Location: Lynn Library, Queens University Belfast.Belfast, Northern Ireland, 20th March 2018:
The Bank of Ireland Kernel Capital Growth Fund (NI) has led a £1.2M investment in Queens University Belfast (QUB) spin-out Causeway Sensors, in syndication with QUBIS and private investors. Causeway Sensors has availed of Invest Northern Ireland support for Research & Development. Further funding was secured from Innovate UK.
Causeway Sensors’ solution addresses the global problem of antibiotic resistance, which, according to the World Health Organisation, is at dangerously high levels and is one of the biggest threats to global health, food security, and development today. The Company have developed a novel method of distinguishing between a viral and bacterial infection in a real-time point-of-care setting, enabling a reduction in the ineffective use of antibiotics for viral infections.
‘We are delighted to receive this funding from the Bank of Ireland Kernel Capital Growth Fund (NI), Invest NI, Innovate UK, QUBIS and our private investors. Causeway Sensors recently took a strategic decision to focus its ground breaking technology on applications in the medical diagnostics market. This investment validates this new strategy and we look forward to growing our team, developing the technology and exploring new market opportunities.’
Dr. Bob Pollard, CEO, Causeway Sensors
‘Causeway Sensors is a great example of an ambitious company which has used a range of Invest NI support to help it develop its pioneering technology which it is now targeting at the global biosensor industry. The Development Funds, one of which is managed by Kernel Capital, were specifically designed to help businesses like Causeway Sensors which have the potential to grow in global markets and scale quickly. This latest investment demonstrates how important these funds are.’
William McCulla, Invest NI’s Director of Corporate Finance
‘Bank of Ireland is delighted to support the ambitious and important work of Causeway Sensors with the commercialisation of this new diagnostic breakthrough. Supporting the growth of local innovative companies and start-ups is a key priority for Bank of Ireland and we look forward to working with the team over the coming years.’
Gavin Kennedy, Head of Business Banking NI, Bank of Ireland UK
‘Causeway’s applied research builds on Northern Ireland’s world class leadership in this domain, and they now have the capability to meet a global need in delivering an innovative and efficient point of care system.’
Jayne Brady, Partner, Kernel Capital
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. Invest NI’s R&D support is part funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.
For more information please contact:
Helen Norris, Kernel Capital
+44 28 90428367
Notes to Editors
About Causeway Sensors www.causewaysensors.com
Causeway Sensors have recognised a need for rapid accurate diagnosis on a platform that is robust, easy to use and mobile. This allows us to bring the diagnostic test to the patient. Our unique nanostructured chip offers a breakthrough technology based on years of outstanding research coming out of Queen’s University Belfast. The ground-breaking nature of our nanostructure chip platform allows unrivalled levels of sensitivity and specificity in the detection of infectious diseases without the high cost infrastructure and expertise of a modern pathology laboratory.
About Kernel Capital
Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of €210m / £165m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Enterprise Ireland, Invest NI, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region of €1m to €5m in the ROI and £0.5m to £2m in NI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.