Incereb secures €750,000 in third funding round
8 March 2018 | 0
Incereb, a developer of neonatal and fetal physiological monitoring sensors has secured €50,000 in funding from the HBAN angel network.
The deal, the quickest in HBAN’s history, was completed just 48 hours after hearing the company’s presentation.
Incereb’s technology provides an alternative to the the technically difficult and painful method of attaching EEG monitors to a baby’s head. Its Neon8 and Neon12 devices enable EEG monitoring to be performed by any member of a neonatal intensive care unit (NICU) staff within minutes allowing for the safe assessment of brain activity to ascertain brain function and identify seizures.
In total, Incereb raised €750,000 from this third funding round and plans to develop a US distribution network and new devices for children and adults, thus growing its US market tenfold.
In the previous two rounds, Incereb attracted €1.6 million investment from HBAN’s Boole Syndicate, Enterprise Ireland, ACT Venture Capital and Delta Partners.
A fourth round of funding is expected to take place later this year, which will enable the company to expand into Latin America as well as strategic markets across Europe and Asia.
“The investment from HBAN is more than just a cash injection, this “smart money” brings expertise, insights and knowledge of an experienced businessperson,” said Jim Roche, CEO, Incereb.
“With funding from two previous rounds, we have developed a bespoke, handpicked sales network in the US which has been effective in getting the devices into the hands of medical professionals. In the last three months of 2017, we secured contracts with three major academic teaching hospitals on the east coast. This latest investment will help us to bring the devices aimed at older children and adults to the US market. We are also hoping to make the monitoring sensor device available in other strategic markets including Latin America, Europe and Asia.”
Julian Seymour, syndicate manager, HBAN, said: “The medtech sector, specifically medical device companies, continues to attract a lot of interest from our business angels. Almost €12 million has been invested in 11 medical device companies by HBAN angels in the last three years.
“Sustained investment in pioneering medtech companies, like Incereb, cements Ireland’s position as a vibrant and innovative hub for medtech start-ups.”
Incereb an industry partner of the Science Foundation Ireland-funded Infant neonatal research centre based at University College Cork.