Trinity College medical devices spin-out firm nets €800k in funding

A TRINITY College medical devices spin-out company has secured €800,000 in funding.

The investment in Biocroí was led by Cork-based Kernel Capital through the Bank of Ireland MedTech accelerator fund. The investment includes a €500,000 investment from the fund, with the remainder provided by Enterprise Ireland and private investors.

The funding will be used by the company to make further advances in the life sciences sector and bring new products to the market globally.

Biocroí chief executive Peadar MacGabhann said that the European drug discovery market was worth €12 billion in 2007 but few Irish companies participate and understand the enormity of the opportunity.

“We acknowledge the vision and foresight of our investors led by Kernel Capital in providing us with the necessary resources to develop and promote our products in this lucrative marketplace,” he said.

Biocroí, which was established in 2009, is a company that has developed a new method for screening cells using nanoplates, which it said can significantly reduce reagents and costs.

Kernel Capital operations director Orla Rimmington said: “Biocroí is an excellent example of a high-potential start-up, which has made significant progress through collaborative partnerships with tier one international pharmaceutical companies and instrument suppliers.”

Head of high potential start-ups at Enterprise Ireland Greg Treston said Enterprise Ireland is delighted to be supporting Biocroí, which he said is an important spin-out company from Trinity College Dublin.

“In addition to our investment to support Biocroí’s research and development activity, the full international resources of Enterprise Ireland will be available to the company to help it grow its export customer base and create highly skilled jobs in Ireland,” he said.

Dr Jim Walsh, who has been involved in a number of Kernel Capital and Seroba Kernel Investee companies, will join the board of Biocroí as a non-executive director.