Wound-management company FeelTect eyes US market after raising €1.5m

Co-founders Dr Andrew Cameron and Dr Darren Burke of Feeltect. Pic: Andrew Downes, xposure

Wound-treatment technology company FeelTect raised €1.5m in funding for international expansion and job creation in the West.

The Galway-based MedTech company said it will mainly use the money for a US and Europe commercial launch and clinical validation of its Tight Alright wound treatment monitoring product, which is used to treat leg ulcers.

The company said it will need around six more staff to achieve these aims. These roles will be in research and development, manufacturing, project management, clinical affairs, and commercial strategy.

Most roles will be based in FeelTect’s headquarters in Spiddal, while the commercial and clinical jobs will be spread across the US and Europe to support the company’s entry into international markets.

The funding, which was supported by multiple MedTech investment syndicates and the Western Development Commission (WDC), is the company’s second funding round after securing €1.2m in fresh investment in 2022.

FeelTect chief executive Dr Andrew Cameron noted the “the challenging nature of the current economic environment for investment” which has hit many early stage companies looking for funds to fuel growth amid an inflationary and high interest rate environment that has been spooking investors.

“We are determined to make the most of the opportunity we’ve been given,” he said.

The €1.5m in new funding was made up of investments from Halo Business Angel Network (HBAN) syndicates, including Irrus Investments, MedTech Syndicate, and Boole Investment Syndicate, CAJU Venture Partners, and the WDC, which added to its existing investment in the company.

FeelTect is one of many medical technology business spread out across Galway as part of an overall plan by the IDA to create a “cluster” of these companies in the Western area to attract more foreign direct investment.

Tight Alright, FeelTect’s flagship product, is the first of its kind. It is a wearable device with multiple pressure sensors that wirelessly connects with a digital platform, the device allows care providers to measure and remotely monitor sub-bandage pressure applied during compression therapy, aiming to significantly reduce healing times and treatment costs, as well as leading to better quality of life for patients.

FeelTect was co-founded in 2019 by Mr Cameron after he took part in BioInnovate Ireland, a clinical immersion scheme in Irish and US hospital systems.

He began working with Dr Darren Burke and Professor Garry Duffy on the project supported by the Enterprise Ireland Commercialisation Fund and University of Galway. The project would later be spun out from University of Galway to form FeelTect in 2020.

FeelTect is also included in a €4.6m collaborative project supported by the Disruptive Technology Innovation Fund. The project will see the company expand their pipeline of products, leading to the development of the first data-driven clinical decision support system in wound care.