The syndicate, which has grown significantly in recent years with 80 dedicated members, focuses on advancing cutting-edge medical technology startups. Of the deals that were done 7 qualified for the Employment and Investment Incentive Scheme (EIIS), highlighting the syndicate’s alignment with government tax relief incentives for angel investors.

“This has been a phenomenal year for the Medtech Syndicate,” said Yvan Gouttebelle, Chair of Medtech Syndicate. “Our investors are passionate about driving transformative advancements in healthcare. Reaching €10 million in annual investments demonstrates the confidence our members have in Ireland’s Medtech innovators, and it sets a new benchmark for angel investing in the sector. The Medtech Syndicate has been building a robust framework for successful syndication for over a decade now. Some of our members have been investing through the syndicate since its inception so we have a strong foundation of experienced angels leading deals, and in situ, to share their experience with newer members joining. We plan to continue growth of the network, and expansion of the portfolio.”

Medtech Syndicate’s growth reflects the increasing demand for structured angel investment groups, a key pillar of Ireland’s startup economy. By supporting early-stage startups, the syndicate helps fuel the development of groundbreaking technologies that can revolutionise patient care, diagnostics, and treatments worldwide.

In addition to financial backing, Medtech Syndicate members contribute their expertise, networks, and industry knowledge to support the growth and success of portfolio companies. This unique combination of funding and mentorship is central to the syndicate’s ethos and a critical driver of its success.

Looking ahead, Medtech Syndicate aims to build on this momentum by expanding its network, fostering collaboration, and identifying more high-potential startups poised to make a global impact. New members not only gain access to exclusive investment opportunities in cutting-edge medtech startups but also benefit from co-investing alongside experienced angels in the syndicate’s existing portfolio, leveraging their expertise and track record of success.

The Medtech Syndicate meets today (27^th Feb) in Galway for its first quarterly meeting of 2025 where members will see pitches from companies and review their portfolio. For more information about Medtech Syndicate and upcoming events, or if you would like to join the next meeting as a guest or present to the group visit www.medtechsyndicate.com.

About Medtech Syndicate
Medtech Syndicate is Ireland’s largest network of angel investors dedicated to fostering innovation in the medical technology sector. We bring together the best minds, resources, and capital to support the development and commercialisation of cutting-edge healthcare technologies. Our syndicate model connects investors, entrepreneurs, and industry experts to accelerate the creation of breakthrough devices, diagnostics, and digital health solutions that improve patient outcomes and transform the future of healthcare. With a focus on collaboration, we strive to bring forward solutions that meet critical unmet needs in medicine, ensuring advancements that have a meaningful and lasting impact on global health.

Founded by CEO Tim Jones and Chief Scientific Officer, Dr Michelle Tierney, SymPhysis Medical has developed a device, releaze TM , which can be used by cancer patients who are receiving palliative care to relieve the symptoms of fluid in the chest. These symptoms include shortness of breath, discomfort and pain. The condition, experienced by approximately 50% of late-stage cancer patients, limits ovements and activities, while necessitating regular medical appointments at a time when many wish to be at home and spending time with loved ones. The company founders expect their device’s launch in the US to mark a transformation in the care, and quality of care, of these patients.

In the most recent funding round, SymPhysis Medical has raised €2.8M and expects to close a further €3.7M from a combination of current and new investors by April 2025. Investors have been impressed by SymPhysis Medical’s ambitious growth plans and focus on a market, worth €860M in the US and Europe alone, which has lacked innovation over the last 25 years. The company was endorsed by the European Innovation Council (EIC) in February 2025, receiving the Seal of Excellence, which highlights the value and impact of the innovation. SymPhysis Medical expects to represent 20% of the US market by 2030 and 10% of the European market in the same period. This will mean that 35,000 patients could be benefiting from releaze TM by 2030.

Driving SymPhysis Medical’s post-launch growth and momentum will be an enhanced senior team whose track record covers some of the world’s largest MedTech and life sciences companies. Their expertise includes sales and distribution of medical devices, business strategy and regulatory affairs.

Joe Villanova, VP Sales and Marketing, will drive SymPhysis Medical’s penetration of the US market. He has more than 35 years of experience in commercialising medical devices, with 15 years of experience in those addressing fluid in the chest. He has held leadership roles in multinationals including Baxter Healthcare and Becton Dickinson. Meanwhile, Niamh St John Lynch, Director of Quality Assurance and Regulatory Affairs, has 30 years of international experience in the pharmaceutical and medical device industries. Her knowledge of medical device regulations, FDA clearance and risk management, through previous work with Johnson & Johnson and Boston Scientific, among others, will help to drive global regulatory approval and adoption of releaze TM .

The team will also benefit from a strengthened board of directors. David Uffer has almost 35 years of experience in the life sciences industry. His experience has seen him lead business development for multinationals including Boston Scientific, Abbott and Medtronic. With extensive experience in the commercialisation and launch of early stage medical device companies, he will be pivotal to SymPhysis Medical’s launch and success in the US.

Meanwhile, Gerard Ryan is a serial entrepreneur and experienced investor. Gerard founded Longboat Clinical (sold to Advarra in 2020 in a multimillion Euro deal) and Firecrest (sold in 2011 to ICON plc for €50M). One of SymPhysis Medical’s first investors, Ryan will help to drive SymPhysis Medical’s strategic direction.

