AltraTech Raises €5m From Investors And EU

01 Jun 2017 | 09.18 am

AltraTech Raises €5m From Investors And EU

UL spinout secures €3m from Horizon 2020

01 Jun 2017 | 09.18 am

Altratech has raised €5.2m following The Bank of Ireland Kernel Capital Growth Fund and Infinity Capital leading a €2.2m investment, and the company securing €3m in EU Horizon 2020 funding.

Altratech was 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.

The company is developing a single-use portable semiconductor test kit for ‘point of care’ testing of infectious viral diseases.  AltraTech’s 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.

Tim Cummins was formerly the CEO and founder of ChipSensors, a Kernel Capital portfolio company acquired by Silicon Labs in 2010.  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. Joining as CEO is Dr Tara Dalton, who previously co-founded Kernel Capital portfolio company Stokes Bio, which was acquired by Life Technologies in 2010.

Niall Olden, Managing Partner, Kernel Capital, commented: “AltraTech is focused on achieving near term scientific goals that will have an immediate sustainable impact on world health. The company is led by an executive team of high intellect repeat entrepreneurs and has an experienced cohesive investor base.”

Cyril McGuire, whoc has invested €300,000 in thsi round, said he was impressed with the level of domain knowledge in the team and IP at AltraTech.

AltraTech began life in University of Limerick as a collaboration between Tim Cummins and Tara Dalton, bringing together their semiconductor and microfluidic experience (ChipSensors and Stokes-Bio respectively). Co-founder Brian O’Farrell brought a decade of population genetics and biotechnology expertise from UCC.

 

Photo (l-r): Niall Olden, Dr Tara Dalton, Dr Brian O’Farrell, Dr Tim Cummins and Cyril McGuire.

 

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