Cork-based diagnostics company Altratech has been approved for a recommended investment of €10.5m from the European Innovation Council (EIC) Accelerator.
Part of the EU's Horizon Europe 2021-2027 Research and Innovation Programme, the EIC Accelerator Programme is Europe's flagship innovation programme and it provides grant funding of up to €2.5m combined with an equity investment ranging from €0.5-15m in a blended finance offer.
Altratech has developed a groundbreaking molecular testing platform and by seamlessly integrating advanced silicon chip technology with cutting-edge nanotechnology, the company enables precise molecular diagnostics to be conducted outside traditional clinical environments.
The company said the new funding will allow it engage in clinical trials on HIV patients as well as significant scale-up in manufacturing and product development over the next three years.
Dr Tara Dalton, CEO of Altratech, said the award from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland will enable the company to conduct both pre-clinical and clinical trials on the initial application of this technology.
"Furthermore, we can extend our product offerings into other diseases building a strong pipeline based on this innovative solution," she added.
Marina Donohoe, Head of Research and Innovation at Enterprise Ireland, said that Altratech is a cutting-edge biotechnology company, transforming molecular diagnostics through developments in nanotechnology.
"Ireland's overall success in the Horizon Europe EIC programme, supported by Enterprise Ireland in our National Contact Point capacity, shines a spotlight on the innovation and capability of Irish companies to compete on a global level," Ms Donohoe said.
"This funding provides the critical support required to enable these innovative companies such as Altratech to further develop and scale their business," she added.
Peter Burke, the Minister for Enterprise, Trade and Employment, said that Altratech is making great advancements in the crucial area of rapid diagnostic testing outside of healthcare settings.
"The recent support from the European Innovation Council (EIC) underscores Altratech's novel technology to allow for the diagnosis and monitoring of viral contagious diseases at the point of care, including in a home setting, enabling testing by anyone, anywhere, and at anytime," the Minister said.
