Kernel Capital has announced it is taking part in a €2m investment in Dublin-based HiberGene Diagnostics, a medical diagnostics company.
The syndicated investment comprises of a €500,000 investment by Kernal Capital, through the Bank of Ireland MedTech Accelerator Fund. The rest of the money is being provided by Enterprise Ireland and private investors.
A spin-out from the Royal Victoria Hospital in Belfast, HiberGene is developing a range of molecular diagnostics tests which will enable the rapid diagnosis of multiple infectious diseases.
The company said it will use this round of funding to support the commercialisation of its first two molecular tests for meningococcal meningitis and Group B streptococcus.
Meningitis currently affects 1.2 million people each year, with one in ten of these cases resulting in death.
To support their growth plans, the company is planning a significant recruitment over the next year.
HiberGene's CEO Brendan Farrell said the company is now ready to fully commercialise its first two products and to commence development of tests for other infectious diseases.
"Both the meningitis and Group B Streptococcus products meet a currently unmet clinical need for rapid and accurate testing," he added.