Lua Health secures €500k in pre-seed round

Insight spin-out supported by Enterprise Ireland and Growing Capital

Trade

Pictured: Anna-Marie Turley, Enterprise Ireland; Gianni Matera, Growing Capital; Dr. Mihael Arcan and Fionn Delahunty, Lua Health

Lua Health, a proactive well-being platform for the workforce, has successfully concluded its pre-seed funding round, securing €500,000 in investment from Enterprise Ireland and the private investment company Growing Capital.

Founded by Fionn Delahunty and Dr. Mihael Arcan in 2023, Lua Health emerged as a spin-off from the University of Galway and the Insight SFI Research Centre for Data Analytics. The team received prior support from the Enterprise Ireland commercialisation fund.

Lua Health has pioneered proprietary Artificial Intelligence algorithms capable of accurately detecting indications of poor mental health based on how a person speaks or writes. Following a thorough period of customer discovery, the team has crafted a product tailored for the corporate wellness market. Implemented in a privacy-by-design manner, the product allows employees to gauge their mental well-being in real-time, facilitating access to support if needed. Simultaneously, it empowers companies to transition from a reactive well-being culture to a proactive one. The technology has already undergone validation in various enterprise settings, showcasing significant improvements in well-being, increased engagement with benefits, reduced sick leave, and heightened productivity.

Reflecting on the investment, Fionn Delahunty, co-founder of Lua Health, said: “We’re thrilled to have the support of Enterprise Ireland and Growing Capital. This marks a global turning point in both the well-being space post-COVID and the AI sector. Lua Health’s mission is to assist individuals in better understanding their well-being and putting an end to silent suffering. We’re excited to have two prominent Irish partners supporting us on this journey.”

Anna-Marie Turley, department manager, HPSU & Entrepreneurship, Enterprise Ireland said: “Lua Health’s highly innovative and disruptive technology solution addresses a gap in the market allowing businesses to monitor and take action to prevent mental health deterioration amongst their staff.”

Gianni Matera, founder, Growing Capital, added: “We take pride in our investment in Lua Health’s technology, enabling individuals to gain a deeper understanding of their well-being and take timely actions to prevent situations from worsening. Lua Health marks our 14th collaborative venture with Enterprise Ireland, and proudly stands as our fifth investment in innovative spin-outs stemming from Irish universities.”

TechCentral Reporters

Read More: Enterprise Ireland Lua Health start-ups