Smartbin firm raises fresh €1m funding

IRISH healthcare business HealthBeacon has raised €1m from investment firm BVP.

The healthcare company is looking to complete an €8m funding round by the end of this year, and has already been backed by Oyster Capital, the investor associated with wellknown e-learning pioneer Bill McCabe.

HealthBeacon’s core product is a so-called “smart sharps bin” for people who inject medication at home.

The bin is used to dispose injector pens or syringes and is connected to the patient’s phone.

In this way it can monitor if the patient is adhering to their medical regime, and provide prompts to remain on track.

The product has received clearance from the US Food and Drug Administration and also from the regulator in Brazil.

BVP – run by Elliott Griffin – is an active investor in green businesses and SMEs.

It has 20 companies in its portfolio including Urbanvolt – which installs LED lighting in business customers’ premises and is then paid out of the savings on electricity bills.

BVP is a manager of investments under the Employment and Investment Incentive Scheme (EIIS) – which gives tax reliefs to investors in certain SMEs. The HealthBeacon investment comes from a €4m EIIS fund.

HealthBeacon was founded by Jim Joyce and Kieran Daly, serial med-tech entrepreneurs.

Irish investment firm Elkstone Partners has also backed the business alongside Mr McCabe’s Oyster Capital.