A Lisburn company which is committed to addressing some of the world’s most pressing healthcare challenges has secured a combined £7.5 million in funding from the Investment Fund for Northern Ireland (IFNI) and global investment management company 57 Stars.
Fast-growth Cirdan, a leading provider of innovative software and imaging solutions that enhance and expedite the diagnosis of diseases, plans to use £5m of funding from 57 Stars and £2.5m from IFNI to accelerate its delivery capabilities, expand its team of specialists and enhance its ability to provide innovative products.
The investment from IFNI is the fund’s fifth and largest equity investment to date and brings the total investment from its equity fund to £5.5m.
Cirdan’s suite of products are already deployed in more than 200 clinical laboratories and hospitals across 20 countries and six continents.
But this latest investment is predicted to accelerate its next phase of growth, enabling it to scale operations and expand its reach into new markets while complementing its existing presence in Northern Ireland, the US and Australia.
Cirdan chief executive Hugh Cormican, who is a finalist in this year’s EY Entrepreneur Of The Year Ireland programme, 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.”
The deal with the Investment Fund for NI was led by Clarendon Fund Managers, who manage the equity arm of the £70m fund.
Clarendon investment director Neil Simms said: “Cirdan is a shining example of the innovation and expertise that Northern Ireland has to offer, and this continued expansion will not only strengthen the local economy, but also improve healthcare systems worldwide.”
Bernard McGuire, managing director of 57 Stars, added: “Cirdan’s innovative technology is transforming the way critical diagnostic procedures are performed, and we are excited to support their journey toward becoming a global leader in pathology diagnostics and informatics.”