Galway-based company is developing medical devices to treat perianal fistula, a condition that affects about two in every 10,000 people
More than €1M of funding round comes from angel investors in HBAN’s MedTech Syndicate
Funding will help Signum Surgical finalise their technology and obtain regulatory clearance in the US and Europe
Galway employs one-third of Ireland’s medtech workforce
HBAN (Halo Business Angel Network) today announces that Galway medtech start-up, Signum Surgical, will add eight jobs following a €2.6M Series A funding round. HBAN’s MedTech Syndicate contributed over €1 million to the funding round, with additional investment coming from Enterprise Ireland, the Western Development Commission, Rising Tide Europe and other angel investors.
Signum Surgical was set up by Galway based Eoin Bambury and Moshe Zilversmit to address a colorectal condition called perianal fistula. So far, modern medicine has failed to produce a satisfactory and cost-efficient cure for the painful and often recurring condition that involves the infection of an internal gland. Signum’s solution encourages healing, prevents reinfection and protects patient continence.
The funding will help Signum Surgical expand its team and continue with its strategy to initially focus on the US market before targeting Europe and the rest of the world. The investment will enable the founders to develop the technology and submit to the US Food and Drug Administration (FDA) to seek Regulatory Approval in the USA. Along with the €2.6M investment, Signum Surgical will also benefit from the expertise of the Galway-based HBAN MedTech syndicate. All members of the MedTech Syndicate have specialist experience in the industry that combined with their extensive network of contacts, will help the co-owners fulfil their vision of making Signum Surgical an international success. Bambury and Zilversmit met at NUI Galway on the BioInnovate Ireland programme, which aims to enable medtech innovation through specialist training. The pair identified perianal fistula disease as a poorly addressed clinical need and were awarded Enterprise Ireland commercialisation funding to develop the technology prior to establishing Signum Surgical. Eoin Bambury, co-founder, Signum Surgical, said: “Hippocrates described treating perianal fistulas some 2,500 years ago and very limited progress has been made on treating it since then. After doing our research it was very obvious to us that it is an area crying out for innovation, so we knew that we had found an unmet clinical need and niche.
“As well as the investment, the mentorship we will receive from the business angel investors is of huge value to us as a company. Moshe and I have both previously worked in start-ups but as first time founders we really appreciate the fantastic experience and wide network of contacts available to us through the angels, many of whom have started, run and sold companies themselves. We receive great support from the business angel investors, as well as the wider medtech community in Galway.”
Declan Quinn, lead angel for the HBAN MedTech Syndicate, said: “In start-ups like this, one of the key investment factors is your belief in the founders’ ability to transform their idea into something tangible with real commercial value. They are creating a solution to a clearly unmet clinical need in a decent-sized market, so from a commercial standpoint Signum Surgical is very attractive. “One of the great things about getting investment from the MedTech Syndicate is the depth of Medical Device industry knowledge that resides there. Between us, we share hundreds of years of collective experience in designing, developing, manufacturing, and commercialising medical devices. Eoin and Moshe now have access to that pool of knowledge plus the extensive networks that the syndicate is connected into. Investment funding aside, these are powerful assets for any new venture to have at their disposal.”
Gillian Buckley, Investment Manager with the Western Development Commission said: “There is no better place to start an internationally scalable Medtech firm than the West of Ireland, now considered a global medtech hub. Eight of the world’s 10 largest medical devices companies operate from the West, employing more than 8,000 people. In fact, the region employs one-third of Ireland’s total medtech workforce. By operating from Galway, Signum Surgical is providing itself with the best location, community and supports that it needs to succeed internationally.”
John Phelan, National Director, HBAN, said: “Through the MedTech Syndicate, HBAN hopes to support the burgeoning medical devices market in the West of Ireland. By investing in innovative medtech companies like Signum Surgical, the MedTech Syndicate is growing Galway and Ireland’s position on the world map as a centre of excellence for medtech start-ups.
HBAN is currently on the look-out for more business angels to invest in high-potential start-ups like Signum Surgical. From Wednesday 9th November, the Business Angel Roadshow will travel to Galway, Waterford, Cork, and Dublin, sharing information on what is required to become a successful business angel investor with prospective angels. Contact HBAN for more information about joining our network on 01 669 8525.
About Halo Business Angel Network (HBAN)
HBAN is a joint initiative of InterTradeIreland and Enterprise Ireland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early stage companies. The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment community. HBAN is managed by Dublin BIC in partnership with the regional Irish BICs in Cork, Galway & Waterford. HBAN works in partnership with Halo NI & InvestNI in Northern Ireland.
About Signum Surgical
Signum Surgical was established by Eoin Bambury and Moshe Zilversmit after meeting in NUI Galway on the BioInnovate Ireland programme, which aims to enable medtech innovation through specialist training. With its technology, Signum Surgical aims to address perianal fistula, a colorectal condition that affects about two in every 10,000 people. Signum’s solution encourages healing, prevents reinfection and protects patient continence.
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