AIB fund to locate at NovaUCD

THE €30 million AIB Seed Capital Fund is to be located at NovaUCD, the Innovation and Technology Transfer Centre at University College Dublin. AIB was one of the founding sponsors that funded the construction of NovaUCD, which formally opened in 2003.

The AIB Seed Capital Fund, which is being equally funded by AIB and Enterprise Ireland, is the first fund to be established under Enterprise Ireland’s €175 million Seed and Venture Capital Scheme 2007-2012.

Welcoming the establishment of the fund Dr Pat Frain, director at NovaUCD said: “One of the challenges facing UCD is to accelerate the establishment of new ventures to commercialise innovative ideas and intellectual property arising from its growing research programmes.