Food testing firm AltraTech secures €900,000 investmentThursday 17 April 2014 10.17
Co Clare-based AltraTech Ltd has secured a €900,000 investment to aid development of its food testing technology.
The company, which began life in the University of Limerick, is developing a disposable food testing kit that will significantly reduce the wait time involved in identifying the species of meat being tested and any contaminants it may contain.
The company hopes the finished product will allow for on-site results within a half an hour, as opposed to the 2-5 day wait that currently exists.
AltraTech chief executive Tim Cummins said this kind of advance would be hugely beneficial to the booming agri-food industry, particularly in light of the horse meat scandal last year.
Kernel Capital is providing €650,000 of the total investment, through its Bank of Ireland Seed and Early Stage Equity Fund, with Enterprise Ireland and the company’s founders providing the remainder.