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Altratech Announces €3.5m Equity Funding

/ 10th December 2021 /
Nick Mulcahy

Altratech has announced a €5m funding round, with Bank of Ireland Kernel Capital Growth Fund and Infinity Capital each investing €1.5m.

Taxpayers invested €500,000 through Enterprise Ireland, and company filings disclose that the equity issue was effected in December 2020.

In the filing, Altratech also stated that Claret Capital is providing €1.5m in loan funding.

CEO Tara Dalton said the Altratech team has been developing what she calls “our next generation molecular detection” since 2016. Important patents were granted during 2020 in the US and EU relating to the company’s semiconductor capacitive detection, sample prep and our tethering.

"Seven further patents are pending in China, Japan, Europe and the US, including a patent jointly filed with the National Institute of Health US,” she added.

In Association with

Denise Sidhu of Kernel Capital said Altratech’s molecular diagnosis solution will be suitable for use by anyone in any environment, delivering superior sensitivity and specificity and compatible with any molecular target.

Donal Duffy at Bank of Ireland stated: “Altratech is led by a seasoned team with a strong track record of success in previous companies also supported by the Bank of Ireland Kernel Capital Venture Funds.”

The Cork venture, established by Tim Cummins in 2013 and employing 20 people, booked a loss of €1.2m in 2020, bringing accumulated losses to €3.9m.

Total equity investment amounted to €5.2m on 31 December 2020, and portions of the €1.4m of company liabilities were shareholder loans.

Kernel Capital was advised by LK Shields and Altratech by RDJ on the transaction.

Photo (l-r) Denise Sidhu, EI’s Leo Clancy, Tara Dalton, and Cyril McGuire of Infinity Capital. (Pic: Gerard McCarthy)

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