The funds will be used to drive the development of its innovative product, which aims to increase the safety of C-section surgery.
Maternal health start-up Nua Surgical announced today (6 December) that it has secured €6.5m in Series A funding to develop and commercialise its SteriCision C-section retractor.
The Galway-based business’ device gives obstetricians hands-free, unobstructed access to the uterus during C-section surgery, which, the company said, reduces the risk of wound trauma and facilitates safer procedures.
Using the funds, the medtech company will drive the manufacturing, testing, regulatory clearance and early commercialisation of its product. This involves expanding the team, establishing manufacturing in Ireland and meeting the regulatory requirements necessary to gain FDA clearance.
According to Nua Surgical, the SteriCision C-section retractor is the only self-retaining surgical retractor specifically designed for Caesarean surgery.
Barry McCann, CEO of Nua Surgical, called the funding a “crucial milestone” for the company.
“It not only provides the capital needed to advance our product but also brings on board a group of experienced investors who share our vision for transforming maternal health,” McCann said. “We are eager to leverage their expertise as we move towards commercialising SteriCision.”
In addition, Nua Surgical said that its board will be strengthened with “several experienced female board members”.
Anula Jayasuriya, co-founder of Kidron Capital, and Anne Portwich, partner at EQT, will join as board directors, while Gabrielle Guttman of TMC Venture Fund and Prashanthi Ramesh of EQT will serve as board observers.
Portwich lauded the potential of the product, saying that it could “significantly enhance outcomes” for mothers undergoing C-Section procedures.
Nua Surgical also enjoyed success in March when it was revealed as the only non-US start-up to be selected to participate in an accelerator aimed at addressing the issue of maternal mortality in the US.
Nua Surgical has won a plethora of awards since its establishment five years ago, including: Irish MedTech Emerging Company of the Year winner; Global Tech for Good Medtech winner; Irish National Start-up of the year winner; Global Maternal Health Innovation winner; HealthTech Ireland Innovation of the Year winner; and IntertradeIreland National Seedcorn Winner.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
