European Investment Bank to unlock Nuritas success
30 November 2018 | 0
The European Investment Bank has agreed a €30 million facility to support Dublin-based biotech company Nuritas.
Founded by chief science officer Norah Khaldi in 2014, Nuritas uses artificial intelligence to identify peptides in food molecules, that can have applications in the healthcare sector.
“Nuritas has already demonstrated through PeptAIde, their first product launch this year, how the discovery of healthcare products can be rapidly accelerated using artificial intelligence. During due diligence over recent months the EIB has been impressed by their innovative use of technology and the number of global deals already achieved and they now become the first Irish biotech firm to benefit from the EIB’s dedicated European Growth Finance Facility,” said Andrew McDowell, European Investment Bank vice president.
“Ourgioal is to find innovative and fast-growing companies so that we ensure they can benefit from access to long-term financing under the new initiative and Nuritas fits this bill perfectly.”
Emmet Browne, CEO of Nuritas, said: “As a proud European company, we are delighted to be Ireland’s first biotech company to benefit from such insightful support which really delivers a potent signal of the regions desire to drive truly disruptive innovation… The European Union’s recognition through this facility allows us to accelerate our existing strategy whilst also significantly broadening our capabilities in new areas such as novel drug discovery.”