Nova Leah, the Dundalk Institute of Technology spin-out specialising in cyber security software for connected devices in healthcare, has secured funding of 2.25 million from the Bank of Ireland kernel Capital Growth Fund (ROI) and Suir Valley Ventures.
Nova Leah, finalist for the 2017 KTI Spin-out Company Award, was established by Anita Finnegan former quality engineer on foot of her own PhD research into cyber security for medical devices.
Nova Leah has developed Select Evidence, a pioneering cyber security compliance solution for medical devices, manufacturers and healthcare providers. It has been designed to improve the security of connected medical devices, improves patient safety and reduce associated regulatory costs. The platform has global deployments with a blue-chip customer base.
“It’s an expert cyber security analysis system aimed specifically at networks or connected medical devices” Finnegan told the Sunday Business Post. “Security for networked medical devices has only recently been introduced. Nobody thought that anyone would hack a medical device, but there is actually a big risk there.”
Connected medical devices represent a rapidly growing sector in health care. There are 10 to 15 million connected devices in use in the healthcare sector globally, and cyber security spend is close to €5 billion Annually.
“The proceeds of this investment will allow us to expand our team, further develop our product road map and build our presence in the marketplace” Anita Finnegan, CEO
Nova Leah has opened an office in Boston and will initially target customers in the imaging and electro medical device sectors in the US. The start-up secured a breakthrough deal last year with German company Fresenius Medical Care, the world’s largest provider of dialysis products and services, with 3600 dialysis units treating 300,000 patients annually and 30 production facilities manufacturing dialysis machines, dialysers and other equipment.
“Cyber security within healthcare is under intense scrutiny, driven by incidents such as the WannaCry attack 2017 which infected over 300.000 computers worldwide, and regulators, such as the FDA, seeking to resolve cyber security challenges through greater oversight within this sector. Nova Leah have brought to market the worlds first cyber security system for medical devices” Jayne Brady, partner, Kernel Capital.
“In a world where connect IoT is increasingly the norm the risks associated with security and vulnerabilities are of enormous significance for patients and device manufacturers alike. Nova Lea has developed an impressive solution to improve security for device manufacturers while simultaneously improving patient safety. The company is delivering leading edge cyber security technology in one of the fastest growing sectors worldwide and Enterprise Ireland looks forward to continuing to support the company in achieving its global ambition” Niall McEvoy, Manager HPSU ICT Accelerate, Enterprise Ireland
“We are pleased to support Nova Leah with their exciting and ambitious plans This is another example of the world leading innovation that’s emerging from DkIT and in Dundalk more widely “David McGeough, Head of Business Banking Louth, Bank of Ireland.