28 February 2018
Kernel Capital through 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. Further funding of £300K was secured from the European Regional Development Fund (Invest NI) and 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.
Causeway Sensors’ solution leverages their patented nanostructure-based biosensing platform, on which this is the first application. The Company have packaged the technology into a system which is robust, easy to use and mobile, and this new funding will be used to integrate the technology into a point-of-care system for first application in sepsis detection.
“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.
“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.
“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.
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.
From Left: Jayne Brady, Partner, Kernel Capital; Dr. Bob Pollard, CEO, Causeway Sensors; William McCulla, Director Corporate Finance, Invest NI; & Odhran McNeilly, Business Advisor, Bank of Ireland UK.
Location: Lynn Library, Queens University Belfast
For further information please contact:
Helen Norris, Kernel Capital.
Tel: +44 (0)28 9042 8367
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, www.kernel-capital.com:
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.