Northwell leads Nova Leah investment round

Co-founders of medical device cybersecurity company Nova Leah (from left) Peter Finnegan, Anita Finnegan (CEO) and Dr Fergal McCaffery. Photo Karl Hussey / Fennell Photography

Medical device cybersecurity company plans to use the funds to significantly expand its market opportunity and global reach

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8 December 2021 | 0

Nova Leah has announced the closing of its seed investment round led by Northwell Holdings & Ventures, the for-profit venture investment arm of Northwell Health, New York State’s largest health care provider. The investment includes additional funding from existing investors Kernel Capital and Sure Valley Ventures.

The medical device cybersecurity company, which has offices in Ireland and the United States, plans to use the funds to significantly expand its market opportunity and global reach.

Nova Leah’s cloud-based security product SelectEvidence ensures that connected medical devices are continuously assessed for cybersecurity vulnerabilities.

 

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The new investment is timed to support Nova Leah in expanding its technology footprint, bringing its real-time threat monitoring product portfolio into health care delivery systems across the globe. The move is a response to the significant and growing disruptions that health care delivery systems around the world have experienced as a result of a variety of security threats, which have hampered their ability to function effectively. Nova Leah now supports cybersecurity processes across medical device design and development, market approval, monitoring, supply chain, purchasing, deployment, and use through product decommissioning.

“Nova Leah is one of the most exciting companies within the fast-growing sector of cybersecurity for connected medical devices,” said Rich Mulry, president, and CEO of Northwell Holdings & Ventures. “We believe Northwell’s investment and expertise will support Nova Leah’s expansion into health care provider markets.”

Niall Olden, managing partner at Kernel Capital said: “We are delighted to welcome Northwell Health as investors to Nova Leah, with over 800 hospitals and medical centres in the US Northwell Health is a strategically important partner. This latest transaction builds upon the significant commercial partnerships that Nova Leah have already established.”

Anita Finnegan, PhD, founder and CEO of Nova Leah said. “Northwell Health has an outstanding reputation for both market innovation and patient safety. We are excited to collaborate with Northwell Health to apply our product IP to the healthcare delivery market. This investment will have a significant impact on our ability to enter new markets and scale effectively.”

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