Kernel Capital invests in IHG

The Bank of Ireland Seed and Early Stage Equity Fund, managed by Kernel, contributed €250,000 to the syndicated investment. Enterprise Ireland provided the remainder.

The company plans to expand into the tourism and heritage markets in the UK and North America, as well as other international markets. It will also use the capital to develop its product portfolio and conduct further research at the Nimbus Centre at Cork Institute of Technology, where the product originated as part of a five-year research programme.

Company
IHG makes hand-held embedded audio players for customers in the tourism, health & lifestyle and public advocacy sectors. The low-cost devices deliver up to four hours of personalised multilingual content and have attracted customers including Botanic Gardens Dublin and Christchurch Cathedral Dublin. The company is based in Cork.

People
Orla Rimmington worked on the deal as operations director at Kernel. Donal Duffy is head of Enterprise Ireland relations at Bank of Ireland, while Michael Moriarty is manager of financial & enterprise software high potential start-ups at Enterprise Ireland.

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• Expansion
• UK / Ireland
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• Ireland