Portuguese-Irish startup raises €2.8M
Luminate Medical, a Portuguese-Irish startup that develops medical devises that reduce the side effects of cancer treatments such as hair loss, has successfully closed a seed round of €2.8 million.
The financing will “fastback its strategy to boost its team and help complete clinical trails in Europe and the United States”, says the startup in a communiqué.
The seed funding came from the Portuguese venture capital company Faber, Elkstone Capital, and SciFounders, among other investors.
Luminate Medical was created in 2018 by the Portuguese researcher Bárbara Oliveira, academic Martin O’Halloran, and Aaron Hannon when they were undertaking research on medical devices at the National University of Ireland. (NUI)
The Irish startup says its medical devices aim to “eliminate the side effects of cancer treatment, improving patient outcomes and experiences”.
Grant finance added to the seed finance brings the total amount of investment for Luminate Medical to €4.7 million.
The Lily device enables patients to purchase and access hair loss treatment directly and will eliminate the requirement for patients to remain in the clinic after chemotherapy treatment. Barbara Oliveira, CTO and Co-Founder of Luminate Medical, said: “Our mission is to revolutionise the user experience of healthcare”.