Spin-out Company – Nova Leah & Dundalk IT
Anita Finnegan and Dr. Fergal McCaffery
The spin-out company Nova Leah Ltd, provides platform and software tools which allows both medical device manufacturers and institutional users (e.g. hospitals) to quickly automate the process of identifying and mitigating potential software vulnerabilities within their product portfolios. It also plays a major role in providing documentary evidence of compliance for regulatory bodies. Nova Leah employs 23 people between its headquarters in Dundalk and its office in Boston USA. The company has its origins in an Enterprise Ireland Commercialisation Fund programme and was founded in 2015.
The year 2018 saw a series of exceptional achievements for the company that included raising a third round of seed funding of €2.25million; growing too large for the DkIT incubation centre that necessitated moving to a larger premises; increasing sales by 250% in a 12 month period; signing several Tier 1 Healthcare companies including Boston Scientific; Began a major trial with the regulatory body in the USA, Underwriter Laboratories to further market penetration; paid the first royalty to DkIT per IP licence agreement. The company co-founder and CEO Anita Finnegan was the Invited Expert at the Archimedes Center for Medical Device Security 2019 Annual “Medical Device Security 101 Conference” in Florida USA.
The success of Nova Leah has been significant for DkIT in raising awareness of the research activities there which is particularly important with the development of Technological University status within the Institute of Technology sector. It also reinforces the importance of DkIT in developing employment opportunities in the region.
The TTO has supported the foundation of the company from its inception, having worked with the founders in developing their business plan and having provided critical review of the early assumptions and their go-to-market strategies. The TTO has provided legal agreement supports to ensure that discussions with potential customers and investors protect the company's intellectual property. The TTO continues to work with Nova Leah and has helped the company to develop its pitch for investors and attended discussions with potential investors that has seen significant levels of funding secured.
Underpinning Funding Sources Include:
Enterprise Ireland – Commercialisation Fund
Science Foundation Ireland