Embo Medical, an early stage medical device company focused on developing technology to shut down blood flow in blood vessels, has secured €3 million in seed-funding.
The investment syndicate included the AIB Seed Capital Fund (managed by Enterprise Equity), Irrus Investments, HBAN’s Medtech Business Angel Syndicate, Western Development Commission, Enterprise Ireland and the AIB Start-Up Accelerator Fund (managed by ACT Venture Capital). The investment will enable Embo Medical to secure regulatory approval and enter the market, and in doing so employ approximately 10 people directly and up to another 10 people indirectly.
Embo Medical is based in NUI Galway’s Business Innovation Centre. In 2011, the management team of Wayne Allen, Colin Forde and Liam Mullins undertook the BioInnovate Ireland Fellowship, a specialist medical device innovation programme. Upon completion, they founded Embo Medical to develop solutions to unmet clinical needs that were identified while observing embolization procedures in hospitals during the Fellowship.
Embo Medical co-founders Liam Mullins, Wayne Allen and Colin Forde.
The company outsources manufacture, packaging and sterilisation to med-tech companies based primarily in the West of Ireland, accounting for the indirect employment of approximately 10 people. Embo expects to directly create 10 new jobs over the next two years as a result of this investment. This includes a series of both senior management and technical/functional hires over the coming months to fulfil the research and development, quality assurance, regulatory affairs, manufacturing, marketing and finance functions of the company.
For more information, please visit NUI Galway’s website.