Kernel Capital, through The Bank of Ireland Kernel Capital Growth Funds (NI), has led a £1.5m investment in Queens University Belfast campus company, Causeway Sensors.

The investment comprised of £1.3m from the Bank of Ireland Kernel Capital Growth Fund NI and £250,000 from existing investor QUBIS.

Causeway Sensors was founded in 2016 and its patented Nano Sensor Platform is the result of five years of high impact research and development after 20 years of pure research at Queens University Belfast.

The company earlier this year secured £3.3m in grant support from UK Research & Innovation as part of the Smart Nano NI consortium, led by Seagate Technology.

The grant also featured another joint Kernel Capital / QUBIS portfolio company, Cirdan Imaging.

"This latest round of funding is the final stepping-stone on the path to commercialisation of Causeway's technology and I want to take the opportunity to thank our investors for their continued support on our journey," commented Antony Murphy, the company's chief executive.

"This investment, along with the competitive grant-funding we were awarded from UKRI, will put Causeway in a strong position to fully validate our first product with blue-chip pharmaceutical companies before entering the bioproduction market," he added.

Niall Olden, Managing Partner at Kernel Capital, said there is an unmet need for instrumentation that can provide high value data in real time, online, throughout the drug development process.

"We believe Causeway Sensors can deliver on that need," he added.

"Causeway is a great example of the deep tech that exists within the current QUBIS portfolio and we are delighted to once again support the team with their plans to bring this ground breaking technology into the market," commented David Moore, Head of Spin-outs and Investments at QUBIS.