Altratech secures €10.5m in EIC funding to develop molecular testing platform
Cork-based diagnostics company Altratech has been approved for a recommended investment of €10.5 million from the European Innovation Council (EIC) Accelerator.
Altratech has developed a groundbreaking molecular testing platform that seamlessly integrates advanced silicon chip technology with cutting-edge nanotechnology to enabling precise molecular diagnostics to be conducted outside traditional clinical environments.
Its handheld device promises to dramatically improve the accessibility and convenience of molecular testing, thereby empowering healthcare providers and patients alike with on-the-spot, reliable diagnostic results.
The new investment will allow the company to conduct clinical trials and accelerate manufacturing and product development over the next three years.
Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the European Innovation Council (EIC) Accelerator Programme is Europe’s flagship innovation programme and it provides grant funding of up to €2.5 million combined with an equity investment ranging from €500,000 to €15 million in a blended finance offer.
Enterprise Ireland leads the National Support Network for Horizon Europe which includes supporting Irish deeptech companies to compete and win funding in the highly competitive EIC funding programmes.
Marina Donohoe, head of research & innovation, Enterprise Ireland, said: “The award by the European Innovation Council recognises the innovation and potential behind Altratech’s novel technology for molecular testing of viruses in non-clinical settings. Ireland’s overall success in the Horizon Europe EIC programme, supported by Enterprise Ireland in our National Contact Point capacity, shines a spotlight on the innovation and capability of Irish companies to compete on a global level. This funding provides the critical support required to enable these innovative companies such as Altratech to further develop and scale their business.”
Dr Tara Dalton, CEO, Altratech, said: “This award from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland will enable us to conduct both pre-clinical and clinical trials on the initial application of this technology. Furthermore, we can extend our product offerings into other diseases building a strong pipeline based on this innovative solution.
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