Venari Medical, an innovative medical device company based in Galway (Ireland), recently raised $5.3 million (€4.5 million) in seed equity funding to accelerate the development of its ground-breaking BioVena™ device for the treatment of chronic venous disease. The company is a National University of Ireland, Galway spin-out, through the BioInnovate Ireland programme.
The investment round was led by Nipro Corporation, a world-leading medical product manufacturer based in Osaka, Japan. The Western Development Commission and Enterprise Ireland also contributed to the investment, in addition to international medical device experts and vascular surgeons.
Chronic venous disease (CVD) affects up to 30% of adults across the globe resulting in a significant deterioration in quality of life for sufferers, especially those with advanced skin breakdown known as venous leg ulcers. The market opportunity of CVD treatment is over $2 billion annually in the US & EU. Recent high-quality clinical evidence, supporting the benefits of acute intervention to improve overall healing of venous leg ulcers, has the potential to add over $1.5 billion to this opportunity. CVD management places a huge burden on healthcare systems amounting to $33 billion (€28 billion) per year in the US and EU alone, representing 2.5% of total healthcare expenditure.