Galway-based medical devices startup DiaNia Technologies has raised €2m in seed funding. The company said that it plans to hire 20 extra staff over the next two years as a result of the investment.

The investment was led by four 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.

DiaNia Technologies was founded in 2013 by Sinéad Kenny and Mark Mellett. Kenny previously worked with a variety of multinational companies, consultancies and startups, including Cook Medical and Boston Scientific.

Mellett, a Fellow of the Institute of Chartered Accountants, has held a variety of senior roles in various international companies, including Deloitte, Kerry Group, Oracle and Alere, where he is currently director of toll manufacturing.

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Said Kenny: “This investment will accelerate the product arriving to market and will be of benefit to manufacturers and ultimately clients, around the world. 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 and former chief executive of Creganna Medical, added: “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.”

DiaNia Technologies is based in NUI Galway’s Business Innovation Centre. It is an R&D company specialising in intellectual property (IP) of extrusion technology from advanced materials for catheter-based medical devices.

Enterprise Ireland invested €62,000 in DiaNia’s latest funding round, with the rest of the €2.1m investment coming from Medtech Syndicate Nominee Limited. Enterprise Ireland previous invested €50,000 into the company.

DiaNia Technologies booked a loss of €54,000 in 2015, bringing accumulated losses to €124,000. It closed the year out with a net deficit of €56,000.

Photo: Investors Gearóid Faherty, Helen Ryan (left) and Ian Quinn with Sinead Kenny (right). (Pic: Andrew Downes)