Cirdan has announced a new partnership with Salica Investments, securing a £4 million venture debt facility to support continued innovation and international expansion. Salica’s investment marks the firm’s first deal in Northern Ireland, with the facility providing additional capital to support the company’s next phase of growth. Alongside the venture debt facility, Cirdan has secured over £3 million in additional equity investment, including £1.25 million from 57 Stars and £1.25 million from the Investment Fund for Northern Ireland (IFNI) equity fund, which is managed by Clarendon Fund Managers.
These investments form part of the £12.9 million total funding announced by Cirdan last month. The funding will support the continued development and global deployment of Vision Path, Cirdan’s next-generation pathology platform. Vision Path is a secure, modular, cloud-based pathology platform that unifies data across laboratory networks and integrates imaging, artificial intelligence and standards-based interoperability to modernise diagnostic workflows across all pathology disciplines.
The platform supports multilingual deployment across regions, states and countries, enabling laboratories to collaborate and scale services internationally. Cirdan’s technologies are already used in laboratories and hospitals around the world, helping healthcare professionals deliver faster and more accurate diagnoses while improving efficiency across healthcare systems.
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Hugh Cormican, CEO of Cirdan, said: “We are delighted to partner with Salica Investments on their first investment in Northern Ireland. Their support, alongside the continued backing of our investors, strengthens our ability to accelerate growth and expand into new international markets. Vision Path represents the next generation of pathology informatics, bringing together data, imaging and AI to modernise diagnostic workflows and support faster, more accurate diagnoses for patients around the world.”
Stephen Fahy, Venture Debt Partner at Salica Investments, said: “We are very happy and proud to have Cirdan as our first investment in Northern Ireland. We have been hugely impressed with their growth journey and innovation to date and look forward to supporting their exciting growth plans, as Cirdan continue to develop advanced diagnostic technologies and imbed deep tech functionality in its imaging and LIS products.”
Neil Simms, Investment Director at Clarendon Fund Managers, said: “This recent investment brings total investment in the last year to over £14m and marks the next stage in Cirdan’s growth strategy as the company continues to scale internationally whilst providing the highest standard of service to its existing customers. Through its team and customer base centred in the UK, Australia and North America, it processes millions of lab tests per month and does so in such a way that speeds up processing of testing and helps maximise patient outcomes.”
The £70m IFNI was launched by The British Business Bank to tackle an identified funding gap, with the aim of driving sustainable economic growth by supporting innovation and creating opportunities for new and scaling businesses in all sectors. Clarendon Fund Managers manages IFNI’s £40m equity fund.
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