THE BANK OF IRELAND KERNEL CAPITAL FUNDS ALTRATECH AWARDED €10.5M FROM EUROPEAN INNOVATION COUNCIL

From Left: Niall Olden, Managing Partner, Kernel Capital & Chairman Altratech; Leo Clancy, Chief Executive, Enterprise Ireland; Dr Tara Dalton, Chief Executive, Altratech Ltd; Cyril Maguire, Managing Director, Infinity Capital.

8th October 2024
Bank of Ireland Kernel Capital Growth Fund portfolio Company Atratech Ltd has been selected to receive up to €10.5m in blended funding from the European Innovation Council’s Accelerator Programme.
This investment will allow Altratech to engage in clinical trials on HIV patients combined with significant scale-up in manufacturing and product development over the next three years. The innovative handheld device promises to dramatically improve the accessibility and convenience of molecular testing, thereby empowering healthcare providers and patients alike with on-the-spot, reliable diagnostic results.

With over 960 applicants, Cork-based Altratech are the only successful Irish applicant for the EIC Accelerator Investment this year. Altratech are one of 68 successful companies, spanning 17 countries, selected to receive up to €411 million in funding combined, of which up to €165 million in grants and an estimated €245 million in equity. Altratech, led by Dr. Tara Dalton make up part of the 21% of selected companies which are female-led.

Altratech is developing the next generation of molecular detection. There is a 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.
“The team at Altratech are exceptional. They have taken an innovative concept with the potential to be one of the most significant developments in molecular diagnostics in decades, all the way through proof of concept to initial product prototypes. With five families of over 40 patents granted across the EU, US and Asia the company is an exemplar for the commercialisation of research and development.”

Niall Olden, Managing Partner, Kernel Capital

“Altratech is making great advancements in the crucial area of rapid diagnostic testing outside of healthcare settings. The recent support from the European Innovation Council (EIC) underscores Altratech’s novel technology to allow for the diagnosis and monitoring of viral contagious diseases at the point of care, including in a home setting, enabling testing by anyone, anywhere, and at anytime. The investment secured is a testament to the innovation and dedication of the Altratech team. I would like to congratulate Tara and the team on this investment and wish Altratech every success as their technology evolves and the business continues to grow.”

Minister for Enterprise, Trade & Employment

“Altratech is a cutting-edge biotechnology company, transforming molecular diagnostics through developments in nanotechnology. The award by the European Innovation Council recognises the innovation and potential behind Altratech’s novel technology for molecular testing of viruses in non-clinical settings. Ireland’s overall success in the Horizon Europe EIC programme, supported by Enterprise Ireland in our National Contact Point capacity, shines a spotlight on the innovation and capability of Irish companies to compete on a global level. This funding provides the critical support required to enable these innovative companies such as Altratech to further develop and scale their business.”

Marina Donohoe, Head of Research and Innovation, Enterprise Ireland

“This award from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland will enable us to conduct both pre-clinical and clinical trials on the initial application of this technology. Furthermore, we can extend our product offerings into other diseases building a strong pipeline based on this innovative solution.”

Tara Dalton, CEO, Altratech

Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the European Innovation Council (EIC) Accelerator Programme is Europe’s flagship innovation programme and it provides grant funding of up to €2.5 million combined with an equity investment ranging from €0.5 to €15 million in a blended finance offer. Enterprise Ireland leads the National Support Network for Horizon Europe which includes supporting Irish deep-tech companies to compete and win funding in the highly competitive EIC funding programmes.
The EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale ups and SMEs led by a strong, well-balanced leadership team which are already making good progress in commercialising highly differentiated, deep-tech products capable of creating new markets or disrupting existing ones.