Galway's HidraMed Solutions and Loci Orthopaedics win €20,000
HidraMed Solutions and Loci Orthopaedics from Galway have been crowned ‘Best New Start’ and ‘Best Early Stage’ company respectively, walking away with €20,000 at the Connacht and Leinster Final of the 2018 InterTradeIreland Seedcorn Investor Readiness Competition. Delivering an investment pitch in front of an expert judging panel, HidraMed Solutions and Loci Orthopaedics fought off tough competition from other local companies to win the prize fund to contribute to their business growth.
Now in its 16th year, Seedcorn is Ireland’s biggest business competition for innovative new start and early stage businesses in any sector. The competition has an overall cash prize fund of €280,000 with participants also benefitting from promotional opportunities, business planning workshops and mentorship support throughout the competition.
HidraMed Solutions has developed a unique wound care solution for people who suffer from Hidradenitis Suppurativa (HS), an inflammatory skin disease that causes draining lesions and non-healing wounds. Business founder, Suzanne Moloney is a HS patient and has spent 5 years researching and developing the product.
Commenting on their win, CEO and Founder of HidraMed Solutions, Suzanne Moloney said;
“To win the Connacht and Leinster New Start Category is a huge achievement and we’re going to put all of our efforts into the All-Ireland final later this month. Our unique wound care solution will serve people living with Hidradenitis Suppurativa, a debilitating skin disease affecting at least 1% of the general population. Winning the Seedcorn regional final validates the hard work we have put into the company and the prize fund will help us progress or growth plans. The Seedcorn competition is a great platform to get in touch with investors, prove our business proposition and increase company visibility.”
The team at Loci Orthopaedics, based in the Business Innovation Centre at the National University of Ireland, Galway, has developed an implant for the treatment of thumb base joint arthritis. The implant, InDx, is the first of its kind that fully re-creates the natural motions of the joint post implantation.
Commenting on their win, CEO and Co-Founder of Loci Orthopaedics, Brendan Boland said;
“We are delighted to win best Early Stage Company at the Connacht and Leinster regional final. This accolade is a great milestone for us, and the funding secured will go a long way in supporting our orthopaedic joint implant ‘InDx’ at such a crucial stage in its development. The Seedcorn competition has given us a tremendous boost at a critical time, and will help to strengthen our investment potential in front of future investors. In an early stage start-up, every penny counts, and the prize money will be invaluable in providing support for expansion and developing a product portfolio”.
Congratulating HidraMed Solutions and Loci Orthopaedics, Shane O’Hanlon, Funding for Growth Manager at InterTradeIreland said;
“The standard of entries from Connacht and Leinster this year has been particularly high with the teams at HidraMed Solutions and Loci Orthopaedics reflecting the innovation, creativity and commitment the judges look for when it comes to assessing business vision and growth. Seedcorn is a great support and growth platform for entrepreneurs to help improve their business plan and refine their pitch in front of active investors, and over the last 15 years, we are proud to have fostered business growth across the island of Ireland. I congratulate HidraMed Solutions and Loci Orthopaedics on their wins and wish them well as they embark on the final of the competition.”
To date, InterTradeIreland has supported over 2,300 enterprising companies through the Seedcorn process. With €238 million in new equity being raised by the companies which have reached the regional finals stage of the Seedcorn competition over the past 16 years, the competition has a strong track record of supporting early business start-ups to become investor ready.