Altratech led by CEO Dr Tara Dalton Completes €5M Investment Round
13th December 2021
Cork-based Altratech Ltd has completed a €5M investment round led by The Bank of Ireland Kernel Capital Growth Fund and Infinity Capital each investing €1.5M. In addition, Enterprise Ireland invested €500k and Claret Capital are providing €1.5M venture debt facility.
CEO of Altratech, Dr Tara Dalton said: “Our team of 20 scientist and engineers have been developing our next generation molecular detection since 2016 and have built an expansive patent portfolio, with key patents granted during 2020 in the US and EU on our semiconductor capacitive detection, our sample prep and our bead 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. This investment following on from prior investments and our H2020 grants underpins the company’s scientific discoveries.”
Altratech is creating an infrastructure of technology and data to manage contagious viral diseases, important for the future of decentralised connected healthcare and wellbeing.
Based on the novel Detection by Proxy concept, Altratech has developed the next generation of molecular detection.
The technology enables any person, anywhere, to rapidly and accurately measure and quantify viral RNA, DNA, antigen, or antibody samples.
Denise Sidhu, Partner, Kernel Capital “Altratech is developing the next generation of molecular detection. We need to take molecular diagnostics outside the clinical setting, and current methodologies have significant limitations to achieving this. Altratech’s patented solution will be suitable for use by anyone in any environment delivering superior sensitivity and specificity and compatible with any molecular target.”
Leo Clancy, Chief Executive, Enterprise Ireland “We are delighted to see the Bank of Ireland Kernel Capital Growth Fund lead this substantial investment in Altratech Limited. Altratech is a deep research company led by a seasoned team with a strong track record of success. Enterprise Ireland is proud to support this cutting-edge health research that has the capacity to make a positive difference globally.”
Donal Duffy, Senior Director, Corporate Bank, Bank of Ireland said: “We are once again delighted to see Kernel Capital through the Bank of Ireland Kernel Capital Growth Fund lead this substantial investment in Altratech Limited.
This company 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.”
Pictured (l-r): Denise Sidhu, Partner, Kernel Capital; Leo Clancy, Chief Executive, Enterprise Ireland; Dr Tara Dalton, Chief Executive, Altratech Ltd; Cyril Maguire, Managing Director, Infinity Capital.