An Irish startup Cidran, which is committed to addressing some of the world’s most pressing healthcare challenges, has secured £7.5 milllion in funding from the Investment Fund for Northern Ireland (IFNI) and global investment management company 57 Stars. The deal with IFNI was led by Clarendon Fund Managers who manage the equity arm of the £70 million fund. This follows the recent investments in UK startups, including Perlego and Univa Health.
Global expansion and growth plans
Cirdan plans to use the £5 million funding from 57 Stars and £2.5 million from IFNI to accelerate its delivery capabilities, expand its team of specialists, and enhance its ability to provide innovative products. The latter from IFNI is the fund’s fifth and largest equity investment to date and brings the total investment from the IFNI Equity fund to £5.5 million.
It will accelerate the company’s next phase of growth, enabling it to scale operations and expand its reach into new markets. It will enable further global expansion, complementing its existing presence in Northern Ireland, the US, and Australia.
Helps healthcare professionals worldwide
Founded in 2010 by Dr. Hugh Cormican and Stephen Dunniece in Lisburn, Ireland, Cidran offers a suite of products that help healthcare professionals across the globe deliver more accurate and timely diagnoses, improving patient outcomes and healthcare efficiency.
Its flagship product, ULTRA LIS, is a next-generation Laboratory Information System (LIS) designed to scale from small, single-site labs to large, multi-site, multi-disciplinary laboratories. It streamlines operations and improves efficiency across a wide range of clinical settings. It offers software and imaging solutions that enhance and expedite the diagnosis of diseases.
Cirdan’s solutions are already deployed in over 200 clinical laboratories and hospitals across 20 countries and six continents. Headquartered in the UK, with offices in Canada and Australia, it is claimed to be one of the leading suppliers of laboratory information systems worldwide.
Cirdan CEO Hugh Cormican said: “The backing of 57 Stars and the Investment Fund for Northern Ireland is a testament to the value and potential of our technology. With their support, we are confident in our ability to scale our solutions globally and make a significant impact in the healthcare sector, ultimately improving patient care and outcomes.”
Clarendon Fund Managers Investment Director Neil Simms said: “Cirdan is a shining example of the innovation and expertise that Northern Ireland has to offer. We are proud to support their continued expansion, which will not only strengthen the local economy but also improve healthcare systems worldwide.”
Managing Director of 57 Stars Bernard McGuire added: “Cirdan’s innovative technology is transforming the way critical diagnostic procedures are performed, and we are excited to support their journey toward becoming a global leader in pathology diagnostics and informatics. This partnership aligns with our strategy of investing in companies that harness technology to solve complex challenges in high-growth sectors.”
Mark Sterritt, British Business Bank Director of Nations and Regions Investment Funds said: “Cirdan is an excellent example of the highly innovative businesses we have in Northern Ireland who are really excelling in the life sciences sector. The work Cirdan is doing has the real potential to revolutionise the speed of patient diagnosis, reducing the waiting time for treatment and ultimately easing the burden on health systems. This equity investment, which was led by Clarendon Fund Managers, is exactly the sort of deal the Investment Fund for Northern Ireland was introduced for.”
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