Altratech Ltd has finalized a â¬ 5 million investment round with the Bank of Ireland Kernel Capital Growth Fund and Infinity Capital each investing â¬ 1.5 million.
Enterprise Ireland has also invested â¬ 500,000 and Claret Capital is providing a risk credit facility of â¬ 1.5 million as part of the investment round.
The company started life at the University of Limerick and is currently developing the next generation of molecular detection.
âOur team of 20 scientists and engineers have been developing our next-generation molecular sensing since 2016 and have built an extensive patent portfolio, with key patents granted in 2020 in the US and EU on our capacitive solid-state sensing. , our sample preparation and our bead tie. “said Tara Dalton, CEO of Altratech.
âSeven other patents are pending in China, Japan, Europe and the United States, including a patent filed jointly with the National Institute of Health US. This investment follows previous investments and our H2020 grants underpin the company’s scientific discoveries, âshe added.
“We need to take molecular diagnostics out of the clinical setting, and current methodologies have significant limitations to achieve this. Altratech’s patented solution can be used by anyone in any environment offering superior sensitivity and specificity. and compatible with any molecular target, âDenise Sidhu, partner at Kernel Capital, said.
âAltratech 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 which has the capacity to make a positive difference globally, âLeo Clancy, Managing Director of Enterprise Ireland said today.