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ALTRATECH LIMITED

Altratech Limited Secures €10.5M from EIC Accelerator to Enhance Molecular Diagnostics Technology.

IrelandEIC Accelerator2024

Table of Contents

  1. The EIC Accelerator Project
  2. The Funding Rounds
  3. The Press Releases
  4. The Technology Advancements
  5. The Partnerships and Customers
  6. The Hiring and Company Growth
  7. The Media Features and Publications

1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in developing innovative technologies and scaling up their operations. With a focus on high-risk, high-potential innovations, the program aims to bolster the European DeepTech ecosystem by providing crucial funding and resources to promising companies.

Funding Structure

The EIC Accelerator offers a unique blended finance model that combines grants and equity investments. Grants can reach up to €2.5 million, providing non-dilutive funding to cover R&D costs, prototype development, and initial market entry expenses. This aspect is particularly beneficial for early-stage companies that may struggle to secure funding through conventional means.

On the equity side, the program offers investments of up to €15 million until 2024, and this amount will be adjusted to a maximum of €10 million starting in 2025. This equity investment is designed to provide the necessary capital for scaling operations, facilitating market entry, and attracting additional private sector investment.

Purpose of the EIC Accelerator

The EIC Accelerator plays a critical role in the European startup ecosystem. By providing substantial funding and support, it helps companies overcome the "valley of death," a term used to describe the gap between initial funding and market-ready products. The program not only provides financial resources but also offers mentoring, coaching, and access to networks of investors and industry experts. This multi-faceted approach enables startups to refine their business models, enhance product-market fit, and increase their chances of attracting further investments from private sectors.

Case Study: ALTRATECH LIMITED and the UbiHealth Project

ALTRATECH LIMITED emerged as a winner of the EIC Accelerator, successfully submitting its Step 2 proposal and progressing to the Step 3 interview on March 13, 2024. The company’s project, titled UbiHealth, aims to transform molecular diagnostics through advanced nanotechnology.

Project Overview: UbiHealth

The UbiHealth project seeks to revolutionize the field of molecular diagnostics by harnessing the power of nanotechnology. This innovative approach aims to deliver rapid, accurate, and cost-effective diagnostic solutions that can be deployed in a variety of healthcare settings, from hospitals to remote clinics.

Technology Basics and Background

Nanotechnology, the core of the UbiHealth project, involves manipulating matter on an atomic or molecular scale, typically within the size range of 1 to 100 nanometers. This field has significant implications for diagnostics, as nanoscale materials can enhance the sensitivity and specificity of detection methods.

In the context of molecular diagnostics, ALTRATECH is working on developing nanosensors that can identify biomarkers associated with various diseases. These nanosensors can enable earlier detection of conditions such as cancer or infectious diseases, improving patient outcomes through timely intervention. The technology leverages advanced materials and innovative detection techniques, potentially reducing the time and costs associated with traditional diagnostic procedures.

By integrating cutting-edge nanotechnology into molecular diagnostics, UbiHealth aims to provide healthcare professionals with powerful tools that can lead to more personalized and effective treatment plans. This project not only aligns with global health priorities but also addresses critical gaps in current diagnostic capabilities.

In summary, the EIC Accelerator program serves as a pivotal mechanism for fostering innovation within the European DeepTech ecosystem. By supporting companies like ALTRATECH LIMITED and their UbiHealth project, the program facilitates the translation of groundbreaking technologies into viable products that can significantly impact public health and enhance diagnostic capabilities.

2 The Funding Rounds

Financing Raised

Altratech Limited, an Irish diagnostics company specializing in advanced molecular testing platforms, has raised significant financing since winning EIC Accelerator funding in March 2024. The most notable recent event is the approval for €10.5 million from the European Innovation Council (EIC) Accelerator Programme as of October 2024. This investment supports clinical trials focused on HIV patients and enables substantial scale-up in manufacturing and product development across a three-year period.

Prior to this, Altratech secured a €5 million funding round in December 2021 aimed at advancing its next-generation molecular detection research.

Funding Rounds

  • October 2024: €10.5 million from EIC Accelerator (blended finance: likely a combination of grant and equity).
  • December 2021: €5 million equity round led by Bank of Ireland Kernel Capital Growth Fund, Infinity Capital, Enterprise Ireland (€500k), and Claret Capital (€1.5 million venture debt).

Timing and Amount of Funding Rounds

DateAmountTypeLead Investors / Backers
Oct 2024€10.5mEIC blended financeEuropean Innovation Council
Dec 2021€5mEquity & DebtBank of Ireland Kernel Capital Growth Fund, Infinity Capital (€1.5m each), Enterprise Ireland (€500k), Claret Capital (venture debt: €1.5m)

Investor Information

  • EIC Accelerator – Major EU innovation funder providing both grant and equity capital.
  • Bank of Ireland Kernel Capital Growth Fund – Led the December 2021 round with a significant investment.
  • Infinity Capital – Co-lead investor in the same round.
  • Enterprise Ireland – Provided direct investment support as well as ongoing ecosystem backing.
  • Claret Capital – Provided part of the funds through venture debt.

