9th December 2021
New York State’s largest health care provider Northwell Health has led a seed investment round for an undisclosed sum in Irish medical device cybersecurity player Nova Leah.
Led by Anita Finnegan, Nova Leah plans to use the funds to significantly expand its market opportunity and global reach.
The new investment is timed to support Nova Leah in expanding its technology footprint, bringing its real-time threat monitoring product portfolio into health care delivery systems across the globe.
“Northwell Health has an outstanding reputation for both market innovation and patient safety. We are excited to collaborate with Northwell Health to apply our product IP to the healthcare delivery market,” said Finnegan. “This investment will have a significant impact on our ability to enter new markets and scale effectively.”
The move is a response to the significant and growing disruptions that health care delivery systems around the world have experienced as a result of a variety of security threats, which have hampered their ability to function effectively. Nova Leah now supports cybersecurity processes across medical device design and development, market approval, monitoring, supply chain, purchasing, deployment, and use through product decommissioning.
“Nova Leah is one of the most exciting companies within the fast-growing sector of cybersecurity for connected medical devices,” said Rich Mulry, president and CEO of Northwell Holdings & Ventures.
“We believe Northwell’s investment and expertise will support Nova Leah’s expansion into health care provider markets.”
Finnegan started Nova Leah as a spinout from Dundalk IT focused on improving improve the security of connected devices used by healthcare providers. As an internationally recognised expert in medical device cybersecurity she also has a strong background in software quality processes, engineering and quality engineering roles across multiple highly-regulated domains. The company has gone from strength-to-strength and has raised investment from backers that include Bank of Ireland Kernel Capital Growth Fund as well as Suir Valley Ventures and Enterprise Ireland.
In late 2018, Nova Leah raised €2.25m in a funding round to improve the security of connected devices used by healthcare providers. This was followed a year later by €3.7m in funding along with Dundalk IT.
Niall Olden, managing partner at Kernel Capital added: “We are delighted to welcome Northwell Health as investors to Nova Leah, with over 800 hospitals and medical centres in the US Northwell Health is a strategically important partner. This latest transaction builds upon the significant commercial partnerships that Nova Leah have already established.”
Source: Think Business