Lisburn-based medical imaging company Cirdan has raised £7.5 million (€8.9 million) from a pair of investors in a funding round it says will help it accelerate its global expansion and allow it to grow its team of specialists.
Headed by chief executive Hugh Cormican, a finalist in the established category of this year’s EY Entrepreneur of the Year awards, the diagnostics company specialises in advanced information and medical imaging solutions that help to speed up the diagnosis of diseases in clinical laboratories.
Cirdan, which has deployed its products in some 200 laboratories globally, announced on Tuesday that the British Business Bank’s Investment Fund for Northern Ireland (IFNI) and US-based investment manager 57 Stars have combined to invest £7.5 million in the business.
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Cirdan said the investment will fund its next phase of growth as it looks to scale its operations and enter new markets to complement its presence in Northern Ireland, the US and Canada.
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Mr Cormican, who also cofounded Northern Ireland technology company Andor, said the backing of IFNI and 57 Stars is a “testament” to the potential of the company’s 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.”
Neil Simms, investment director at Clarendon Fund Managers, which manages the equity portion of IFNI, said Cirdan is a “shining example of the innovation and expertise that Northern Ireland has to offer” and said the investment will support the local economy.
Bernard McGuire, managing director at 57 Stars, said Cirdan is on the path to becoming a “global leader in pathology diagnostics”.
The company had previously secured investments from local Northern Ireland venture capital firms, including Clarendon and Kernel. Speaking to The Irish Times earlier this year, Mr Cormican said Cirdan is well-positioned to outpace the rapidly expanding diagnostics market globally.
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