Kernel Capital, through the Bank of Ireland Kernel Capital Growth Fund, has announced a €560,000 investment in Causeway Sensors, a spin-out from Queens University Belfast.

The company's technology can be used as a diagnostic instrument across multiple applications including the detection of early-stage cancer and other diseases, food security and drug discovery.

Causeway Sensors was founded by fellow Queens academics Dr Robert Pollard, Professor Robert Bowman and Dr John Nelson.

Its technology has emerged from over ten years of research in Queens University which was partly supported by Invest Northern Ireland via a research and development grant.

The company is focussed on the global biosensor industry which is expected to reach over $22 billion by 2020.

It said it will use the new investment to commercialise its technology, with an initial focus on the growing area of medical diagnostics.

"This investment is a great confidence boost for Causeway Sensors and will allow us to expedite our growth plans to commercialise and scale our technology. Together with continued support from both Kernel and QUBIS, the company is focused on delivering on our innovation roadmap," commented Dr Pollard, CEO of Causeway Sensors.

The investment will help Causeway to develop the potential of its nanotechnology, and to grow and scale both nationally and internationally, while also stimulating the local economy and creating new employment opportunities in areas where Northern Ireland has world class leadership, added Jayne Brady, a partner at Kernel Capital.