Creganna Medical co-founder Ian Quinn, Novate Medical founder Paul Gilson, MedNova and Embo Medical participated in the funding round.

Galway-based Bluedrop Medical plans to use the funding on development and commercialization of its internet-connected device which predicts diabetic foot ulcers formation through scanning of a person’s foot.

The company is developing novel technology, capable of detecting ulcers early, when they can be treated more effectively and cheaply.

It is estimated that about 25% of diabetics will develop a foot ulcer at some point in their life.

Bluedrop Medical co-founder Chris Murphy was quoted by as saying the company's technology can prevent hundreds of thousands of amputations through early detection of ulcers.

Murphy added that while diabetic foot disease results in a limb lost every 20 seconds anywhere in the world, the Bluedrop technology has the potential of saving billions of euros each year.

Murphy said: "Our device looks like an electronic weighing scales you might have in your bathroom, but it performs a daily scan of a patient's feet. It then sends the data to the cloud for analysis using advanced algorithms capable of detecting abnormalities.

"Treatment is easier with early detection and outcomes and costs are greatly improved. Up to 25% of diabetics will develop a foot ulcer at some point in their life.

“These can take months to heal – and if not treated early they can result in amputation. There are eight a week here, and up to 86,000 every year in the US.”

Bluedrop is planning to finalise its product development as well as obtain the US Food and Drug Administration approval and launch its product in the US through another funding round within 2017.