Galway-based med-tech Bluedrop Medical has raised €10.5 million in an oversubscribed funding round and says it will create 25 new jobs this year.
The round was co-led by Atlantic Bridge and Elkstone, and includes the European Innovation Council Fund, Furthr VC, Western Development Commission, Ascentifi, and HBAN’s MedTech and Irrus Investments syndicates. The latest funding brings Bluedrop Medical’s total investment received to-date to €16 million.
Founded by Chris Murphy and Simon Kiersey in 2015 the pair wanted to reduce the rate of preventable amputations for people afflicted with diabetes. Bluedrop Medical’s solution allows people at risk of developing diabetic foot ulcers to easily check their feet at home.
“We see Bluedrop Medical as a company with an impressive team and a game changing solution for a huge unmet clinical need. Remote patient monitoring is a growing area and one which we believe represents a significant opportunity. Bluedrop Medical has enormous potential, and we are delighted to be a part of its journey,” says Niall McEvoy, Venture Partner at Elkstone.
The Bluedrop Medical's scale-like device captures HD images of the feet, along with temperature data. Data is remotely analysed via a HIPAA1 secure cloud, using AI-powered software, and reviewed by professionals employed by Bluedrop. Individuals using the device, and their healthcare provider, are notified if any abnormalities are detected.
The funding will allow Bluedrop Medical to expand its production capacity, alongside its product development and commercial teams.
“This new funding is a testament to the huge amount of work our team has put in to developing a world class product that addresses a serious and growing medical need. The patients we target have lost feeling in their feet and have a 40% annual risk of developing a diabetic foot ulcer, with many leading to amputation. Almost all of these amputations are preventable. Our mission is to reduce the risk of foot ulcers with a system that is both easy to use for the patient, and of zero burden to the healthcare system,” says Bluedrop Medical CEO, Chris Murphy.
“Our investors have been pivotal in our journey as a company. This latest funding allows us to get closer to our goal of becoming the gold standard method of remote patient monitoring for the diabetic foot,” adds Murphy.