Salaso raises over €300,000 to develop physiotherapy tech
Published 04/03/2016 | 02:30
Former Siteserv director Patrick Jordan has invested €100,000 in Kerry-based firm Salaso, which developed a system that enables physiotherapists to electronically transmit exercise regimes to patients.
Waterford-based medical communications outsourcing firm RelateCare has also invested €100,000, bringing to over €300,000 the amount of fresh capital injected into the business.
Salaso was founded by Aoife Ní Mhuirí, who is also the company's chief executive.
She's a trained physiotherapist who was lecturing at the Institute of Technology in Tralee before launching Salaso in 2013.
The system allows patients to access high-definition video exercises prescribed for them by their physiotherapist, on their smartphone, or tablet, for instance, and to do their exercises at home, resulting in better health outcomes.
The product is already used by hundreds of physiotherapists in Ireland and the UK, including hospitals and large organisations such as Cricket Scotland.
Mr Jordan, who is also a director of Salaso, has just injected the fresh funds into the business, while Ms Ni Mhuiri stumped up €77,000. A relative also invested funds, as did a Dublin-based individual.
The Kerry Innovation Centre is also a shareholder in Salaso, as is Enterprise Ireland.
US-based private equity firm Healthbox is also an investor in the Kerry firm. It specialises in investing in and accelerating the development of healthcare-related solutions.
Mr Jordan sold his Easy Access business to Siteserv in 2006 for €17m in cash and shares. He left Siteserv in 2012, the year it was sold by IBRC to Denis O'Brien.
Last year, he acquired Shannon-based aircraft maintenance firm Atlantic Aviation out of examinership in a €2.5m deal. It's believed he paid €1m in cash for the business, previously known as Transaero, and committed an additional €1.5m in working capital.