InVera Medical aims to raise €17 million in ‘game-changing’ funding for a device to treat varicose veins.
InVera Medical, a Galway-based manufacturer of medical devices, intends to raise €17 million next year in order to launch a breakthrough product that it hopes will transform the way chronic venous disease is treated.
The company, which has the support of Enterprise Ireland, has already raised €4.5 million to fund the creation of the device, which intends to pioneer a quicker, less invasive approach of treating an illness that affects 12 million people in both Europe and the US.
InVera intends to sell a single-use, disposable catheter to outpatient facilities and vein clinics in the US and the EU. A vascular surgeon places it in the leg, aiming for the troubled vein. Once the catheter is in place, the surgeon can unfold an InVera mechanical ablation tip to scar the valve’s interior and start the body’s natural healing process.
InVera’s next Series A round will bring the total amount it has raised over the last three years to more than €20 million because it has also received millions of euros in grants for its product.
Stephen Cox, Nigel Phelan, and Sean Cummins launched the business in 2018 after participating in NUI Galway’s BioInnovate program, which supports entrepreneurs with business ideas to address unmet needs.