Losses more than doubled at the highly regarded Irish start-up Beats Medical last year, newly-filed abridged accounts show.
The company, whose founder Ciara Clancy is a previous European winner of the Cartier Women's Initiative awards, reported a €218,954 loss for the 12 months to the end of last August. This took accumulated losses from €61,757 in 2016 to €280,711 a year later.
Founded in 2012 by Ms Clancy, who launched the company when she was just 22 years old, Beats Medical has developed an app that offers individually tailored treatments for people with Parkinson’s, addressing mobility, speech and fine hand movement symptoms.
A chartered physiotherapist and former dancer, Ms Clancy worked for several years with sufferers of Parkinson’s before setting up the business which provides a sound wave treatment for patients.
According to the latest accounts, Beats Medical had cash at hand of €225,792 last year, down from €298,575 a year earlier as employment-related costs rose to €75,347.
Ms Clancy, who was shortlisted for the EY Entrepreneur of the Year award last year, was recently named Ireland’s Best Young Entrepreneur in a Local Enterprises Offices competition that included a €45,000 investment.
Beats Medical was also selected as the first Irish company to be invited to present at Google’s demo day in Silicon Valley last November.
