BANK OF IRELAND KERNEL CAPITAL VENTURE FUNDS
INVESTMENT IN CIRDAN IMAGING
Cirdan Imaging
From Left:Allen Martin, Senior Investment Executive, Kernel Capital; Hugh Cormican, CEO, Cirdan Imaging; William McCulla, Director Corporate Finance, Invest NI Gillian Sadlier, Senior Business Manager, Business Banking NI, Bank of Ireland.
Belfast, Northern Ireland, 23 February 2015: Kernel Capital through the Bank of Ireland Kernel Capital Growth Fund has made a significant investment in Cirdan Imaging. Head Quartered at Lisburn N. Ireland. Cirdan Imaging designs, manufactures and distributes novel medical diagnostic solutions.

The Company exports globally and has offices in Canada and Australia. The firm has been supported by Invest Northern Ireland through Co-Fund NI and QUBIS. Following the investment, Allen Martin, Senior Investment Executive with Kernel Capital has joined the board. Established in 2010 by CEO Hugh Cormican and CTO Stephen Dunniece, Cirdan Imaging addresses the market need for robust scalable ‘digital workflow’ products for pathology laboratories.

Recognising a significant ‘market gap’ Cirdan Imaging has developed its own high performance camera and image processing technology which integrates diagnostic instrumentation throughout the lab environment. This modular platform is scalable to serve the spectrum from large hospitals and networked laboratories to independent clinics. Cirdan’s Digital Pathology now offers a combination of macro imaging and digital slide imaging solutions enabling the creation of case specific, flexible and comprehensive image archives and databases. The Company continuously invests in research and development, creating novel products that improve workflow efficiency within the laboratory. In 2013 the firm’s management sourced, structured and executed the acquisition of an element of GE Healthcare’s business - ULTRA Laboratory Information System (LIS). Exporting from its Lisburn base, the Company has established a global footprint with ‘blue chip’ customers in the UK, US, Canada, Australia and the Middle East.

“Kernel Capital has a strong track record of investing with high growth export focused innovative companies. We look forward to Kernel Capital’s strategic and hands-on input as we scale the company, increasing our exports and creating further employment in Northern Ireland.”
Hugh Cormican, CEO Cirdan Imaging

“We are pleased to invest in such a progressive company. The founders and their team have developed an impressive suite of medical diagnostic and imaging products, and through their business acumen have already achieved significant global sales and identified future growth opportunities.”
Allen Martin, Senior Investment Executive, Kernel Capital

“Cirdan Imaging is a dynamic and innovative company with high growth potential. This investment by Kernel Capital, part funded through Invest NI’s Access to Finance portfolio, is a welcome endorsement of Cirdan’s pioneering work and will help drive the company’s global development plans.”
William McCulla, Invest NI’s Director of Corporate Finance

“Through our experience in supporting business start-ups through to public listing we have a strong understanding of the value of innovation and its importance right across the business spectrum. We are delighted to see this investment in Cirdan Imaging and to work with Kernel Capital through The Bank of Ireland Kernel Capital Growth Fund which supports innovative SMEs focused on export led growth and building the next generation of world-class companies in Northern Ireland.”
Gillian Sadlier, Senior Business Manager, Business Banking NI, Bank of Ireland

The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15million of funding to this fund, which has the potential to invest over £24million in SMEs over the next five years.

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