Causeway Sensors steps up with £1.2m funding round
20 March 2018 | 0
The Bank of Ireland Kernel Capital Growth Fund (NI) has led a £1.2 million investment in Queens University Belfast (QUB) spin-out Causeway Sensors, in syndication with QUBIS and private investors. Causeway Sensors has availed of Invest Northern Ireland support for Research & Development. Further funding was secured from Innovate UK.
Causeway Sensors addresses the global problem of antibiotic resistance, which, according to the World Health Organisation, is at dangerously high levels and is one of the biggest threats to global health, food security, and development today. The Company have developed a novel method of distinguishing between a viral and bacterial infection in a real-time point-of-care setting, enabling a reduction in the ineffective use of antibiotics for viral infections.
Dr Bob Pollard, CEO, Causeway Sensors, said: “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. The Development Funds, one of which is managed by Kernel Capital, were specifically designed to help businesses like Causeway Sensors which have the potential to grow in global markets and scale quickly. This latest investment demonstrates how important these funds are.”
Invest NI’s R&D support is part funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.