BANK OF IRELAND KERNEL CAPITAL growth FUND
PORTFOLIO COMPANY CIRDAN IMAGING INVESTS £2M IN R&D
Invest NI Press Release, 25th January 2017:

Cirdan Imaging is investing in its future growth within the precision medicine market, creating 46 new jobs over the next four years and undertaking a major multimillion pound R&D project.

Cirdan Imaging is a company specialising in developing medical devices and software that are used in surgery and cancer diagnosis by pathologists and radiologists. The company has established a growing reputation for ‘Ultra’ its laboratory information system and ‘Vividpath its pathology imaging solution that have a growing customer base among many public and private hospital laboratories.

“Studies show a solid link between investment in R&D, profitability and growth. This R&D project will enable Cirdan to develop new precision medicine product solutions to meet the future need of both existing and new customers. The new, high salaried jobs will focus on building the company’s customer base in new markets ensuring Cirdan is in the best possible position to capitalise on new opportunities and grow its business. Our support is helping this innovative company to scale up quickly. This is part of a strategic focus to support our smaller companies to realise their full potential and become our major employers of the future.”
Alastair Hamilton, CEO, Invest NI

Invest NI has offered £1.4m in support towards the R&D project and the creation of the 46 jobs, offering an average salary of £33,500. The R&D project is in collaboration with the Northern Ireland’s Molecular Pathology Laboratory (NIMPL) at Queens University Belfast (QUB).

“Hospital laboratories are undergoing a major transformation as they adopt the new workflows and instrumentation required for the emerging precision medicine model of HealthCare. Working with QUB, we intend to be at the forefront of this change, supporting laboratories globally to meet this demand. The new jobs will help us identify new markets and new customers, and our R&D investment will mean we can develop new products and expand our exports especially into the markets of Oceania and North America. The support of Invest NI has been invaluable to allow us to make the necessary scale of investment within the required timescales to allow us to compete effectively in these markets.”
Hugh Cormican, CEO, Cirdan Imaging

Cirdan Imaging has received investments through Invest NI’s Access to Finance Funds, initially through Co-Fund and most recently through the Bank of Ireland Kernel Capital Growth Fund.

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 £15 million of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

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