GALWAY MEDICAL device firm Veryan has closed a €4 million round of investment which was led by Dublin-based venture capital firm Seroba Kernel.
The other investors in the round were Imperial Innovations, Oxford Capital Partners Limited and Nesta.
This is Veryan’s first round of venture capital funding. The company has developed a coronary stent product, Biomimics 3D, which is used to treat vascular disease.
According to Veryan, the Biomimics 3D stents are more flexible, kink- and fracture-resistant than traditional stents. The product is used in the peripheral vascular system and the annual market for stents in this space is about $1 billion.
Veryan plans to file for CE Mark approval for the product in 2011. The funds will be used to finance further development and a clinical trial designed to show the benefits of its stent technology.
As part of the financing Alan O’Connell, a partner at Seroba Kernel, will join the Veryan board.
Separately, Kernel Capital, one of the investors in the €100 million Seroba Kernel life sciences fund, has led a €500,000 investment in the web-based sports team management firm Teamer.
Kernel invested €350,000 through the Bank of Ireland Seed and Early Stage Equity Fund. Teamer raised the balance through a Business Expansion Scheme.
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