Luminate Medical secures $5m in seed and grant funding to advance clinical trials for its chemotherapy hair loss device.
The financing round was backed by investors including Elkstone Capital, SciFounders, and Faber.
≈ £4.1M at $1 = £0.8205 on 28 Jun 2022
Irish medical device startup developing technology to eliminate side effects from cancer treatment.
Galway-based medical device startup Luminate Medical has secured $5m in a funding round comprising grant financing and seed investment. Backers in the round include Elkstone Capital, SciFounders, and Lisbon fund Faber. The company will direct the capital towards completing initial in-patient clinical trials for its portable hair loss prevention device, Lily, across Europe and the United States.
Established in 2018 by researchers from the National University of Ireland, Galway, Luminate aims to address overlooked side effects of cancer treatment. The funding will also support an expansion of the research and development team, with new roles spanning biomedical engineering and product design, as the firm prepares for regulatory submissions.
From the founder
"Our mission is to revolutionise the user experience of healthcare. We do that by building medical devices with a patient-first approach, and focusing on the needs that truly matter to patients. This funding round will allow us to complete first in patient clinical trials of our innovative Lily Device, and accelerate our path to market launch and patient impact in 2024"
Barbara Oliveira
CTO and Co-Founder at Luminate Medical
Investor perspective
"Our conviction in Luminate Medical’s mission comes from the way the team envisions the use of data to solve a problem that has been ignored by the traditional medical device industry. Improving cancer patients’ quality of life and care along their treatment journey is an underestimated field where advanced technological development can add a lot of value."
Sofia Santos
Partner, Faber
Use of funds
- 01Fund research and development
- 02Grow the team
Investors
Categories
About the company
Luminate Medical
Luminate Medical develops portable medical devices to prevent chemotherapy induced hair loss.