Education and medical startups pull in international investment
TWO Irish startups received almost €60m from fundraising yesterday, in a major day for the indigenous tech industry here.
Irish educational technology company LearnUpon raised $56m (€47.6m) in a Series A funding round with a minority investment from US-headquartered Summit Partners.
LearnUpon provides businesses with corporate educational products or solutions through a cloud-based learning management system.
The funding is its first major capital raise and will be used to increase staff numbers, expand its product range, and meet growing customer demand.
Brendan Noud, CEO and co-founder of LearnUpon, said: “Summit brings deep experience scaling SaaS [software as a service] businesses, as well as a number of dedicated growth-focused and technology resources that we believe will help LearnUpon build on the momentum we have established in the market.”
Founded in 2012, LearnUpon is headquartered in Dublin. It also has offices in Philadelphia, Sydney, and Belgrade.
Its clients include Booking.com, USA Football and customer service software company Zendesk.
The other big winner yesterday was Maynooth University spin-out Neuromod Devices, a company focused on non-invasive technology to tackle the problem of tinnitus – perceived noise or ringing in the ears – which raised €10.5m.
The funds were raised in an oversubscribed Series B financing round.
Proceeds from the fundraising will be used to expand the European commercialisation of the company’s Lenire tinnitus treatment device, as well as to scale-up manufacturing.
Neuromod said it plans to invest “significantly” in sales and marketing and will recruit 40 employees over the next 12 months, with roles based initially in Ireland and Germany.
In addition, funds will go towards progressing the company’s United States market entry and to pursue opportunities with the US Department of Veteran Affairs.
Over two million US veterans receive disability payments for service-connected tinnitus, according to the 2019 USVA annual benefits Report.
Dr Ross O’Neill, founding CEO of Neuromod, said: “We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire tinnitus treatment device to meet demand across Europe.”
“The financing will also help us progress market entry into the United States,” he added.
Among the companies that took part in the funding round is Fountain Healthcare, the State-backed life sciences investment fund.
Fountain Healthcare is a majority investor in Neuromod and also invested in Inflazome when it raised €55m. Inflazome last month was sold for €380m to Swiss healthcare giant Roche.
There was also participation from existing investors Moffett Investment Holdings and Medical Device Resources, with venture-debt provided by Kreos Capital and Silicon Valley Bank.