BANK OF IRELAND SEED AND EARLY STAGE FUND
DIVESTMENT PROGRAM ANNOUNCED FOLLOWING US$21M ENTERPRISE VALUE TRANSACTION WITH NEOSURGICAL
Cork Ireland, 30 April 2015:
Kernel Capital today confirmed that it has commenced a formal divestment program of the 2009 Bank of Ireland Seed and Early Stage Fund. This Fund has a portfolio of almost 40 companies and Kernel Capital are now delivering on a structured program of divestment. Under this program, new third party investment in our portfolio companies is facilitated, while simultaneously divesting the Fund’s interest.
Galway-based neoSurgical is one of the first companies to benefit from this program, with the Bank of Ireland Seed and Early Stage Fund facilitating a US$5.6m investment from US investor SAIG at a post-money Enterprise Value of US$21m. The Company has completed product development of its lead surgical device neoClose® and secured both FDA and CE Mark certification.  This new investment will support the Company’s export led growth through its entry into US and European markets.
“The Bank of Ireland Seed and Early Stage Fund investment in 2011 was the major enabler to getting us to where we are now. From inception Kernel Capital’s leadership team gave us the confidence to seize the market opportunity and most recently they played a key role in structuring the SAIG investment.”   
Barry Russell, CEO neoSurgical

Our divestment program returns profitable cash proceeds to our investors and delivers upon the mandate of the Fund.  Kernel Capital forecast 25% of the Bank of Ireland Seed and Early Stage Fund to be divested by Q2 2016. We are now focused on our All Island Bank of Ireland Kernel Capital Growth Funds which are actively investing in the €1m to €5m range, our most recent investment from these Funds was the medical imaging company, Cirdan Imaging Limited in January 2015.

“This latest divestment is the 17th successful divestment of the Bank of Ireland Kernel Capital Venture Funds and the 7th in the past twelve months. It is an excellent example of how this early stage Fund can be a catalyst for growth, successfully transitioning a company to series A funding while generating cash returns for our investors. We will be announcing similar divestments in the coming months.”

Ger Goold, Partner Kernel Capital
The Bank of Ireland Kernel Capital Venture Funds with a portfolio of 80 companies employing almost 1,200 people invest in the range of €500k to €5m per company and complete on average 25 deals per annum on the island of Ireland.

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For further information please contact:
Dawn Walsh, Kernel Capital.
Tel:  +353 21 4928974

Notes to Editors:

About neoSurgical
www.neosurgical.com
neoSurgical is an award-winning global medical device company focused on providing technical innovation to the surgical devices industry, particularly for those surgeons conducting laparoscopic and minimally invasive surgery (MIS). Winner of the 2014 Kinetic Process Innovation Award and the R&D 100 Award, neoSurgical leverages its in-depth expertise in interpreting surgeons' needs and converting these needs via an innovative and market led engineering response to deliver compliant devices with the goal to make surgery safer, simpler and superior for both surgeons and their patients. The company's European headquarters is in Dublin with U.S. headquarters in Boston.

About Kernel Capital & Seroba Kernel
www.kernel-capital.com
Kernel Capital and Seroba Kernel invest in ICT and Life Sciences covering the full spectrum from early stage investment through to Series A, B, C and later rounds. Our funds are supported by Bank of Ireland, Enterprise Ireland, Invest NI, University of Limerick Foundation, NUI Galway Foundation and a range of other financial institutions including public and private pension funds and a family office.  Our portfolio of 70+ companies employ in excess of 1,200 people in Ireland, almost all at graduate and post graduate level and they have been granted over 150 scientific patents.
Investing exclusively in ICT, Kernel Capital was established in 2001 and raised further Funds in 2003, 2007, 2009 and 2013. Most recently we launched the All Ireland Bank of Ireland Kernel Capital Growth Funds, with investment teams based in Belfast, Cork and Dublin and dedicated to investment in both jurisdictions on the Island of Ireland. Other investee companies within Northern Ireland include Silform Technologies & DisplayNote.

Seroba Kernel was established in 2009 and focuses on life Science investments in Ireland, the UK and mainland Europe. At Seroba Kernel we work with some of Europe's best entrepreneurs developing innovative medical devices, diagnostics and therapeutic drugs. Co-founded by Kernel Capital, Seroba Kernel Life Sciences Limited is the General Partner of Seroba Kernel Life Science Fund II and a wholly owned subsidiary of Seroba Kernel Ltd of which Kernel Capital is the largest shareholder. The Bank of Ireland Kernel Capital Fund II is a Limited Partner of The Seroba Kernel Life Science Fund II.
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