Galway-based materials technology company secures €2m in seed-funding

Finance, Technology | Mon 4 Jul | Author – Business & Finance
Investment proposals

DiaNia Technologies will create 20 new roles over next two years including a number of specialised material science and extrusion positions at the company secured €2m investment.

The investment was led by four key investors – Helen Ryan, Liam Farrissey, Ian Quinn and Gearóid Faherty – and also included the HBAN’s Medtech Business Angel Syndicate and Enterprise Ireland.

The funding will allow DiaNia Technologies to develop and commercialise the first application of its proprietary materials science technology, which will enhance the performance, and functionality of medical devices resulting in increased patient safety and improved product performance.

The technology works by providing in-built low friction at the surface of an extrusion, delivering a paradigm shift in the manipulation of friction on both the inside and outside surface of extruded catheter shafts.

DiaNia Technologies, which is based in NUI Galway’s Business Innovation Centre, expects to create a number of specialised materials science and extrusion positions as well as roles in quality assurance, regulatory affairs, manufacturing, marketing and finance.

The company was founded in 2013 by Sinéad Kenny and Mark Mellett, who both have extensive experience in the medical device industry.

Sinéad Kenny said: “This €2m investment will accelerate the product arriving to market and will be of benefit to manufacturers and ultimately clients, around the world. Delivering a technology which has the ability to both improve the experience and outcome for the patient as well as making the end device safer and more efficient to produce are the drivers behind our extensive R&D programme.”

Helen Ryan, one of the lead investors in DiaNia Technologies, added: “We are delighted to announce this investment for Galway. There is a strong med-tech knowledge base in the West of Ireland and we’re looking forward to developing the technology to build a long-term sustainable company. This is a unique opportunity for materials scientists to show how significant their knowledge is in enabling innovation in the industry.”