Cork-based Genesis Automation secures €6m in debt funding

CHARLIE TAYLOR

Genesis Automation, a Cork-based provider of software products to the healthcare sector, has secured €6 million in funding from the alternative financing provider IPF Partners.

The debt financing is to be provided in three separate, equally-sized tranches with a maturity of four years each.

Genesis, which has developed a range of enterprise resource planning (ERP) services for hospitals, said the funding would be used to support growth in the UK, where its product is sold in multi-year contracts to NHS hospitals, and in the US, where it is intending to launch later this year.

The company’s technology platform is also used by the Health Service Executive (HSE).

The group’s key product is an inventory and cost management software system that provides hospitals with an overview of all aspects of inventory and supply chain management, as well as quantifying and managing operating room and patient level costs.

Luxembourg-based IPF, which was founded in 2011, is a financing provider focused on the European healthcare sector. IPF 1, the group’s first fund, invests directly in emerging, commercial-stage pharma/biotech, medtech and diagnostics companies.