Pictured L to R: John Casserly, Senior Manager, AIB Mid-Leinster Business Centre Naas, Eric Reed,       Partner, Enterprise Equity Venture Capital, Galway and Gavin O'Sullivan, CEO, Nortev Limited

Enterprise Equity Venture Capital has completed an investment of €170,000 in Nortev Limited, a Galway based technology company which develops innovative medical devices for the veterinary industry, for the AIB Seed Capital Fund as part of a €317,000 total funding round.

Nortev has recently developed a new product called FlexiNeb for the equine industry and the €170,000 investment will allow the company to complete final testing of the product and launch it to market.  FlexiNeb is a revolutionary method of controlling and treating typical respiratory diseases in horses. The product involves the use of an equine mask which manages Recurrent Airway Obstruction (RAO) and Inflammatory Airway Disease (RAD).

The product has already been demonstrated to a large number of horse trainers and vets in both Ireland and the UK and has been extremely well received. The product also hasthe potential to expand to the companion animal market.

Nortev was founded in 2008 by business partners Gavan O’ Sullivan and Declan Moran. The company was supported during initial start up by Enterprise Ireland and a successful BES funding round in 2009.

“Nortev is an excellent example of a high-potential start-up that has significant growth opportunity both at home and abroad. Ireland is a leading and influential market internationally in the equine sector and we believe Nortev is well positioned, post investment, to gain market share internationally for its products.” said Eric Reed, a Partner in Enterprise Equity, who will join the Board of Nortev.  Gavan O’Sullivan, CEO of Nortev, said “The investment by the AIB Seed Capital Fund will enable Nortev to complete final validation testing of Flexineb™ – our new device which helps to reduce the amount of time a competitive horse suffering from a respiratory condition is out of training - and allow us to launch the product to market. Nortev now intends to commercialise and market the product aggressively in the Irish and International markets.”

Denis Marnane, Chairman of AIB Seed Capital Fund, added that “The AIB Seed Capital Fund is delighted to invest in this exciting young business.  AIBSCF is continuing to play a very important role in supporting companies throughout Ireland who require seed and early stage funding.”