Kernel et al. invest €900,000 in AltraTech
Kernel Capital, Enterprise Ireland and the company's founders have collectively invested €900,000 in AltraTech, the Irish developer of a diagnostics kit for food traceability.
Kernel contributed €650,000 to the round via the €32m Bank of Ireland Seed and Early Stage Equity Fund.
The funding will be used by AltraTech to develop and trial its BeadCap food DNA test technology. The company also plans on hiring up to seven new staff in the next 12 months.
Company
Founded in 2013 as a spinout from the University of Limerick, AltraTech is developing a single-use semiconductor test kit for food traceability, designed to provide species-specific identification of food content and contaminations.
The company claims its diagnostics kit will reduce the waiting time for DNA testing of food from the current two to five days to just 30 minutes.
People
AltraTech was founded by CEO Tim Cummins and Brian O'Farrell. Ger Goold is a partner at Kernel, while Brian O'Neill is the head of life sciences high-potential start-ups at Enterprise Ireland.
Advisers
Equity (Kernel) - JW O'Donovan Solicitors, John Fuller (Legal).
Company - Holmes O'Malley Sexton Solicitors, George Kennedy (Legal).
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