Bank of Ireland Kernel Capital Fund supports Cirdan Imaging Ltd.’s Global Expansion

 

From left Niall Devlin, head of business banking at Bank of Ireland UK; Denise Sidhu, partner at Kernel Capital; and Cirdan director Stephen Dunniece

 

Lisburn based Cirdan, is a global leader in digital pathology with clients in over 150 laboratories and hospitals across 20 countries and 6 continents. The Company is growing its revenues with expected 80%+ year on year growth in 2024. The Bank of Ireland Kernel Capital Growth Fund NI is pleased to confirm that it has led £2.3m in new funding to further expand Company’s business operations with the creation of up to 25 new jobs. Other investors include Clarendon Fund Managers and high net worth private investors.

Stephen Dunniece, Director of Cirdan, said: “I would like to take this opportunity to thank our investors for their continued support. This in addition to securing several new large contracts will be used to accelerate our operational expansion and deliver on our strong order book for 2024 and beyond.”

Niall Devlin, Head of Business Banking, Bank of Ireland UK, said: “Cirdan are a great example of an indigenous company delivering innovative and effective solutions that are making a difference for clinicians and patients both locally and internationally. We are delighted they have benefited from investment through the Bank of Ireland Kernel Capital Growth Fund and we look forward to seeing the business further grow and succeed.”

Denise Sidhu, Partner, Kernel Capital said: “Cirdan is a company on a positive growth trajectory with an excellent product, strong team and ‘blue-chip’ clients across 6 continents. The Company is ideally placed to capitalise on the accelerated shift from traditional patient care to digital pathology which has the potential to revolutionize timely disease diagnosis leading to better and faster patient care.”

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.