Bank of Ireland's Kernel Capital Growth Fund (NI) has led a £1.2m investment in Northern Ireland firm Causeway Sensors.
The company, which is a spin-out from Queens University Belfast, has availed of Invest Northern Ireland support for research and development.
Further funding was also secured from Innovate UK.
Causeway Sensors has developed a novel method of distinguishing between a viral and bacterial infection in a real-time point-of-care setting. This allows a reduction in the ineffective use of antibiotics for viral infections.
"We are delighted to receive this funding from the Bank of Ireland Kernel Capital Growth Fund (NI), Invest NI, Innovate UK, QUBIS and our private investors," commented the company's chief executive Dr Bob Pollard.
"Causeway Sensors recently took a strategic decision to focus its ground breaking technology on applications in the medical diagnostics market. This investment validates this new strategy and we look forward to growing our team, developing the technology and exploring new market opportunities," the CEO added.
"Causeway Sensors is a great example of an ambitious company which has used a range of Invest NI support to help it develop its pioneering technology which it is now targeting at the global biosensor industry," commented William McCulla, Invest NI's Director of Corporate Finance.
"Causeway's applied research builds on Northern Ireland's world class leadership in this domain, and they now have the capability to meet a global need in delivering an innovative and efficient point of care system," added Jayne Brady, a partner at Kernel Capital.
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth.
