Limerick-based Altratech has raised €5.2m after Bank of Ireland's Kernel Capital Growth Fund and Infinity Capital led a €2.2m investment, while the company also secured €3m in EU Horizon 2020 funding.
Altratech is developing a single-use portable semiconductor test kit for "point of care" testing of infectious viral diseases.
Its technology has the potential to decentralise clinical blood testing into "in the field" settings, which will allow for rapid diagnosis and decision-making.
Over the next three years the company is set to complete a Horizon 2020 project to deliver a point of care HIV test kit to improve the prognosis and health of HIV patients.
Altratech was founded in 2013 by Dr Tim Cummins and UCC-based Dr Brian O’Farrell with initial investment from the Kernel Capital managed Bank of Ireland Seed and Early Stage Fund.
The company said today that Cyril McGuire of Infinity Capital had joined its Board.
Dr Tara Dalton has also been announced as the company's new CEO. Dr Dalton had previously co-founded Kernel Capital portfolio company Stokes Bio, which was acquired by Life Technologies in 2010.
"We are delighted with the support from our investors - Kernel Capital and Infinity Capital. Their investment will enable the continued development of Altratech's innovations in viral detection," Dr Tara Dalton said.