Business
Galway company to create 20 new roles on back of €2 million investment
An innovative materials technology company based in Galway has secured €2 million in seed-funding to utilise materials science to facilitate the development of disruptive catheter based medical devices.
The investment in DiaNia Technologies was led by four key investors – Helen Ryan, Liam Farrissey, Ian Quinn and Gearóid Faherty – and also included the HBAN’s Medtech Business Angel Syndicate and Enterprise Ireland.
The funding will allow DiaNia Technologies to develop and commercialise the first application of its proprietary materials science technology which will enhance the performance and functionality of medical devices resulting in increased patient safety and improved product performance.
The technology works by providing in-built low friction at the surface of an extrusion, delivering a paradigm shift in the manipulation of friction on both the inside and outside surface of extruded catheter shafts.
This inherent lubricity in the main component of a catheter will eliminate the industry’s need for expensive liners and coatings. It is estimated that the global market potential for this material science technology is in excess of €250 million.
DiaNia Technologies, which is based in NUI Galway’s Business Innovation Centre, expects to create 20 new jobs over the next two years.
These will include a number of specialised materials science and extrusion positions as well as roles in quality assurance, regulatory affairs, manufacturing, marketing and finance.
The four investors share a background in this sector – primarily with the hugely successful Creganna Medical.
Helen Ryan is the ex-CEO of Creganna Medical and a board member of Enterprise Ireland; Liam Farrissey is Vice President of product development within Creganna Medical; Ian Quinn was the founder and first CEO of Creganna Medical, and Gearóid Faherty is founder, ex-Chairman and CEO of Eurand NV, a NASDAQ listed Pharmaceutical Company.
DiaNia Technologies was founded in 2013 by Sinéad Kenny and Mark Mellett, who both have extensive experience in the medical device industry.
Sinéad, who has a degree in Materials Science, and a PhD in Biomedical Cements, has previously worked with a host of multinational companies, consultancies and start-ups including Cook Medical, Boston Scientific, Altran and Creganna Medical – the latter for seven years – developing devices for a wide variety of applications.
Mark, a Fellow of the Institute of Chartered Accountants, has held a variety of senior roles in various international companies including Deloitte, Kerry Group, Oracle and more recently Alere, where he is Director of Toll Manufacturing.
For more, read this week’s Connacht Tribune.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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