Galway-based medical device company FeelTect is poised for expansion following a successful funding round that secured €1.5 million. The investment, supported by various MedTech investment syndicates and the Western Development Commission (WDC), marks FeelTect’s second funding round, following a €1.2 million investment in 2022.
The company plans to use the funds to recruit six new employees for roles in research and development, manufacturing, project management, clinical affairs, and commercial strategy. FeelTect’s flagship product, Tight Alright, is a wearable device with pressure sensors that wirelessly connects to a digital platform, aiding care providers in measuring and remotely monitoring sub-bandage pressure during compression therapy. The expansion also includes establishing commercial and clinical roles in Europe and the United States.
FeelTect, founded in 2019, expresses gratitude for the investors’ trust and envisions the funding significantly benefiting efficacy and health economic validations, team building, and commercial launches in the US and Europe. The investment comes from various syndicates, including Halo Business Angel Network (HBAN) syndicates, CAJU Venture Partners, and the WDC, which builds on its previous investment in the company. FeelTect’s success underscores the thriving MedTech sector in the west, with the WDC playing a vital role in supporting regional growth.
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