Pires Investments (PIRI ) said the cybersecurity company, Nova Leah, in which it is invested through its investment in Sure Valley Ventures (SVV) has closed a seed investment round.
The technology-focused investment company said the valuation attributed to Nova Leah for this round represents around 200% of the group’s valuation at which SVV initially invested.
Nova Leah’s seed investment round was led by Northwell Holdings & Ventures, the for-profit venture investment arm of Northwell Health, New York State’s largest healthcare provider. The investment included additional; funding from existing investors Kernel Capital and SVV.
Nova Leah, the Irish-based start-up and a spin-out of the Dundalk Institute of Technology, said it plans to use the funds to ‘significantly expand’ its market opportunity and global reach.
Pires explained to its shareholders that the medical cybersecurity company has won several international awards for its cloud-based security product SelectEvidence® which ensures that connected medical devices are continuously assessed for cybersecurity vulnerabilities.
Specifically, SelectEvidence® is used as an expert cybersecurity risk assessment platform that guides medical device manufacturers through the processes of identifying applicable threats to their products and implementing the right security controls to mitigate them.
Nova Leah was founded by Dr. Anita Finnegan, a government advisor and award-winning international expert in cybersecurity risk management. She is also a published author.
Nova Leah also now supports a range of cybersecurity processes from medical device design and development and deployment and use, all the way through to produce decommissioning.
Commenting, Director of Pires Investments, Nicholas Lee, told investors that, “The valuation attributed to Nova Leah for this round represents around 200% of the company’s valuation at which SVV initially invested, further demonstrating the high quality of SVV’s portfolio.”
Pires also acknowledged that global healthcare delivery organisations are experiencing increasingly significant disruption to the provision of medical care amid security threats.
“Given the current global environment, Nova Leah is well positioned in the healthcare delivery market to tackle the significant security threats which are causing increasing disruption to the provision of medical care,” outlined Lee, who added that the funding from the seed investment round should support Nova Leah in its efforts to enter new markets and to scale effectively.
Pires Investments has a combined direct and indirect interest of circa 20% in SVV, a venture capital fund which is focused on investing in the software technology sector with a specific focus on AI, IoT, Cyber Security, Machine Learning, Immersive Technologies and Big Data.
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