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Dundalk company Nova Leah raises €2.25m in funding

Dundalk company Nova Leah raises €2.25m in funding

Dundalk-based Novah Leah has raised €2.25m in a funding round to improve the security of connected devices used healthcare providers.

The round was led by the Bank of Ireland Kernel Capital Growth Fund (RoI), with a €1.5m investment, and also involved Suir Valley Ventures and Enterprise Ireland.

Nova Leah is a spin out company from Dundalk Institute of Technology (DkIT). Its flagship product SelectEvidence is a user-friendly system that provides a repeatable, traceable and auditable way to manage cybersecurity throughout the lifetime of a device. The system accurately tracks risks for each device, highlights known vulnerabilities, recommends solutions, provides a feedback mechanism between manufacturers and hospitals and does so within a fully traceable framework.

Connected medical devices represent a rapidly growing sector in healthcare. There are currently between 10m and 15m connected devices in use globally in hospitals.

According to Nova Leah, cybersecurity spend in the healthcare sector is valued at $5.5bn annually and is expected to reach $11bn by 2020.

“This investment milestone will see Nova Leah further expand on its existing success as we strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry,” CEO Anita Flanagan told Silicon Republic.

“The proceeds of this investment will allow us to expand our team, further develop our product roadmap and build our presence in the marketplace.”

Pictured above from left: Jayne Brady, Kernel Capital; Anita Finnegan, CEO, Nova Leah; Niall McEvoy, Enterprise Ireland and David McGeough, Bank of Ireland

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