EIB unveils further financing for Irish innovation

September 24, 2019

Galway based Medtech Company Vivasure Medical Ltd. is the latest Irish company to agree Venture Debt financing with the European Investment Bank. 

The second long-term EIB financing for an Irish medical technology company was confirmed ahead of a briefing for Irish business leaders on new innovation financing opportunities supported by the EU Bank.

Ibec-EIB briefing on new innovation financing opportunities 

Company representatives and innovation partners were briefed on new tailor made EIB financing at workshop in Dublin hosted by Ibec and the EIB, part of a series of corporate finance briefings being held across Ireland.

“Ireland is home to world class innovation and the European Investment Bank recognises the crucial need to ensure that research driven companies can expand and succeed in new markets. The new EUR 10 million backing for Vivasure Medical will contribute to efforts to improve cardiology and endovascular treatment through pioneering medtech innovation. In partnership with ibec we wish to ensure that companies across Ireland can consider how streamlined innovation financing can turn research ideas into commercial success.” said Andrew McDowell, European Investment Bank Vice President. 

“Access to diversified funding streams help boost the competitiveness, resilience and innovation of fast growing companies in Ireland. Companies across Ireland are securing EIB financing, allowing them to continue to develop, innovate and compete on a global level. Today’s joint event with the EIB allows companies across a range of sectors to gain a direct insight into new innovation financing at our fourth specialist finance briefing” said Danny McCoy, Ibec CEO.

Over the last three years research focussed companies across Ireland have benefited from European Investment Bank Venture Debt financing. These include world class companies developing artificial intelligence, pharmaceutical and telecommunication products.

Expanding development of cardiology treatment for high risk patients

The EUR 10 million new financing will be used by Vivasure to expand research and development of medical devices to provide non-invasive cardiology treatment. Vivasure has developed pioneering non-invasive biodegradable devices to treat cardiology patients with conditions that require vascular surgery.

“Over the last decade Vivasure Medical has developed innovative and easy to use medical devices that transform cardiology and endovascular treatments and avoid the need for access and closure surgery. We welcome the European Investment Bank’s firm support and agreement of EUR 10 million of new financing that will enable Vivasure to accelerate innovation and expand into new markets. This is a vote of confidence in the Irish Medtech.” said Gerard Brett, CEO and co-founder of Vivasure Medical.

Last year the European Investment Bank Group provided EUR 970 million of long-term financing to strengthen higher education, improve healthcare, transform transport and harness clean energy across Ireland, as well as enhancing corporate research and innovation.