Citywest company making strong inroads in US market
By Maurice Garvey
CITYWEST company Incereb look set to make major inroads in the US market after securing over €2 million in investments since starting up in 2012.
Founded by Neurophysiology Technologist Jim Roche, Incereb has developed neonatal and fetal physiological monitoring sensors, that replace the technically difficult, time-consuming and painful method of attaching EEG monitors to a baby’s head.
Incereb secured €50k angel investment in fastest deal in HBAN history
The technology is targeted towards babies that are linked with ICU units in hospitals.
This week, Incereb secured a €750,000 investment from HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment.
Included in that total, was an individual HBAN angel investor, who transferred €50,000 to Incereb, just 48 hours after hearing the Irish company’s presentation – the fastest deal done in its history.
It usually takes three months to conclude the deal, but Incereb already secured investment in previous rounds of HBAN funding, meaning due diligence was complete, enabling the individual investor to transfer funds within 48 hours.
Incereb plan to use the investment to develop their US distribution network and to introduce pediatric and adult versions of the neon sensor device.
The new devices will help the company target five million patients that need EEG and physiological monitoring as part of their ICU care in the US each year – potentially growing its market Stateside tenfold.
Identify seizures
Incereb’s devices enable EEG monitoring to be performed by any member of NICU staff in a few minutes, with no side effects and no pain to the infant, safely monitoring the infant’s EEG brain activity to ascertain brain function and identify seizures.
One of the biggest benefits is that medical professionals do not need specialist neurophysiology training to apply the monitors.
Incereb is an industry partner in the SFI funded Infant Centre at University College Cork.
In the previous two rounds of HBAN funding, Incereb attracted €1.6 million investment from HBAN’s Boole Syndicate, Enterprise Ireland, ACT Venture Capital and Delta Partners.
Jim Roche, Incereb CEO, said: “The investment from HBAN is more than just a cash injection. This ‘smart money’ brings expertise, insights and knowledge of an experienced businessperson. This will help Incereb to progress quickly and is vital in growing our U.S. market.
“With funding from two previous rounds, we have developed a bespoke, handpicked sales network in the US, which has been effective in getting the devices into the hands of medical professionals.
“In the last three months of 2017, we secured contracts with three major academic teaching hospitals on the east coast. This latest investment will help us to bring the devices aimed at older children and adults to the US market.”
Mr Roche said the firm hope to make the monitoring sensor device available in other strategic markets including Latin America, Europe and Asia.
