Galway is emerging as Ireland’s “innovation capital”, according to a government minister, after more than half of the €40 million allocated to disruptive technology projects nationwide this week was awarded to consortia based in the county.
A total of 11 groundbreaking projects were approved for funding under the fourth round of the Disruptive Technologies Innovation Fund on Tuesday, five of which were led by Galway-based companies and research institutions.
These local projects accounted for €23 million of the €40 million awarded under the latest tranche of funding under the scheme, and Minister Hildegarde Naughton said Galway was emerging as the country’s innovation capital.
“This is excellent news for the county, which is now indisputably a leading centre for innovation and disruptive technology, not only in an Irish context but also from a European perspective,” said the local Fine Gael TD.
“This funding will consolidate that status and is an enormous boost for the region, but the benefit can’t just be measured in economic terms – these cutting-edge projects are also likely to solve real-world problems and result in significant social good,” added Minister Naughton.
The local projects supported by the latest tranche of funding under the scheme include the development of a non-invasive surgical device to treat diabetic foot ulcers and other tissue infections, which is led by Xtremedy Medical Limited and will receive €3.4 million.
Another local company, Versono Medical Limited, is leading a project to develop a non-invasive device to treat patients with complete blockages of coronary arteries that result in critical limb ischaemia. The project has been allocated €7 million and also involves the University of Galway and Integer Ireland Medical Limited.
Cutting-edge research on monitoring and measuring compression therapy and wound care has been allocated €4.6 million and involves a consortium including the university and Moycullen-based FeelTect Limited.
Work on a software system to model a prognosis for chemotherapy induced peripheral neuropathy, improving treatment outcomes and reducing side-effects, has been allocated €4.4 million and is being led by city-based Luminate Medical Limited.
Meanwhile, Ceroflo Limited in Dangan is leading a project to develop a new stent that will reduce risks and pre-stent procedures associated with current devices. This has been awarded €3.6 million and also involves GMIT.
“This isn’t just a short-term boost for the local economy, it’s laying the foundation for the future economic and industrial development of Galway,” said Minister Naughton. “And, following today’s announcement, that future looks extremely bright.
“Equally importantly, it’s great news for patients with conditions that will be better treated and managed as a result of these innovations – not just in Galway, but throughout the world.”
The Disruptive Technologies Innovation Fund (DTIF ) is a €500 million fund established under the National Development Plan in 2018. It aims to support investment in the development and deployment of disruptive technologies and applications on a commercial basis.
The latest applications for funding were assessed by panels of international experts, who evaluated the quality of the technology, excellence in the overall approach, the likely economic impact and sustainability, as well as the strength of collaboration.
The news was also welcomed by Senator Sean Kyne.
“In keeping with Galway’s reputation for being a centre for health sciences, especially medical devices, all four of the projects involve new and innovative treatments for health conditions, including cardiovascular conditions, diabetes and the side-effects, such as nerve damage, of chemotherapy. A Dublin-based project, but involving Atlantic Technological University, is focused on the development of a new stent for treating heart conditions.
“The allocation of this funding to Galway is testament to the top class researchers working in both the University of Galway and the Atlantic Technological University as well as the innovative businesses, global and local in our city and county.
“The Disruptive Technologies Innovation Fund, which is one of four funds launched as part of Project Ireland 2040, is more important than ever in helping to keep Ireland at the cutting edge of research and development as well as for job creation,” added Senator Kyne.
