Luminate Medical in a $5 million equity deal backed by Elkstone Capital Partners

Luminate Medical, a Galway, Ireland-based health startup developing devices to eliminate hair loss during chemotherapy, announced completing a $5 million financing round.

The money includes grants and equity raised from investors including Elkstone Capital, SciFounders, and Faber VC.

Luminate Medical, founded in 2019 by CEO Aaron Hannon and Barbara Oliveira, developed a portable wearable medical device used to prevent chemotherapy induced hair loss. The product, called Lilly, is a wearable headset device that patients use during and for short time after chemotherapy to prevent hair loss from happening. Lily is a little cap that patients own themselves and bring to treatment and it works by applying a gentle progressive massage onto the surface of the scalp. The pressure prevents chemotherapy from being delivered through the tiny little blood vessels that feed the hair follicles. The product is yet to be launched, and is expected to be made available via a controlled pilot study in the second part of 2022.

Luminate Medical is one the European startups that were part of Y Combinator in the summer of 2021.