Irish health tech company Luma Vision raises €20m for product that to deal with heart conditions

An Irish company that has developed technology that gives four-dimensional views of the heart has raised more than €20 million to help commercialise the product.

Dublin- and Munich-based Luma Vision’s Verafeye technology gives doctors a four dimensional view of the heart and surrounding organs, aiding them in tackling cardiac problems.

Luma Vision confirmed that it has raised $22 million (€20.1 million) in new funding from existing and new backers.

The company said that it will spend the cash on commercialising the product in the US, where it intends getting clearance from the regulator, the Food and Drug Administration (FDA) and developing Verafeye further.

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Current backers, specialist investors, EQT Life Sciences, ABV Uni Fund and Imec.xpand, led the fund raising, which attracted new backers including Irish-based Atlantic Bridge Growth Fund and Germany’s Bayern Capital.

Luma Vision previously received two grants: $6 million from the Government’s Disruptive Technologies Innovation Fund and $3 million from the EU’s European Innovation Council Accelerator programme.

Formerly known as Oneprojects Ltd, Luma Vision was spun out of Trinity College Dublin and Bioinnovate Ireland, the Galway-based organisation that aids the development of new medical device businesses.

The company says Verafeye uses a catheter - a device that can be inserted into the body - combined with digital imaging that gives a 360-degree view of “the beating heart and surrounding anatomy”.

It can used with other applications during heart surgery to give doctors real-time visual guidance.

Luma notes that the system will provide doctors with accurate, precise ad comprehensive data needed give patients personalised treatment across a variety of heart diseases.

Professor Gabor Szlepaki, head of cardiac electrophysiology at Dublin’s Mater Private Hospital, said that Verafeye could enable doctors to provide more precise therapies for people suffering from abnormal heart rhythms or structural problems.

“This type of medical innovation is essential for the continuous progression of minimally invasive cardiac therapies that can improve patient care,” he added.

Luma Vision chief executive, Fionn Lahart, who co-founded the business with Christoph Hennersberger, predicted that by developing technology that can be tailored to specific treatments of heart disease, Verafeye could be a foundation for medical imaging for many years to come.

Mr Lahart welcomed Luma Vision’s new backers and said that the company was gratified that existing investors remained on board.

“We have grown our team significantly in the last three years and will continue to add world-class talent to help Luma Vision achieve its goals,” he said.