Galway’s Palliare, an emerging company with the vision to create a safer operating room, this week announced the closing of an oversubscribed $8 million Series A funding round. The round was led by leading European Life Sciences Venture Capital firm Seroba Life Sciences, with participation from Luxembourg-based SCM AD Ventures, The Western Development Commission, and several private investors. The funds will be used to support US commercial launch activities related to Palliare’s EVA15 insufflator and smoke evacuation system, as well as new Research & Development activities.
There has been growing awareness of the hazardous nature of surgical smoke to the operating room staff, and various medical organizations in USA have been lobbying for the safe evacuation of all surgical smoke.
The COVID-19 pandemic further heightened awareness across the clinical community of the exposure of medical staff to aerosolized viruses in the operating room. In 2021 alone, nine US states have introduced smoke evacuation bills, and more are anticipated in the coming months.
With the close of the Series A round, Jennifer McMahon, Principal at Seroba, will join the board. She said they are delighted to back the experienced Palliare team who have identified the clinical need for a user-friendly continuous pressure insufflator. We recognize the growing trend towards minimally invasive laparoscopic surgery and the demand to create a cleaner and safer operating room for patients and clinical staff alike.”
Tomás Ó Síocháin, CEO of the Western Development Commission said they are delighted to continue their investment journey with Palliare, building on the world renowned MedTech sector that exists in the West of Ireland, drawing on the skilled workforce this is an example of the leading edge indigenous innovation in the western region. “Innovation such as this improves the lives of patients, drives economic activity and supports and sustains vibrant communities,” he said.
