Bluedrop Medical raises €3.7m for diabetes device
Bluedrop Medical has secured €3.7 million in funding towards the prevention of diabetic foot amputations.
The Galway-based medical device start-up will receive €1.2 million in seed investment and a €2.5 million European Innovation Council grant. HBAN, a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland connected Bluedrop with its angel investors.
In Ireland, more than 540 amputations are carried out on patients with diabetes every year as a result of foot ulcers caused by nerve damage. Bluedrop’s artificial intelligence powered temperature monitoring device allows patients to perform daily foot scans at home, in just 30 seconds. Scans are remotely reviewed using advanced algorithms. Patients are instructed to contact their local clinic if an ulcer shows signs of developing.
“Our system could save the Irish health service €40 million per year on treatments associated with diabetic foot ulcers and we are hoping to collaborate with them to achieve this goal,” said Chris Murphy, CEO and co-founder, Bluedrop Medical. “We estimate the total worldwide market for our device to be more than €3 billion.”
With its funding, Bluedrop can develop its device, conduct clinical trials, and bring it to market. The company also plans to create 10 jobs over the next two years in software development, quality and regulatory affairs, clinical trial management and commercial strategy development.
“When we started doing our due diligence on Bluedrop Medical, we were very impressed by the focus and drive of the team and the size of the market that they will be tapping into,” said Dr Colin Henehan, Bluedrop Medical and HBAN MedTech Syndicate. “If you look at medicine today, it is very treatment-focused. But this device is all about prevention and removing the cost burden on governments and insurers.
“The MedTech Syndicate offers companies like Bluedrop Medical a network of highly experienced professionals who can provide advice and guidance on all aspects of developing a medical device through to product launch and, ultimately to acquisition.”