A liquidator has been appointed to Sonex Metrology Ltd, a DCU spin-out formed in 2010. The company developed technology that focuses on detecting mechanical defects in semiconductor and solar cell wafers.

The company claimed the technology is unique because it is non-destructive, does not have to touch the wafer and can detect problems on the surface and deep in the silicon below opaque layers.

The Sonex Metrology team was led by Michael Cunningham, who set about commercialising an idea emanating from the research of Professor Patrick McNally in DCU. McNally resigned as a director in August 2015, along with director Stephen Daniels, who was also a shareholder.

Sonex raised €150,000 in BES funding in December 2011, followed up with €250,000 in EII investment funding in December 2012. Further EII investments were €25,000 in May 2013 and €136,000 in December 2013.

The taxpayer invested €350,000 in the venture through Enterprise Ireland.

In Association with

The company booked a loss of €568,000 in 2014, bringing accumulated losses to €1.5 million. The deficit in shareholders’ funds at year-end was €749,000.

The 2014 accounts were qualified on a Going Concern basis, with the accounts stating that the directors raised a further convertible loan note in May 2015 “that will provide funding for the company up to the end of the 2015 fiscal year. The directors are confident that they will secure further funding before this to allow the company to continue trading as a going concern for the foreseeable future”.

The liquidation is being handled by Tom Murray of Friel Stafford.