Enterasense, a medical technology firm based in Galway and founded by Donal Devery, has successfully secured €3.8 million in a new round of funding, according to recent company documents. The principal contributors to this investment phase were Cook Medical, who just negotiated a US distribution agreement with Enterasense, and a venture capital fund affiliated with the University of Tokyo. Documentation indicates that the University of Tokyo Edge Capital Partners contributed €2 million, while Cook Medical invested €1.5 million.
Further investment came from Eabha Investments, an entity associated with Joan Fitzpatrick, the top executive at Kite Medical, a different medical technology company located in Galway. Eabha purchased €166,660, following on from previous investments exceeding €300,000 in earlier rounds. The remaining capital from the investment round came from various smaller investors, including Donal Devery himself, who committed €32,263.
Recently, Enterasense executed a distribution agreement with Cook Medical regarding a cutting-edge blood-sensing technology the company has created. As a result of this deal, Cook Medical now distributes Enterasense’s product, known as PillSense – a device which can accurately pinpoint upper gastrointestinal bleeding. PillSense was given the greenlight by the US Food and Drug Administration in February of the prior year.
Recent financial reports show that Enterasense experienced a total net decrease of €3.2 million at the conclusion of 2022, which was a rise in losses when compared to the €1.4 million in the preceding year.
Whilst attending the Digestive Disease Week conference in the US, Donal Devery expressed his enthusiasm for the strategic alliance with Cook Medical, stating that it “provides immediate entry to hospitals and doctors throughout the United States”. He also outlined that the target of PillSense is to enhance patient care and revolutionise the diagnosis of upper gastrointestinal bleeds, with Cook Medical facilitating its rollout in the United States.
Over time, Enterasense has managed to raise about €3.5 million from a variety of investors. These include the Irish taxpayers courtesy of Enterprise Ireland, which has provided €250,000. Donal Devery, described as a veteran entrepreneur on the Enterasense website, has spent the last two decades specialising in product development and delivery. His past positions include serving as a CEO for Vysera, another medical technology company in Galway.