Galway MedTech Luminate Rises Additional Funding
5th December 2024
Luminate, a University of Galway spin-out company that aims to help deliver cancer treatment at home, has raised a further $2.5 million investment round, adding to the $15m round the company raised earlier this year. The funding comes alongside an announcement from the company that former Dexcom Chief Operating Officer and current Managing Director of Dexcom Ventures, Steve Pacelli, will join the company’s Board of Directors as it begins US clinical trials this week.
The funding round was led by Atlantic Bridge, with participation from notable angel investors including Mr Pacelli and Finn Murphy, alongside existing investors Faber. This most recent funding round brings the company’s total private investor funding to date to over $20 million.
Luminate is developing a series of products to reduce the burden of cancer treatment by reducing side effects and by enabling home administration of anti-cancer treatments, allowing patients to spend less time in clinic.
The company’s first two products focus on preventing the side effects of cancer treatment which require in-clinic monitoring. Lily, a wearable cap-like device designed to be worn during chemotherapy, allows patients to prevent hair loss caused by chemotherapy. Meanwhile, Lilac, a wearable set of gloves and boots, is designed to prevent peripheral nerve damage in the hands and feet of cancer patients – a debilitating condition that requires frequent in-person monitoring of patients. In addition to these initial products, the team has begun the development of a novel system, Lotus, designed to enable at-home administration of low-risk anti-cancer drugs by patients.
Luminate plans to use the funds to accelerate clinical trials of its Lily and Lilac products in the US, before proceeding to FDA review and market launch. The company expects to begin treating patients in clinical trials in the US from this week.
“Our vision is to build technologies that make home cancer care possible. We’re doing this by reducing the burden of side effects and treatment protocols on patients and healthcare staff. This funding is enabling us to accelerate our US clinical trials in hair loss and peripheral neuropathy prevention so that we can begin fulfilling that vision at scale,” said Aaron Hannon, CEO and Co-Founder of Luminate.
“We continue to build the world-leading oncology technology company with a series of products to transform cancer care. Adding Steve to the company’s board is a serious statement of intent: we are planning to grow a dominant, scaleable company from Galway.”
“I am excited to join the Board of Luminate as Chairperson. Cancer is a difficult and painful journey for patients. Luminate’s technology represents an exciting new hope for reducing the burden of side effects on patients, and could enable a future where patients can get treated at home, instead of in the clinic,” said Mr Pacelli.
Commenting on the fundraise, Dominik Leisi, Investment Manager at Atlantic Bridge said:
“We are delighted to lead the additional Luminate Medical financing round and to support another disruptive Irish health tech company. Atlantic Bridge is the most active institutional healthcare investor in Ireland and Luminate is our 17th healthcare portfolio company addressing global patient’s needs. Over 10 million patients undergo chemotherapy every year and up to 70% suffer from significant side effects that negatively impact the treatment outcomes.
We are confident that Aaron, Barbara and the Luminate Medical team will succeed on their vision to transform cancer care for the better of patients and their quality of life.”
Luminate was founded in 2018 by Aaron Hannon, Dr Barbara Oliveira and Professor Martin O’Halloran when the group were working as medical device researchers at the University of Galway, Ireland. Headquartered in Ballybrit, Galway, the team has since grown to over 35 people employed in the US, Ireland, Georgia, and Uzbekistan, alongside close collaboration with research collaborators such as Prof Aoife Lowery and Dr Michael McCarthy at University Hospital Galway and Prof Maeve Lowery at St James’ Hospital.
The company is currently recruiting for roles in software development, R&D, Quality, and project management to join the team at its Galway office, and clinical researchers to join its remote US workforce as it launches US multi-centre studies.
Pictured: Luminate founders (from left) Prof. Martin O’Halloran (Chief Scientific Advisor), Dr Barbara Oliveira (Chief Technology Officer) and Aaron Hannon (Chief Executive Officer). Image Credits: Luminate
