Altratech is moving the monitoring of viral contagious diseases to the point-of-care and outside of the clinical setting.
Cork-headquartered life sciences business Altratech has completed a €5m investment round.
The round is being led by the Bank of Ireland Kernel Capital Growth Fund and Infinity Capital, each investing €1.5m, Enterprise Ireland which has invested €500,000 and Claret Capital is providing €1.5m venture debt facility.
“Seven further patents are pending in China, Japan, Europe and the US, including a patent jointly filed with the National Institute of Health US”
Focused on the next generation of molecular detection, the company is led by CEO Tara Dalton and began life as research at the University of Limerick.
Future of disease detection
“Altratech is developing the next generation of molecular detection,” said Denise Sidhu, partner at Kernel Capital.
“We need to take molecular diagnostics outside the clinical setting, and current methodologies have significant limitations to achieving this. Altratech’s patented solution will be suitable for use by anyone in any environment delivering superior sensitivity and specificity and compatible with any molecular target.”
Dalton said that the business is expecting more patents on top of existing discoveries.
“Our team of 20 scientist and engineers have been developing our next generation molecular detection since 2016 and have built an expansive patent portfolio, with key patents granted during 2020 in the US and EU on our semiconductor capacitive detection, our sample prep and our bead tethering,” Dalton explained.
“Seven further patents are pending in China, Japan, Europe and the US, including a patent jointly filed with the National Institute of Health US. This investment following on from prior investments and our H2020 grants underpins the company’s scientific discoveries.”
“We are once again delighted to see Kernel Capital through the Bank of Ireland Kernel Capital Growth Fund lead this substantial investment in Altratech Limited,” said Donal Duffy, senior director, Corporate Bank, Bank of Ireland.
“This company is led by a seasoned team with a strong track record of success in previous companies also supported by the Bank of Ireland Kernel Capital Venture Funds.”
The investment was welcomed by Enterprise Ireland CEO Leo Clancy.
“We are delighted to see the Bank of Ireland Kernel Capital Growth Fund lead this substantial investment in Altratech Limited. Altratech is a deep research company led by a seasoned team with a strong track record of success. Enterprise Ireland is proud to support this cutting-edge health research that has the capacity to make a positive difference globally.”
Main image at top (from left): Denise Sidhu, Partner, Kernel Capital; Leo Clancy, Chief Executive, Enterprise Ireland; Dr Tara Dalton, Chief Executive, Altratech Ltd; Cyril Maguire, Managing Director, Infinity Capital