Irish MedTech firm SymPhysis raises €1.9m to expand into the US market.
Galway based MedTech company SymPhysis has raised €1.9 million in funding to help it continue to develop its palliative care devices and enter the US market.
Three syndicates of Ireland’s Halo Business Angel Network (HBAN) – its MedTech Syndicate, Irrus Investments, and Boole Investment Syndicate – led the investment round. The MedTech received further finance from DBIC Ventures, Enterprise Ireland, and a private investor with experience in the palliative and home care markets.
SymPhysis Medical is creating a discreet drainage device called ‘releaze’ that is less invasive than competitor devices on the market and can be removed after only 30 days using revolutionary technology. The device takes a comprehensive approach to palliative care for cancer patients with a build-up of fluid in their chest, allowing them to care for themselves at home rather than being treated in a hospital.
Following FDA approval, the start-up intends to focus on the US market, with sales expected to reach €1.5 million in the first year, beginning at the end of 2023. By the end of 2025, the company hopes to have a turnover of €49 million.