Bluedrop Medical raises €10.5m in funding round

RDJ advised Galway-based medtech company Bluedrop Medical on its €10.5 million funding round led by Atlantic Bridge and Elkstone, with the European Innovation Council Fund, Furthr VC, Western Development Commission, Ascentifi and HBAN’s MedTech and Irrus Investments syndicates also backing the company.

Founded by Chris Murphy and Simon Kiersey in 2015, Bluedrop Medical aims to reduce the rate of preventable amputations for people afflicted with diabetes. The company has developed an internet of things-enabled device, similar to a bathroom scale, to help those at risk of developing diabetic foot ulcers to easily check their feet at home.

The funding round will be used to complete clinical trials and start commercialisation. The company will also create 25 jobs this year as a result of the funding, more than doubling its current staff of 17, and increase its production capacity.

The RDJ transaction team included Marie Gavin and April Byrne.

Learn more about RDJ’s Corporate Finance team here.