Altratech Ltd, a Cork, EIRE-based developer of a viral RNA diagnostic kit, raised €5.2M in total funding.
The Bank of Ireland Kernel Capital Growth Fund and Infinity Capital led a €2.2m investment while the company secured €3m in EU Horizon 2020 funding. In conjunction with the funding, Cyril McGuire of Infinity Capital, who most recently invested with Kernel Capital in Corlytics and MPSTOR (acquired by Sanmina Corp. 2016) has joined the Board.
The company intends to use the funds for the continued development of its innovations in viral detection.
Founded in 2013 by Dr. Tim Cummins and UCC-based Dr. Brian O’Farrell with initial investment from the Kernel Capital managed Bank of Ireland Seed and Early Stage Fund, and led by Dr. Tara Dalton, CEO, Altratech is developing a single-use portable semiconductor test kit for “point of care” testing of infectious viral diseases. The technology has the potential to decentralize clinical blood testing into “in the field” point-of-care settings enabling rapid diagnosis and decision-making on-site.