Evonik has announced it is part of a combined €16.2m (£13.7m) investment in the Galway Ireland based medical device company Vivasure Medical.
The firm declined to disclose to PRW its exact investment.
The financing round was led by Netherlands based Life Science Partners Health Economics Fund, with the Milan-based Panakes Fund, also part of the syndicate.
“Solutions for health and medical technology are among the key growth areas for Evonik,” said Bernhard Mohr, head of venture capital at Evonik.
“Due to our technological competence in these areas and our existing product portfolio, Vivasure Medical fits strategically with Evonik.”
Vivasure Medical is currently using Resomer, a bioabsorbable polymer from Evonik.
“We are pleased to have Evonik, who can especially help us with its expertise in polymers for pharma and medical device applications as a strategic partner," said Gerard Brett, chief executive officer at Vivasure Medical.
“The Vivasure closure device is designed to be easy to use, allowing the surgeon to provide a complete repair at the access site, without leaving metal implants, sutures, or exogenous tissue behind. Our goal is improved clinical outcomes, faster recovery times and better therapeutic results for patients over the open-surgery alternative.”
Evonik plans to invest €100m (£85m) in promising start-ups with innovative technologies.