Irish Start-up SymPhysis Medical Raises €1.9 Million for Palliative Care

Irish medtech start-up SymPhysis Medical has raised €1.9 million in funding led by three of the Halo Business Angel Network (HBAN) syndicates, with the MedTech Syndicate, Irrus Investments and Boole Investment Syndicate investing a combined €925,000, followed by DBIC Ventures, Enterprise Ireland and a private investor.

Founded by Tim Jones and Dr Michelle Tierney, SymPhysis Medical is developing a medical device called releaze, which is less invasive to place than the leading competitor devices on the market and can be removed after just 30 days.

The funding will be used to expand SymPhysis Medical’s team to seven people from the current three, complete product development and target FDA clearance. Once it achieves FDA clearance, the company expects test market sales to reach €1.5 million in the first year, which is predicted to start from the fourth quarter of 2023. Following that, it will seek the CE Mark in the EU, predicting turnover to reach €49 million by the fourth quarter of 2025.