HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland and InterTradeIreland, today announced the fastest deal done in its history. An individual HBAN angel investor transferred €50,000 to Incereb, a neonatal monitoring sensors company, just 48 hours after hearing the Irish company’s presentation.
Founded in 2012, Incereb has developed neonatal and fetal physiological monitoring sensors that replace the technically difficult, time-consuming and painful method of attaching EEG monitors to a baby’s head. Incereb’s Neon8 and Neon12 devices enable EEG monitoring to be performed by any member of NICU staff in a few minutes, with no side effects and no pain to the infant, safely monitoring the infant’s EEG brain activity to ascertain brain function and identify seizures. The innovative devices make EEG monitoring more accessible to all infants in any intensive care unit.
One of the biggest benefits is that medical professionals do not need specialist neurophysiology training to apply the monitors. Incereb is ISO13485 accredited, and the neon range of neonatal sensors is CE and FDA certified. Incereb is an industry partner in the SFI funded INFANT Centre at University College, Cork.
More than 500,000 babies are admitted to ICU departments across the US every year; this figure jumps to five million when older children and adults are included. Incereb plans to use the €750,000 investment from this latest round of funding to develop their US distribution network and to introduce pediatric and adult versions of the neon sensor device. The new devices will help the company target the five million patients that need EEG and physiological monitoring as part of their ICU care, thus growing its US market tenfold.
The funding will also be used to support research and development into other monitoring sensor devices. The investment from the individual HBAN angel is part of Incereb’s third round of funding. In the previous two rounds, Incereb attracted €1.6 million investment from HBAN’s Boole Syndicate, Enterprise Ireland, ACT Venture Capital and Delta Partners.
It usually takes three months from the initial pitch, to conclude the due diligence and the legal process, before a deal is closed. However, as HBAN’s Boole Syndicate previously invested in Incereb, the due diligence was complete, enabling the individual investor in the third round of funding to transfer funds within 48 hours.
Incereb is seeking to raise a fourth round of funding in 2018, which will enable the company to expand into Latin America as well as strategic markets across Europe and Asia.
Speaking about the announcement, Jim Roche, CEO, Incereb, said: “The investment from HBAN is more than just a cash injection, this “smart money” brings expertise, insights and knowledge of an experienced businessperson. This will help Incereb to progress quickly and is vital in growing our U.S. market.
“With funding from two previous rounds, we have developed a bespoke, handpicked sales network in the U.S. which has been effective in getting the devices into the hands of medical professionals. In the last three months of 2017, we secured contracts with three major academic teaching hospitals on the east coast. This latest investment will help us to bring the devices aimed at older children and adults to the US market. We are also hoping to make the monitoring sensor device available in other strategic markets including Latin America, Europe and Asia.”
Julian Seymour, syndicate manager, HBAN, said: “The medtech sector, specifically medical device companies, continues to attract a lot of interest from our business angels. Almost €12 million has been invested in 11 medical device companies by HBAN angels in the last three years. Sustained investment in pioneering medtech companies, like Incereb, cements Ireland’s position as a vibrant and innovative hub for medtech start-ups.
“We are delighted to facilitate investment in high potential companies, like Incereb, that have successfully expanded to export markets, such as the U.S.”