INVESTMENT:AN IRISH start-up has won €350,000 in funding to invest in its international growth strategy.

Medical device company Insulcheck, founded by John Hughes and William Cirillo in 2009, will create 12 jobs as a result of the investment, increasing employment from its current level of three.

The investment was facilitated by Halo Business Angel Partnership (HBAP).

The company makes a small clip-on digital display that attaches to insulin injection pens to indicate the time since the last injection. The product, which is compatible with most commonly-used insulin pens on the market, was launched officially in March this year.

Part of the investment will go into helping the firm develop new products.

Although its current target markets are Ireland and the UK, Insulcheck will expand into other European countries and further afield over the coming two years.

More than 50 million people worldwide use insulin pens, with over 50,000 in Ireland.

Insulcheck is predicting revenues will reach €3.5 million by the end of next year. The new positions will be in research and development, design, logistics, and sales and marketing.

The HBAP, which is a joint initiative between Enterprise Ireland, InterTradeIreland and the Irish Business and Innovation Centres, matches private investors with pre-screened investment opportunities in start-up, early stage and developing businesses.

“HBAP and the angel investors have played a crucial role in helping us to understand the medical device market, channels of distribution and to accelerate market penetration,” said Mr Hughes.

“Dublin BIC has also provided us with a lot of guidance in developing and finalising our business plan. As we grow the business, its advice and expertise is invaluable.”