From Left: Niall Olden, Managing Partner, Kernel Capital; Dr. Tara Dalton, CEO, AltraTech; Dr. Brian O’Farrell, Co-Founder, AltraTech; Dr. Tim Cummins, Co-Founder, AltraTech & Cyril McGuire, CEO & Founder, Infinity Capital.Cork Ireland, 1 June 2017:
Altratech Ltd, have raised €5.2M following The Bank of Ireland Kernel Capital Growth Fund and Infinity Capital leading a €2.2M investment and the Company securing €3M in EU Horizon 2020 funding.
Altratech was founded in 2013 by Dr. Tim Cummins and UCC-based Dr. Brian O’Farrell with initial investment from the Kernel Capital managed Bank of Ireland Seed and Early Stage Fund. The Company is developing a single-use portable semiconductor test kit for ‘point of care’ testing of infectious viral diseases. AltraTech’s technology has the potential to decentralize clinical blood testing into ‘in the field’ point-of-care settings enabling rapid diagnosis and decision-making on-site.
Tim Cummins was formerly the CEO and founder of ChipSensors, a Kernel Capital portfolio company acquired by Silicon Labs in 2010. Cyril McGuire of Infinity Capital, who most recently invested with Kernel Capital in Corlytics and MPSTOR (acquired by Sanmina Corp. 2016) has joined the Board, and joining as CEO is Dr. Tara Dalton, who previously co-founded Kernel Capital portfolio company Stokes Bio, which was acquired by Life Technologies in 2010.
“AltraTech is a Company focused on achieving near term scientific goals that will be productized rapidly and will have an immediate sustainable impact on world health. The Company is led by an executive team of high intellect repeat entrepreneurs and has an experienced cohesive investor base.”
Niall Olden, Managing Partner, Kernel Capital
“Infinity Capital were very impressed with the level of domain knowledge in the team and IP at AltraTech and are very excited about the significant commercial opportunities that exist for the Company globally.”
Cyril McGuire, CEO & Founder, Infinity Capital“We are delighted with the support from our investors – Kernel Capital and Infinity Capital. Their investment will enable the continued development of Altratech’s innovations in viral detection.”
Dr. Tara Dalton, CEO, AltraTech
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