Davy EIIS fund invest in MedModus

03 January 2020

The Dublin-based analytics provider recently closed a €1 million funding round through Davy's EIIS Fund and Enterprise Ireland.

MedModus, which was founded in 2017 and is led by Déaglán MagFhloinn, provides on premise and cloud based business intelligence solutions to hospitals and other healthcare organisations. It works with health and social care providers in Ireland and Britain to help them improve operational performance, reduce waiting lists and optimise service capacity.

The investment secured through the Davy EIIS fund, a joint venture between BDO and J&E Davy, which allows small investors to claim tax relief on investments in emerging companies. Enterprise Ireland also participated in the fundraise. MedModus intends to use this investment to build upon its success, expanding both its sales and delivery teams to meet demand.

Speaking about the investment, Déaglán MagFhoinn, CEO at MedModus, said:

"We are delighted with this investment in MedModus. It reflects our progress to date and will enable us to significantly expand our products and services in Ireland, the UK and other countries. Our vision has always been to deliver analytics-enabled improvement in healthcare and this investment allows us to fulfil that vision".

Andrew Bourg, Partner, BDO Corporate Investment & Business Advisory, said:

"We are delighted to be investing growth capital behind a high quality and experienced team. MedModus is fast developing a reputation for delivering measurable improvements quickly. Their first-class products and a deep understanding of the complexities of all health and social care environments really sets them apart from the competition".

Content adapted from MedModus.com: "MedModus secures €1m funding to support growth", and The Irish Times: "Dublin-based analytics provider MedModus raises €1m"