Wednesday, December 20, 2023
FeelTect, a pioneering company in connected-health wound care, has successfully closed a €1.5 million investment round, drawing support from both Irish and international strategic investors. The secured funds will be utilized to foster additional clinical collaborations, expand strategic partnerships, and expedite the commercialization of FeelTect's innovative wound treatment monitoring technology. Furthermore, the investment will facilitate a considerable expansion of the team, with new hires in crucial areas such as R&D, manufacturing, project management, clinical affairs, and commercial development.
While the majority of the roles will be based at FeelTect's Spiddal, Galway headquarters, expansion plans include the addition of commercial and clinical positions in the USA and Europe, marking the company's strategic entry into the global market. Notable investors from various Halo Business Angel Network (HBAN) syndicates, including Irrus Investments, MedTech Syndicate, Boole Investment Syndicate, and CAJU Venture Partners, have participated in this funding round, aligning their interests with existing FeelTect shareholders.
FeelTect's flagship product, Tight Alright™, distinguishes itself as the world's first connected-health technology designed for measuring and remotely monitoring sub-bandage pressure during compression therapy. This cutting-edge wearable device, equipped with multiple pressure sensors, seamlessly connects to a digital platform, revolutionizing various aspects of treatment application, patient self-management, and remote monitoring of compression therapy effectiveness. The anticipated impact of Tight Alright includes the reduction of healing times and treatment costs, coupled with an improvement in patient autonomy and overall quality of life.
FeelTect has achieved several noteworthy milestones, including securing intellectual property related to the technology's hardware and data transfer system, completing the design for manufacturing, obtaining FDA and CE Mark registrations, earning ISO 13485 accreditation for their quality management system, and successfully conducting international patient clinical studies that highlight improved application of targeted wound compression. Through the integration of remote monitoring and advanced data modeling, FeelTect aims to reshape care standards, ultimately leading to significantly enhanced patient outcomes and a reduction in treatment costs.
Source: prnewswire.com
