Nova Leah announces 78 new jobs for Dundalk
Dundalk has received a significant jobs boost this morning with the news that Nova Leah are set to create 78 new jobs in the town.
Lero researchers from the Regulated Research Centre at Dundalk IT have launched a new medical device cybersecurity company that plans to create 78 jobs over the next four years.
The Lero DkIT spinout company, Nova Leah has developed an expert cybersecurity risk management software application aimed at global medical device manufacturers and healthcare providers.
Nova Leah has just opened an office in Boston to serve the North American market. Initial investors include US venture capital company COSIMO Venture Partners and Enterprise Ireland.
“We believe that cybersecurity for medical devices will be a significant new market,” said Rob Frasca of COSIMO Venture Partners.
“A first of its kind, we are not aware of any other company worldwide that can provide medical device manufacturers with an automated solution to implement and maintain cybersecurity requirements across medical device product portfolios.”
Nova Leah CEO Anita Finnegan added: “The recent WannaCry ransomware attack on the UK’s NHS highlights the importance of cybersecurity in the health sector. Today’s medical devices incorporate high levels of software and are connected across networks, online or wirelessly.
“As a result, medical device manufacturers are facing two major challenges: ensuring compliance with stricter regulatory measures and minimising the probability of malicious breaches aimed at medical devices and healthcare IT networks.”
The new cloud based system, SelectEvidence®, which follows a five-year R&D programme at Dundalk Institute of Technology, is designed to guide medical device manufacturers implementing cybersecurity requirements and best practices over the lifetime of device in compliance with US FDA (Food & Drug Administration) recommendations for information security threats and risks during premarket and post market activities.
Ms Finnegan added that data breaches in the US are estimated to be costing healthcare providers $5.6 billion annually. Nova Leah is initially targeting customers in the imaging and electro medical device sectors in the US, a market that is estimated to be worth $155 billion of which connected devices account for approximately $51 billion. It is estimated that there are more than 6,500 medical device manufacturers in the US.
Lero researcher Dr Fergal McCaffery, based at Dundalk IT, a non-executive director of the new firm added: “SelectEvidence® ensures speedier market deployment for devices, reduced compliance costs and fewer market recalls due to data hacks; all of which boost profitability of our target organisations.”
One of Nova Leah’s first customers is an Irish based device manufacturer, Orreco.
“Orreco holds biomarker and other information on elite and professional athletes. Security, compliance and data protection is therefore a priority,” commented Fiona Slevin, COO.
“Using SelectEvidence® we were able to design our software platform to global security standards, thus strengthening our confidence in the features designed to optimise security, safety and protection of data.”
Pictured above main: Peter Finnegan, Anita Finnegan and Dr Fergal McCaffrey of Nova Leah