Medtech firm Altratech secures €5.2m funding
Limerick-based medtech firm Altratech has raised €2.2m from investors and secured €3m in EU funding.
The fundraising was led by the Bank of Ireland Kernel Capital Growth Fund and Cyril McGuire's Infinity Capital.
The EU funding was secured under the Horizon 2020 programme.
Altratech is developing a single-use semiconductor test kit for point-of-care testing of infectious viral diseases.
The aim with the technology is to decentralise clinical blood testing so it can be undertaken 'in the field' to enable rapid diagnosis and decision-making on site.
Within the next three years Altratech will complete a Horizon 2020 project to deliver a point-of-care HIV test kit to improve the prognosis and health of HIV patients.
The company was founded in 2013 by Tim Cummins and Brian O'Farrell, who's based in University College Cork.
Altratech received an initial investment from the Kernel Capital-managed Bank of Ireland Seed and Early Stage Fund.
Mr Cummins was formerly CEO and founder of ChipSensors, a Kernel Capital portfolio company that was acquired by Silicon Labs in 2010.
Mr McGuire has joined the Altratech board, as has Tara Dalton, who previously co-founded Kernel Capital portfolio company Stokes Bio, which was sold in 2010.