Atlantic Bridge has launched a new €80m venture capital fund focused on scaling and commercialising validated research from Irish third level institutions. 

Taxpayers are committing €20m to University Bridge Fund II through Enterprise Ireland. Also providing risk capital are the European Investment Fund, AIB, TCD, UCD and UCC.

Atlantic Bridge said the VC fund  will  invest in 'deep-tech' companies with a focus on how technologies such as artificial intelligence, robotics, IoT, quantum computing and health-tech can make an impact in areas of global concern such as energy efficiency, sustainability, carbon reduction and healthcare. 

The fund follows University Bridge Fund I from 2016, which has invested in over 30 tech companies that have raised over €220m in co-investment to date, including Neurent Medical, Siren.io, CroíValve, Manna and Ireland’s first quantum computing company, Equal1. 

TCD provost Paddy Prendergast commented: “This fund demonstrates how Irish universities can collaborate to create real impact from research for Ireland. It will provide an enhanced opportunity for all third level institutions to maximise the social and economic impact of their research.

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“It will result in our higher education sector creating a greater number of high quality spinout companies than ever before and can play a tangible role in improving our economy as we recover from Covid.”

Photo (l-r): Minister Simon Harris, Atlantic Bridge’s Helen McBreen and Patrick Prendergast. (Pic: Naoise Culhane)