NEWS & MEDIA
Suir Valley Ventures invests in IoT security company for connected medical devices – Nova Leah8 November 2018
Suir Valley Ventures, the entrepreneur-led venture capital fund launched in partnership with Shard Capital Partners LLP to invest in early stage software companies across a range of verticals including augmented/virtual reality (‘AR/VR’), the Internet of Things (‘IoT’) and FinTech, has participated in a €2.25 million investment led by the Bank of Ireland Kernel Capital Growth Fund, in Nova Leah, a leading IoT security company for connected medical devices.
Investment in Nova Leah, a provider of cybersecurity risk management compliance solutions for the medical devices
Operating in rapidly growing sector expected to be worth $11 billion by 2020 driven by security concerns and escalating regulations
Funding will enable the team to expand, further develop product roadmap and build profile
Founded by Anita Finnegan, an internationally recognised expert in the field of medical device cybersecurity, Nova Leah specialises in developing cybersecurity risk management compliance solutions for the medical device domain. Its first offering, SelectEvidence®, improves the security of connected medical devices and patient safety, and reduces both the costs associated with new cybersecurity regulatory requirements and the likelihood of product recalls and related lawsuits. The system accurately tracks risks for each device, highlights known vulnerabilities, recommends solutions, provides a feedback mechanism between manufacturers and hospitals and does so within a fully traceable framework.
Connected/IoT medical devices represent a rapidly growing sector in healthcare with an ever-expanding array of devices including insulin pumps, pacemakers, infusion devices, syringe pumps, nurses’ workstations, imaging devices; these are all at risk of being targeted by malicious individuals. Regulation in the sector is therefore tightening, with the US Food and Drugs Administration and European regulators insisting that manufacturers mitigate risk by increasing security and calling on medical device manufacturers and healthcare providers to adapt a collaborative approach to managing the security of devices from development, implementation, operation through to retirement. In line with this, cybersecurity spend in the healthcare sector is anticipated to grow from the current $5.5 billion annually to $11 billion by 2020.
Suir Valley Ventures Managing Partner, Barry Downes, said, “Nova Leah is uniquely positioned to tackle the major challenges faced by medical device manufacturers including ensuring compliance with the rapidly evolving regulatory requirements and minimising the probability of malicious attacks to medical devices. We are therefore delighted to support the team as it builds on Nova Leah’s position as a leading name in this burgeoning market place.”
Anita Finnegan, CEO of Nova Leah, said, “This investment milestone will see Nova Leah further expand on its existing success as we strive to become the number one provider of cybersecurity compliance solutions for the connected medical device industry. The proceeds of this investment will allow us to expand our team, further develop our product roadmap and build our presence in the marketplace.”
For further information, please visit https://suirvalleyventures.com or contact:
Simon Hughes Suir Valley +44 (0) 20 7186 9918
Isabel de Salis / Priit Piip St Brides Partners (Financial PR) +44 (0) 20 7236 1177
Suir Valley Ventures is an entrepreneur-led venture capital fund launched in Ireland in 2017, which invests in early stage software companies across Augmented Reality (AR) and Virtual Reality (VR), Internet of Things (IoT) and FinTech sectors. Suir Valley Ventures works in partnership with Shard Capital, which is London based independent financial services company offering a full range of broking, asset management and corporate capital services. Investments include:
Immersive VR Education plc – http://immersivevreducation.com/
WarDucks – warducks.com
Wia – wia.io
ProVision – provisioncameramatics.com
NDRC@Arclabs – ndrc.ie
Artomatix – https://artomatix.com/
Nova Leah – https://novaleah.com/