Novate receives €4m in funding

NOVATE MEDICAL, a privately-held development-stage medical device company based in Galway, has just completed a €4m round of funding.

The financing was co-led by Dublin based ACT Venture Capital and life science investor Seroba BioVentures, with Enterprise Ireland also participating in the round.

Novate was formed in 2006 to develop and commercialise a novel technology aimed at the rapidly expanding market for inferior vena cava filters.

These products are used as a means of preventing clots reaching the lungs and causing a pulmonary embolism.