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, has 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. Medical professionals do not need specialist neurophysiology training to apply the monitors.
More than 500,000 babies are admitted to ICU departments across the US every year – a figure which 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.
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 andis vital in growing our U.S. market.”
Pictured above: Jim Roche, CEO and founder, Incereb and Julian Seymour, syndicate manager, HBAN.