BiancaMed raises €6 million in funding

Life

Medical technology company BiancaMed has annouced it has received an additional €6 million in funding. This second round funding was led by pan-European venture capital firm Seventure Partners. This is the first time that Seventure has invested outside of continental Europe. Three of BiancaMed’s existing investors ePlanet Ventures, Enterprise Ireland and ResMed also participated in this round. Go4Venture advised the company in its fund-raising process.

BiancaMed has developed and is marketing SleepMinder, an accurate, contactless and convenient device for the measurement of sleep and breathing in the home.

This new capital will allow BiancaMed to expand its core team, accelerate the launch of several innovative consumer products with existing ‘go-to-market’ partners targeting the wellness space. It will also enable the company to continue the development of clinical products targeting unmet needs in areas, such as sleep apnoea screening and disease management.

BiancaMed is headquartered in NovaUCD, the Innovation and Technology Transfer Centre at University College Dublin. The technology at the core of BiancaMed’s SleepMinder was initially developed at UCD’s School of Electrical, Electronic and Mechanical Engineering by Dr Conor Heneghan, chief scientific officer, and Dr Philip de Chazal, chief technology officer.

Donald Fitzmaurice, BiancaMed’s chairman and a partner with ePlanet commented, “We have been strong supporters of BiancaMed since our initial investment in the company in 2005 and we have been impressed with the progress the team has been able to make from a technology and business perspective in the past three years. Sleep is increasingly recognised as a major component of health and wellness, alongside diet and exercise. We expect the market for sleep monitoring products to grow strongly in the coming years and BiancaMed is very well positioned to benefit from this growth. The company is at an exciting point in its commercial development.”

Seventure General Partner, Isabelle de Cremoux added, “BiancaMed is a unique company with a breakthrough technology in the massive, $20 billion global sleep market. With technology and market potential already validated through partnership agreements with leading corporations and an impressive product pipeline in new areas such as heart failure monitoring, BiancaMed offers a compelling investment opportunity for us in the Life Sciences area.”

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