Medical device company to create 20 new jobs over next two years for catheter-based product
DiaNia Technologies, a materials technology company based in Galway, has secured €2million in seed-funding to develop disruptive catheter based medical devices.
The investment was led by four key investors – Helen Ryan, Liam Farrissey, Ian Quinn and Gearóid Faherty – and also included the HBAN’s Medtech Business Angel Syndicate and Enterprise Ireland.
The funding will allow DiaNia Technologies to develop and commercialise the first application of its proprietary materials science technology which will enhance the performance and functionality of medical devices resulting in increased patient safety and improved product performance. The technology works by providing in-built low friction at the surface of an extrusion, delivering a paradigm shift in the manipulation of friction on both the inside and outside surface of extruded catheter shafts. This inherent lubricity in the main component of a catheter will eliminate the industry’s need for expensive liners and coatings. It is estimated that the global market potential for this material science technology is in excess of €250 million.
DiaNia Technologies, which is based in NUI Galway’s Business Innovation Centre, expects to create 20 new jobs over the next two years. These will include a number of specialised materials science and extrusion positions as well as roles in quality assurance, regulatory affairs, manufacturing, marketing and finance.
Sinead Kenny, CEO of DiaNia Technologies, said: “This €2million investment will accelerate the product arriving to market and will be of benefit to manufacturers and ultimately clients, around the world. Delivering a technology which has the ability to both improve the experience and outcome for the patient as well as making the end device safer and more efficient to produce are the drivers behind our extensive R&D programme. We are excited to be supported by such a knowledgeable group of investors who share our vision of advancing the next generation of medical devices through innovative materials technology.”
Helen Ryan, one of the lead investors in DiaNia Technologies, said: “We are delighted to announce this investment for Galway. There is a strong med-tech knowledge base in the West of Ireland and we’re looking forward to developing the technology to build a long term sustainable company. This is a unique opportunity for materials scientists to show how significant their knowledge is in enabling innovation in the industry.”