AltraTech, a Clare, Ireland-based food diagnostics company, raised €900k in funding.
The round was led by Kernel Capital, which made a €650k investment through the Bank of Ireland Seed and Early Stage Equity Fund, with participation from Enterprise Ireland and the founders of the company.
The company intends to use the funds to develop and trial its BeadCAP food-DNA test technology and recruit up to seven new employees over the next year to begin field-trials.
Founded in 2013 Tim by Cummins and Dr. Brian O’Farrell, AltraTech is developing a single-use portable semiconductor test kit for use in the food and agri-sector, for high sensitivity species-specific identification of food content and contaminants.
Its BeadCAP technology addresses problems such as the recent “horse-burger” and pig-animal-protein food adulteration crises by enabling food producers to do real-time testing and make instant production and dispositioning decisions.
FinSMEs
17/04/2014