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DiaNia Technologies raises €2m funding and plans 20 new jobs

Start-up plans to use funding to develop specialised materials for medical devices

DiaNia investors Helen Ryan, Gearóid Faherty and Ian Quinn, pictured with chief executive Sinead Kenny (third right).
Galway-based start-up DiaNia Technologies is to create 20 new

jobs over the next two years after raising €2 million in seed funding to develop specialised materials for catheter-based medical devices.

Investors in the funding round include two former chief executives of Creganna Medical, the founder of the Nasdaq-listed pharma firm Eurand, Enterprise Ireland and HBAN’s Medtech Business Angel Syndicate.

Improve functionality

DiaNia was founded by Sinéad Kenny and Mark Mellett in 2013. The company is focused on developing and commercialising materials that improve the functionality of medical devices to increase patient safety and product performance. It is estimated that the global market potential for this material science technology is in excess of €250 million.

DiaNia, based in NUI Galway’s Business Innovation Centre, intends to create jobs in a number of areas including specialised materials science and extrusion positions, as well quality assurance, regulatory affairs, manufacturing, marketing and finance.

Improve outcomes

“This €2 million 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,” said Ms Kenny.

The four new key investors are Helen Ryan former chief executive of Creganna; Liam Farissey of Creganna; Gearóid Faherty of Eurand; and Ian Quinn of Creganna.