global challenges. I wish to congratulate both Substrato Medical and MetHealth on their achievements to date and wish them every success for the future.”
Ones to watch
The pitching companies included:
MetHealth: Fiona McGillicuddy
MetHealth is a UCD spin-out developing next-generation immunometabolic diagnostics for precision risk stratification and improved clinical care in obesity-related cardiometabolic diseases. Its proprietary biomarker platform, integrated with AI-driven algorithms, delivers critical insight into cardiometabolic health – launching first with a non-invasive blood-based in vitro diagnostic (IVD) for metabolic liver disease (MASH).
Substrato Medical: Maeve McCarthy
Substrato Medical is redefining oxygen therapy to enhance tissue repair for millions of chronic wound patients worldwide. Built on the expertise of RCSI’s Tissue Engineering Research Group and a founding team with 25 years of MedTech experience, the company is developing a solution that restores ulcer-free time for patients and reduces the cost burden of chronic wounds.
NanoformiX: Darren Andrews
NanoFormiX has developed a proprietary, cartridge-based platform that significantly improves the speed, cost, and scalability of RNA lipid nanoparticle (LNP) formulation, addressing critical bottlenecks in a rapidly growing market. Its integrated system enables parallel processing with minimal waste and no cleaning, underpinning a high-margin, recurring consumables model – positioning the company as a potential end-to-end solution from discovery through to GMP manufacturing.
Ailtire Technologies: Colm McSweeney
Every enterprise wants to adopt AI, but none of them will do it without a security layer they can trust. Ailtire’s agents assess technology systems, simulate everything that could possibly go wrong, and design the fixes.
MicroJect Bio: Lorcan O’Toole
MicroJect is a UCD spin-out developing a patented hollow polymer microneedle platform for precise, consistent, low-pain intradermal delivery. Its first product targets allergy diagnosis, improving dosing consistency and patient experience while fitting existing clinical workflows. Backed by an established allergy diagnostics partner supporting the regulatory and commercial pathway, the platform also has clear expansion into higher-value drug delivery applications.
ChromWatch: Luke Gallagher
ChromWatch is modernising how biopharma controls its most valuable processes. We replace slow, manual testing with fast, in process measurements that give manufacturers critical insight in minutes, not hours. With a defensible deep tech platform and clear productivity gains for high value biologics, ChromWatch is positioned to become core process infrastructure for next-generation biomanufacturing.
Narrative: Michael Dowling
Narrative is the AI-native engagement layer for small business financial platforms, embedding a financial coach directly within the platform. Traction includes a commercial contract with Bank of Ireland (~€100k ARR) and payment-network partnerships in progress. Narrative is a DCU spin-out.
OcuHealth: Laurence Fitzhenry
OcuHealth is developing patented, scalable nanoformulations for the delivery of ocular therapeutics.
Top image: Jim Woulfe, Chair, Enterprise Ireland, with Maeve McCarthy of the Royal College of Surgeons of Ireland spin-out Substrato Medical
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