Health and medical firms top for tech sector funding

Health and medical technology companies have the highest rate of funding in the Irish technology sphere, according to a new study.

Research compiled by Tech Ireland found 42pc of firms engaged in healthtech, medical devices and related areas receive some sort of funding – the highest ratio among technology firms.

This is followed by green and cleantech firms, 39pc of which are funded.

The research is based on publicly-available data compiled by Tech Ireland, a new body run by former Dublin Startup Commissioner Niamh Bushnell.

The listing includes 1,264 indigenous Irish technology companies and 250 multinational tech firms, but does not include consultancies, agencies, development shops or custom manufacturing firms.

As well seeing the highest number of firms funded, health and medical technology firms also receive the highest average sums, at €4.4m.

Fintech comes next, with an average of €4.3m.

Meanwhile, 34pc of industrial tech firms achieve funding here, while a third of security or safety tech firms are backed. Telecom companies and entertainment or sport tech firms come closely behind, with 32pc and 31pc funding ratios, respectively. This is followed by e-commerce, social media, advertising and fintech firms. Agritech and foodtech companies are least likely to be require funding among the categories measures, with a 10pc hit rate.

According to Tech Ireland, four tech companies in Ireland have funding of over €100m, while 58 have achieved funding levels of more than €10m and 84 have received over €5m in funding.

In all, 29pc of companies measured have received some sort of funding.

Ms Bushnell said that Tech Ireland will manually track over 200 companies per week with more than 10 “data points” per company measured.

She said that TechIreland is inspired by Finder, a platform that tracks and benchmarks innovation in Israel.