Dublin medtech firm HealthBeacon looking to raise €5m

Irish medtech firm, HealthBeacon, whose backers include Bill McCabe's Oyster Capital, is looking to raise €5 million to bring total funds to more than €8 million.

The announcement was made by chief executive Jim Joyce at a private investor event hosted by the company in Dublin on Wednesday.

HealthBeacon has developed a technology platform known as the Smart Sharps System, which helps patients adhere to their medication schedule with digital reminders.

The platform is already available in Europe but the company is now looking to will expand globally, starting with the US. The company recently announced plans to open offices in Boston and Montreal.

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“We are excited to announce HealthBeacon’s next investment phase, as we continue to move towards global connection of healthcare through assisting in clever patient medication management and revolutionising medication adherence. Our technology provides powerful insights for medics by providing real world patient data,” said Mr Joyce.

HealthBeacon, a finalist in this year's Irish Times Innovation Awards, has raised over €3 million to date with current investors including Elkstone Partners and Oyster Capital.

"Ireland is building on its reputation in the life sciences and medtech arenas by now producing quality digital health companies such as Health Beacon that are capable of competing internationally. We see this as a major area of interest going forward," said Liam Kiely, director of corporate finance at Cantor Fitzgerald, which is to manage the company's latest funding round.