AltraTech secures €5m for molecular detection research

Start-up has been developing next generation molecular detection since 2016

Trade

Denise Sidhu, Kernel Capital; Leo Clancy, Enterprise Ireland; Dr Tara Dalton, AltraTech; Cyril Maguire, Infinity Capital. Image: Gerard McCarthy

AltraTech has completed a €5 million investment round led by The Bank of Ireland Kernel Capital Growth Fund and Infinity Capital, which saw both invest €1.5 million. Enterprise Ireland invested €500,000 in the fund and Claret Capital provided €1.5 million venture debt facility.  

The Cork-based start up’s mission is to enable next generation molecular detection by using technology that enables robust, straightforward and flexible molecular diagnostics in any environment.

“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,” said Tara Dalton, CEO, AltraTech. “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.”  

“AltraTech is developing the next generation of molecular detection,” said Denise Sidhu, partner, 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.”

“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. 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,” added Donal Duffy, senior director, corporate bank, Bank of Ireland.

Kernel Capital was advised on this transaction by LK Shields and AltraTech by RDJ.

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