ALTRATECH AWARDED €10.5 MILLION FROM EUROPEAN INNOVATION COUNCIL
Monday, 7th October 2024 – Cork based diagnostics company Altratech today announced that they have been approved for a recommended investment of €10.5m from the European Innovation Council (EIC) Accelerator.
Altratech has developed a groundbreaking molecular testing platform. By seamlessly integrating advanced silicon chip technology with cutting-edge nanotechnology, the company is enabling precise molecular diagnostics to be conducted outside traditional clinical environments. The innovative handheld device promises to dramatically improve the accessibility and convenience of molecular testing, thereby empowering healthcare providers and patients alike with on-the-spot, reliable diagnostic results.
This €10.5 million investment will allow the company to engage in clinical trials on HIV patients combined with significant scale-up in manufacturing and product development over the next three years.
The company also plans to extend the capability of the technology beyond viral load diagnostics to include serology on the same device, making it a unique and powerful tool in global diagnostics.
Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the European Innovation Council (EIC) Accelerator Programme is Europe’s flagship innovation programme and it provides grant funding of up to €2.5 million combined with an equity investment ranging from €0.5 to €15 million in a blended finance offer.
Minister for Enterprise, Trade and Employment said: “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 investment secured is a testament to the innovation and dedication of the Altratech team. I would like to congratulate Tara and the team on this investment and wish Altratech every success as their technology evolves and the business continues to grow.”
Enterprise Ireland leads the National Support Network for Horizon Europe which includes supporting Irish deeptech companies to compete and win funding in the highly competitive EIC funding programmes.
Marina Donohoe, Head of Research and Innovation, Enterprise Ireland said, “Altratech is a cutting-edge biotechnology company, transforming molecular diagnostics through developments in nanotechnology. The award by the European Innovation Council recognises the innovation and potential behind Altratech’s novel technology for molecular testing of viruses in non-clinical settings. 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. This funding provides the critical support required to enable these innovative companies such as Altratech to further develop and scale their business.”
The EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale ups and SMEs led by a strong, well-balanced leadership team which are already making good progress in commercialising highly differentiated, deep-tech products capable of creating new markets or disrupting existing ones.
Dr Tara Dalton, CEO, Altratech said: “This award from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland will enable us 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.
