Altratech Ltd has completed a €5m investment round led with the Bank of Ireland Kernel Capital Growth Fund and Infinity Capital each investing €1.5m.
Enterprise Ireland has also invested €500,000 and Claret Capital are providing €1.5m venture debt facility as part of the investment round.
The company began life in the University of Limerick and is now developing the next generation of molecular detection.
"Our team of 20 scientist and engineers have been developing our next generation molecular detection since 2016 and have built an expansive patent portfolio, with key patents granted during 2020 in the US and EU on our semiconductor capacitive detection, our sample prep and our bead tethering," Altratech's chief executive Tara Dalton said.
"Seven further patents are pending in China, Japan, Europe and the US, including a patent jointly filed with the National Institute of Health US. This investment following on from prior investments and our H2020 grants underpins the company's scientific discoveries," she added.
"We need to take molecular diagnostics outside the clinical setting, and current methodologies have significant limitations to achieving this. Altratech's patented solution will be suitable for use by anyone in any environment delivering superior sensitivity and specificity and compatible with any molecular target," Denise Sidhu, Partner at Kernel Capital, said.
"Altratech is a deep research company led by a seasoned team with a strong track record of success. Enterprise Ireland is proud to support this cutting-edge health research that has the capacity to make a positive difference globally," Leo Clancy, chief executive of Enterprise Ireland said today.