Tim Jones, CEO, SymPhysis Medical, said: “This is an exciting time for our company. For six years, we have been laser-focused on our mission to help late-stage cancer patients – and, indirectly, their loved ones – to ease a very distressing condition at an extremely difficult time for them. I am immensely proud of our team for their dedication to this mission and ensuring we are highly regarded as a compassionate, exciting innovator in our field. This has allowed us to attract top talent from Ireland and the US with individuals whose expertise stems from some of the world’s greatest medical device and pharmaceutical companies. Their appointments position us extremely well as we prepare for launch and rapid growth.

“Our ultimate goal of reaching patients with our device is now in sight. Helping us to achieve that is the backing from renowned industry investors, who have enabled us to get to this point and expand our footprint to the US in preparation of launching the releaze TM there. Supporting the Employment and Investment Incentive Scheme (EIIS) has been an important differentiator for us and we look forward to taking on further investment as we enter this new chapter for our business – and the patients we will reach.”

Joe Villanova, VP Sales and Marketing, SymPhysis Medical, said: “Chest drainage for cancer patients has changed little since the late 1990s. Since then, there have been numerous technological advancements that until now, have not been leveraged. I was immediately drawn to SymPhysis Medical’s patient-centred focus on technological transformation in this field and I am excited to help deliver our innovation to patients, their families and the clinicians who deal with the symptoms of fluid in the chest. Unfortunately, palliative care can lack investment – something that is distressing for patients and their
families, as well as their medical practitioners. At SymPhysis Medical, we are directly addressing this clear need. I am excited to be a part of this groundbreaking journey and am confident that the market will respond quickly when releaze TM is launched.”

SymPhysis Medical offers EIIS to investors and the company’s next round of funding will close in April 2025. If you are interested in learning more about opportunities to invest in companies like Symphysis Medical get in touch with us.

About SymPhysis Medical
SymPhysis Medical is a Galway based medical device start-up, co-founded by Tim Jones and Dr. Michelle Tierney. Focused on patient-centred solutions for palliative care, the organisation’s emergent technology, releaze TM , is an innovative drainage solution to treat a common complication of late-stage cancers, malignant pleural effusion (MPE), or ‘fluid in the chest’.

Driven by a commitment to provide patients with greater independence and improved quality of life, the team have utilised a needs-based approach and collaboration with clinicians, public health nurses, patients and carers to develop their product, to improve clinical outcomes and enhance the patient experience. 

In 2023, SymPhysis Medical won the ‘MedTech Collaboration Award’ at the Irish MedTech Awards for its partnership with the world-renowned UK National Innovation Centre for Ageing (NICA). In the same year, the company won the Excellence in Innovation award at the Life Science Industry Awards.

With over 70% of healthcare decisions requiring pathology investigation and a widening gap between rising patient needs and declining pathologist numbers, healthcare systems face mounting backlogs globally. Deciphex’s platforms, Diagnexia and Patholytix, address this crisis through AI-powered digital pathology that enables pathologists to work up to 40% faster while maintaining diagnostic accuracy. By expanding access to quality pathology services and reducing diagnostic delays, Deciphex is transforming patient care delivery worldwide.

This funding round considerably advances Deciphex’s strategic priorities:

• Scaling Global Service Reach: Deciphex is expanding across the US, UK, EU, Canada, and Japan to meet the growing demand for digital pathology solutions. This global scale-up will enhance access to expert diagnostics and research services, addressing critical healthcare and pharmaceutical needs worldwide.
• Enhancing Utility of Diagnexia and Patholytix Platforms: Deciphex will enhance its core platforms: Diagnexia, a global digital pathology network that expands subspecialty expertise and reduces diagnostic backlogs, and Patholytix, a preclinical platform that accelerates drug development through AI-powered workflows. Together, these solutions drive efficiency and innovation in pathology services worldwide.
• Accelerating Pathology AI Foundational Model Development: Deciphex will leverage its extensive pathology image repository to develop pathology foundational models, improving both speed and accuracy for clinical and non-clinical applications.
• Strengthening Partnerships with Industry Leaders: Deciphex will strengthen its strategic partnerships with Novartis and Charles River Laboratories, advancing AI models for toxicology and preclinical safety evaluation.
• Expand Services to Pharma/ Biotech and CRO Clients: Deciphex will enhance its clinical research capabilities, enabling efficient clinical trials, biomarker discovery and validation, and unlocking insights from clinical archives to drive innovation.

Donal O’Shea, Founder and CEO of Deciphex, described the importance of this investment: ‍

This investment accelerates our mission to transform global pathology access. Our ergonomic, AI-enabled platform enhances diagnostic workflow and accuracy – allowing experts to clear backlogs faster without compromising quality. By expanding this technology worldwide, we’re not just improving healthcare efficiency, we’re supporting both the pathologists who drive diagnoses and the patients who depend on them.”

Inga Deakin, Principal at Molten Ventures, the lead investor, added:

“Deciphex is tackling one of healthcare’s most pressing issues. By supporting pathologists with AI tools that enhance efficiency without sacrificing accuracy, Deciphex offers a much-needed solution to the diagnostic burden facing pathologists around the world. We’re thrilled to support Deciphex in bringing these critical diagnostic services to those who need it most.”

About Deciphex

Founded in 2017, Deciphex aims to transform diagnostic workflows through AI-powered digital pathology to improve patient outcomes worldwide. Its two flagship platforms target distinct markets: Diagnexia connects global subspecialty pathologists for rapid diagnostics and backlog reduction, while Patholytix accelerates drug development through optimized preclinical safety assessments. By automating routine tasks, these platforms enable pathologists to focus on complex cases while delivering faster, more reliable diagnoses. Through this combination of AI innovation and clinical expertise, Deciphex is advancing both healthcare delivery and therapeutic development.