Kernel Capital innovation fund investment – photo of Nova Leah team

13 December 2018:
Kernel Capital confirm that our Portfolio Company, Nova Leah have been successful on 2 applications under the Government’s Disruptive Technologies Innovation Fund, part of the Project Ireland 2040 Fund. 

  1. Nova Leah have secured €1.5M through the Fund and will lead a project in collaboration with the RSRC at Dundalk IT to develop, a real-time platform, Select IS, for the communication of safety-critical security information between medical device manufacturers and healthcare providers.
  2. The Company are also collaborative partners on an IBM-led project, MED-I, which has been awarded €2.2M through the Fund.

This follows our announcement last month of a €2.25M investment in Nova Leah through the Bank of Ireland Kernel Capital Growth Fund (RoI) and Suir Valley Ventures. 

For further information please contact: Helen Norris, Kernel Capital. +442890428367 

Notes to Editors

About Nova Nova Leah is a spin out company from Dundalk Institute of Technology (DkIT). SelectEvidence® is a user-friendly system that provides a repeatable, traceable and auditable way to manage cybersecurity throughout the lifetime of a device. The system accurately tracks risks for each device, highlights known vulnerabilities, recommends solutions, provides a feedback mechanism between manufacturers and hospitals and does so within a fully traceable framework. As Anita Finnegan (CEO) is an internationally recognised expert in the field of medical device cybersecurity, Nova Leah are uniquely positioned to provide manufacturers with a cybersecurity solution guide them through the required cybersecurity processes during design, development and maintenance. Connected/IoT medical devices include insulin pumps, pacemakers, infusion devices, syringe pumps, nurses’ workstations, imaging devices and many more. While it is daunting for us to even contemplate that such devices could be targeted by malicious individuals, this is now a reality and the FDA is insisting that manufacturers address this risk. Furthermore, FDA are calling on medical device manufacturers and healthcare providers to adapt a collaborative approach to managing the security of devices from development, implementation and operation through to retirement. 

About Kernel Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of €210m / £165m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region of £1m to £5m in the ROI and £0.5m to £2m in NI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.