Galway-based medtech company Vivasure Medical has secured €10m in venture debt financing from the European Investment Bank.

Incorporated in 2008, Vivasure develops polymer implants and delivery systems. It specialises in solutions can close large arterial or vascular holes in patients without the need for sutures or major surgery.

The company is planning to use the €10m EIB financing to expand R&D of medical devices to provide non-invasive cardiology treatment. “[It] will enable Vivasure to accelerate innovation and expand into new markets. This is a vote of confidence in Irish medtech,” said Gerard Brett, CEO and co-founder of Vivasure Medical.

Vivasure has raised more than €33m since being founded, including a €16m fundraiser in 2016. Investors in that round included LSP (Life Sciences Partners) of The Netherlands and Evonik Venture Capital (Germany), alongside Panakès Partners (Italy). Returning Series A and B investors were led by Fountain Healthcare Partners, Ireland.

Vivasure’s most recent account filings are for 2017, when accumulated losses stood at €32m.

In Association with

Business group Ibec is partnering with the EIB to promote the latter’s financing options. “In partnership with Ibec, we wish to ensure that companies across Ireland can consider how streamlined innovation financing can turn research ideas into commercial success,” said Andrew McDowell, EIB’s vice president.

The EIB has provided venture debt financing to companies in Ireland for the last three years. Last year, it provided €970m in long-term financing for companies across a variety of sectors in Ireland.