Kernel Capital through the Bank of Ireland MedTech Accelerator Fund has led an €800k investment in Trinity College spin-out Biocroí Ltd, a medical technology company. The syndicated investment comprises of a €500k investment by the Bank of Ireland MedTech Accelerator Fund, with the remainder of the funds provided by Enterprise Ireland and private investors.
Established in 2009, Biocroí is developing a range of unique multi-well microplates for use in the high content screening of cells in modern drug discovery and advanced research. Researchers in drug discovery need to screen the widest possible range of compounds and use multi-well microplates to maximise throughput. To save time and money unsuitable drug candidates must be identified and eliminated as early as possible. Biocroí’s disruptive nanotechnology enables users to shorten development times, increase the quality of data and reduce costs. The miniaturised microplates are constructed of gel-based buffering systems which also lead to better control of the microplate environment and eliminate problems that conventional multi-well plates exhibit.
Commenting on the announcement, Orla Rimmington, Operations Director, Kernel Capital said: Biocroí is an excellent example of a high-potential start-up, which has made significant progress through collaborative partnerships with tier one international pharmaceutical companies and instrument suppliers. This investment will serve as a springboard to the next level of development and growth.”
Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “Bank of Ireland is delighted to add Biocroí to the list of companies supported by the Bank of Ireland MedTech Accelerator Fund managed by Kernel Capital. This funding will further enable the company continue to make significant advances in the life sciences sector and bring new products to this market globally.”
Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: “Enterprise Ireland is delighted to be supporting Biocroí, an important spin-out company from Trinity College Dublin, where really innovative product technology combines with the commercial ambition and drive to build a leading business in this multi-billion market. In addition to our investment to support Biocroí’s research and development activity, the full international resources of Enterprise Ireland will be available to the company to help it grow its export customer base and create highly skilled jobs in Ireland.”
Peadar MacGabhann, CEO, Biocroí Limited added: “The European Drug Discovery market was worth €12 billion in 2007. Few Irish companies participate and understand the enormity of the opportunity. We acknowledge the vision and foresight of our investors led by Kernel Capital in providing us with the necessary resources to develop and promote our products in this lucrative marketplace.”
Prof. Dermot Kelleher, Vice-Provost for Medical Affairs, Trinity College Dublin (TCD) said: “We are encouraged by Kernel Capital's investment in Biocroí which provides vital resources to move this TCD innovation along the development roadway toward a most valuable product for new medicine development globally.”
Following the investment, Dr. Jim Walsh, who has been involved in a number of Kernel Capital and Seroba Kernel Investee companies, will join the board of Biocroí as a Non-Executive Director.
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