September Luminate Raises $15 Million Series A after Successful Clinical Trials

Clinical data showing the prevention of hair loss and peripheral neuropathy in chemotherapy patients sees ARTIS Ventures lead investment syndicate which includes heavyweight Silicon Valley backers such as 8VC and Lachy Groom.

Luminate, a University of Galway spin-out company that aims to help deliver cancer treatment at home, has raised $15 million in a Series A investment. The funding comes after first-in-patient clinical trials of the company’s devices to prevent hair loss and peripheral neuropathy in chemotherapy patients showed successful results. 30 jobs are being created at the company’s Galway base as it prepares to launch in the US next year.

The round was led by ARTIS Ventures, with participation from Metaplanet, Lachy Groom, 8VC, and healthcare executives from companies such as Dexcom, alongside existing investors SciFounders, Faber and others.

Research suggests that over 10% of cancer patients’ lives are spent in hospital. Luminate is developing a series of products to enable home administration of anti-cancer treatments, allowing patients to spend less time in clinic. For physicians, Luminate’s technology helps to meet the growing demand for cancer infusion clinic space caused by rising numbers of cancer cases.

To enable at-home cancer treatment, Luminate is developing a series of technologies to prevent treatment side effects that require in-person monitoring, facilitate patient-led delivery of therapeutics, and monitor key adverse events during treatment. The company’s first two products focus on preventing the side effects of cancer treatment which require in-clinic monitoring. Lilac, a wearable set of gloves and boots, is designed to prevent peripheral nerve damage in the hands and feet of cancer patients – a debilitating condition that requires frequent in-person monitoring of patients. Meanwhile, Lily, a wearable cap-like device designed to be worn during chemotherapy, allows patients to prevent hair loss caused by chemotherapy. In addition to these initial products, the team has begun the development of a novel system, Lotus, designed to enable at-home administration of low-risk anti-cancer drugs by patients.

Luminate, which participated in the Y Combinator S21 Batch, plans to use the funds to continue development of its Lotus technology through to first-in-patient trials, and to complete large-scale clinical trials of its Lily and Lilac products in the US, before proceeding to FDA review and market launch. First revenues from its side effect prevention platform are expected in 2025.

            Aaron Hannon, CEO and Co-Founder of Luminate, said: “Our mission at Luminate is to deliver every cancer treatment in the patient’s home. In order to make home delivery possible, we need to build tools to prevent side effects that require in-person monitoring, monitor urgent adverse events during treatment, and enable patients to complete infusion procedures alone. This funding allows us to take the first step of this vision: showing we can prevent important adverse events like neuropathy in large scale trials and on the market. Alongside achieving these key milestones, we continue to expand our world class team in the US and Ireland, with a number of open roles in product development, operations, and clinical. We’re excited to partner with a strong investor base to make our vision of at-home cancer care a reality.”

            Commenting on the fundraise, Austin Walne, Partner at ARTIS Ventures said: "Luminate has an opportunity to significantly reduce the painful side effects cancer patients endure when undergoing chemotherapy treatments. The Luminate team have the potential to unlock value for private practice oncologists across the United States, reduce costs to insurers through at-home care delivery, and create a better experience for patients while they fight to win their battles with cancer.”

Luminate was founded in 2018 by Aaron Hannon, Dr Barbara Oliveira and Professor Martin O’Halloran when the group were working as medical device researchers at the University of Galway, Ireland. Headquartered at the University’s Business Innovation Centre, the team has since grown to over 33 people employed in the US, Ireland, and Georgia. The current funding round brings the University of Galway spin out’s total funding to over $25 million to date, including grant funding from Europe’s EIC Accelerator and Enterprise Ireland’s Disruptive Technology Innovation Fund.

The company is currently recruiting for roles in software development, electronics, mechanical design, R&D, and manufacturing to join the team at its Galway office, and clinical researchers to join its remote US workforce as it launches US multi-centre studies.

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