Bluedrop Medical raises €10.5m in funding

Galway-based medtech company Bluedrop Medical has raised €10.5 million in a funding round that will help further the development of its remote patient monitoring system for the early detection of diabetic foot ulcers.

The company will also create 25 jobs this year as a result of the funding, more than doubling its current staff of 17, and increase its production capacity. The jobs will be a mix of engineering, product development and manufacturing. The engineering and development roles will be based in Ireland while the commercial roles will be in the US.

The oversubscribed round was co-led by Atlantic Bridge and Elkstone, with the European Innovation Council Fund, Furthr VC, Western Development Commission, Ascentifi and HBAN’s MedTech and Irrus Investments syndicates also backing the company. The company has raised €16 million to date.

Founded by Chris Murphy and Simon Kiersey in 2015, Bluedrop is aiming to reduce the rate of preventable amputations for people living with diabetes through the development of an internet of things-enabled device, similar to a bathroom scale, that allows patients to check their feet at home.

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It captures high definition images of the feet, along with temperature data and remotely analyses the data using advanced artificial intelligence powered software. Expert professionals then review the data.

The product is currently in the final stages of development, with a pilot study in UK and Ireland already under way.

“The next stage for us is to get this out there and then carry out a larger clinical trial, which is to take place in at some point later this year,” he said. “It’s important that we have investors who can carry on into future rounds.”

Mr Murphy said Bluedrop was focused on becoming an established part of the care pathway for patients. “It’s a really devastating disease to live with,” he said. “We want to be the gold standard for any patient who is at high risk of developing these ulcers.”

The company is targeting a considerable market. In Ireland alone 645 amputations were carried out on patients with diabetes in 2021 as a result of foot ulcers caused by nerve damage, an increase of 45 per cent over the previous decade. In the US and Europe more than 250,000 diabetes-linked amputations occur each year, costing more than €30 billion.

“We see Bluedrop Medical as a company with an impressive team and a game-changing solution for a huge unmet clinical need,” said Niall McEvoy, venture partner at Elkstone. “Remote patient monitoring is a growing area and one which we believe represents a significant opportunity. Bluedrop Medical has enormous potential, and we are delighted to be a part of its journey.”

Bluedrop recently appointed Chris Sandroussi as chief commercial officer, leading the company’s commercial development with a primary focus on the US market, and bringing extensive sectoral knowledge and experience.