Kernel leads €1.1m Radisens deal
IRISH venture capital firm Kernel Capital has led a €1.1m investment in Radisens Diagnostics, a Cork-based medical devices start-up company. It is the first investment from a new University of Limerick-backed investment fund targeting the medical science sector.
Radisens is developing technology to allow blood testing to be done in GPs' offices and emergency rooms instead of being sent off by primary care departments. The technology aims to cut down the time it takes to diagnose illnesses, and potentially save lives.
The investment is from the Kernel-managed Bank of Ireland MedTech Accelerator Fund. Kernel will invest €500,000.
Enterprise Ireland and a private "angel investor" are providing the balance.
The €10m MedTech Accelerator fund was launched in February and is the country's first seed fund focused purely on indigenous medical technology start ups.
The fund is targeting export- orientated companies that operate in the medical device, diagnostics or medical sectors.
The half million investment in Radisens is at the top end of the investment fund's range.