Cirdan meeting with teams from the Nations and Regions Investment Fund, the Clarendon Fund and 57 Stars.
The firm will use the newly raised funds to expand, increase company output and grow the team.
Lisburn-based medical company Cirdan has today (15 October) announced that it has secured £7.5m in funding from Investment Fund for Northern Ireland (IFNI) and global investment management company 57 Stars.
Cirdan is a provider of software and imaging solutions, with offices in Ireland, the UK, Canada and Australia. The company intends to use 57 Stars’ funding of £5m and IFNI’s £2.5m to scale the business, with future plans to hire technically skilled software and clinical professionals.
The latest round of investment is part of Cirdan’s growth strategy, as the company aims to reach new markets, provide quality healthcare and complement its existing presence globally. In October of last year Cirdan raised £17.3m in a round led by Kernel Capital through the Bank of Ireland Kernel Capital Growth Fund and Invest NI, among others.
Cirdan CEO Hugh Cormican said, “the backing of 57 Stars and the Investment Fund for Northern Ireland is a testament to the value and potential of our technology. With their support, we are confident in our ability to scale our solutions globally and make a significant impact in the healthcare sector, ultimately improving patient care and outcomes.”
Clarendon Fund Managers led the deal with the IFNI and director Neil Simms noted Cirdan’s news was evident of Northern Ireland’s position as a hub of innovation and expertise. He said, “we are proud to support their continued expansion, which will not only strengthen the local economy but also improve healthcare systems worldwide.”
Mark Sterritt, the British business bank director of nations and regions investment funds, also welcomed the announcement, stating, “the work Cirdan is doing has the real potential to revolutionise the speed of patient diagnosis, reducing the waiting time for treatment and ultimately easing the burden on health systems.
“This equity investment, which was led by Clarendon Fund Managers, is exactly the sort of deal the Investment Fund for Northern Ireland was introduced for.”
Earlier this spring, a new £75m investment fund for SMEs was launched by fund manager Whiterock to provide a fresh source of growth capital for businesses in Northern Ireland.
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