FeelTect announced the successful closing of a €1.5 million ($1.64 million) investment from strategic Irish and international investors. The funding will create additional clinical collaborations, expand strategic partnerships, and advance commercialization of the company's wound treatment monitoring technology.
The funding also enables the company to see a significant expansion of its team, with additional hires including roles in R&D, manufacturing, project management, clinical affairs, and commercial development. While most roles will be based in FeelTect's headquarters in Spiddal, Galway, commercial and clinical roles will also expand to the USA and Europe, facilitating the company's market entry internationally.
FeelTect's flagship product, Tight Alright, is what the company is calling the world's first connected-health technology for measuring and remotely monitoring sub-bandage pressure during compression therapy. The Tight Alright technology is comprised of an advanced wearable device, with multiple pressure sensors, that wirelessly connects with a digital platform. The technology unburdens care providers by enabling significant advancements in treatment application, patient self-management, and remote monitoring of compression therapy effectiveness. Furthermore, by facilitating optimal and consistent provision of gold-standard compression therapy, Tight Alright will significantly reduce healing times and treatment costs, whilst enhancing the autonomy and quality of life for patients.
The company's achievements to date have positioned the Tight Alright technology for international market entry in 2024. FeelTect's significant milestones include securing intellectual property on the technology's hardware and data transfer system, completing design for manufacturing, registering the device with the FDA and CE Mark, receiving ISO 13485 accreditation for their quality management system, and conducting international patient clinical studies that demonstrate improved application of targeted wound compression. The company has also received several accolades and industry recognitions, including winning the top prize at European Wound Management Association Innovation Forum, top prize at the Lohmann & Rauscher Accelerator Program, and Start-Up Technology Company of the Year at the CIO & IT Leaders Awards, all within 2023.
