Inveready backs Galgo in €1m round

The €1m round features both public subsidies and equity drawn from Inveready's second biotech-focused fund, which launched with a €15m target in December 2012. The fresh funds will be invested in the development of the company's flagship products 3D-DXA, ADAS and FVET.

The first of the three suites provides 3D imaging technology for osteoporosis diagnosis purposes, while the others are intended for arrhythmia and aneurysm stent surgery planning.

Over the coming months, Galgo intends to prioritise the ADAS and FVET products, with commercial launch in medical centres worldwide foreseen for 2016. The biotech will set up new offices in Singapore as part of its plans to expand from its Barcelona base.

This is the second Spanish software developer to be backed by Inveready over the past few weeks. In late September, the VC led a €3m round for Madrid-headquartered cybersecurity specialist Buguroo Offensive Security. According to unquote" data, the firm financed its contribution via its €20m early-stage fund First Capital II.

Company
A joint spin-off from Barcelona's Pompeu Fabra University and Hospital Clinic, Galgo Medical was founded in 2013. The company develops 2D and 3D imaging software used for the diagnosis and treatment of osteoporotic fractures, arrhythmia and aneurysm stent, among other conditions. The company's headquarters are located in Barcelona.

People
Sara Secall, a director of investments at Inveready, led the deal on behalf of the firm. Luis Serra founded Galgo Medical and is the company's current CEO.

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• Southern Europe
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