Information Related to Funding Rounds

The October 2024 EIC funding is designated for scaling up product development and conducting pivotal clinical trials on HIV patients. It also enables Altratech to extend its technology platform's diagnostic capabilities beyond viral load measurement toward serology applications within one handheld device.

The December 2021 funding was targeted at advancing nanobiotechnology-driven rapid genetic testing solutions that allow accurate measurements outside traditional laboratory environments.

Company Valuations

While there is no explicit public disclosure regarding specific valuation figures post-funding rounds or current company valuation after the latest investments, third-party estimates suggest that Altratech’s annual revenue stands around $16.6 million with more than 100 employees reported as of early/mid-2020s. These numbers indicate meaningful commercial traction but should not be interpreted directly as company valuation figures.

Exit Events: IPOs or Acquisitions

There are no reported exit events—such as initial public offerings (IPOs), buyouts, or acquisitions—since receiving EIC Accelerator support or during previous fundraising activities up through May 2025.

Sources

3 The Press Releases

Altratech Limited Secures €10.5M EIC Accelerator Funding for Molecular Diagnostics Breakthrough Cork-based Altratech received a €10.5 million blended finance award from the European Innovation Council (EIC) Accelerator in October 2024, following its Step 2 proposal submission earlier in March 2024. The funding will accelerate clinical trials for its handheld molecular testing device targeting HIV, alongside scaling manufacturing and product development.

Key Details from Press Releases

  • Technology: Altratech’s platform integrates silicon chip technology with nanotechnology to enable precise molecular diagnostics outside clinical settings. The handheld device aims to deliver on-the-spot results for viral diseases like HIV, with plans to expand into other infectious diseases.
  • Leadership: CEO Dr. Tara Dalton emphasized the funding’s role in advancing preclinical/clinical trials and diversifying the product pipeline. Marina Donohoe of Enterprise Ireland highlighted Altratech’s potential to transform global diagnostics through nanotechnology.
  • Partnerships: Supported by Enterprise Ireland and Kernel Capital (via Bank of Ireland Growth Fund), Altratech was the sole Irish winner among 71 selected companies in the October 2024 EIC cohort.

Strategic Impact

The investment positions Altratech to address pandemic-era demands for decentralized diagnostics, as noted by Minister Peter Burke T.D., who praised its potential for point-of-care and home testing. Clinical trials over the next three years aim to validate efficacy before expanding into additional disease targets.

Sources

4 The Technology Advancements

Altratech Limited: Current Capabilities and Advancements

Altratech Limited, based in Ireland, is a diagnostics company that has made significant strides in molecular testing technology. Following the receipt of €10.5 million from the European Innovation Council (EIC) Accelerator in 2024, Altratech has advanced its capabilities in several key areas:

Current Capabilities

  • Multidisciplinary Team: Altratech boasts a team of scientists and engineers with expertise in microfluidics, chip design, biology, physics, and chemistry. This diverse skill set enables the company to develop cutting-edge diagnostic solutions.
  • Patented Technology: Altratech holds a family of 40 proprietary patents and has filed 12 additional applications. The company also shares a patent with the U.S. National Institute of Health for PNA probe design and synthesis.
  • Industry Partnerships: Altratech collaborates with On-Semiconductor for CMOS chip fabrication and AMI-Schott for PNA wafer spotting, alongside clinical partnerships with Cork University Hospital and St Cecilio Hospital.

Advancements Since EIC Funding

  • Clinical Trials: The EIC funding has enabled Altratech to conduct clinical trials on HIV patients, marking a crucial step in validating its technology for real-world applications. This investment also supports the scale-up of manufacturing and product development over the next three years.
  • Technology Development: Altratech has developed a fundamentally novel process for detecting and quantifying DNA, RNA, antibodies, and antigens using silicon chip technology. This approach replaces traditional optical detection with electronic detection, offering superior sensitivity and specificity.
  • Innovation Presentation: Altratech presented its new method for multi-analyte point-of-care diagnostics at the TRI-CON Precision-Medicine conference in March 2025, including live demonstrations of its technology.

Demonstrations and Pilots

  • Clinical Trials on HIV: Altratech is currently engaged in clinical trials focused on HIV, with plans to expand the application of its technology to other diseases.
  • Product Development: The company aims to extend its diagnostic capabilities beyond viral load diagnostics to include serology, making its handheld device a versatile tool in global diagnostics.

New Patents and Publications

  • As of the latest information, Altratech continues to build on its existing patent portfolio but has not announced new patents directly linked to the EIC funding. However, the company's ongoing development and innovation suggest potential future patent filings and scientific publications.
  • There are no specific mentions of new scientific studies or whitepapers published since the EIC funding in March 2024.

Sources:

5 The Partnerships and Customers

Overview of Altratech Limited

Altratech Limited, a diagnostics company based in Cork, Ireland, has garnered significant attention following its receipt of €10.5 million in funding from the European Innovation Council (EIC) Accelerator Programme in 2024. This funding is part of the EU's Horizon Europe 2021-2027 Research and Innovation Programme, supporting high-potential, high-risk start-ups and SMEs in scaling innovative technologies.

Partnerships and Collaborations

Altratech has collaborated with several entities to further its innovative diagnostics platform:

  • Enterprise Ireland: This organization provides ongoing support to Altratech, helping it navigate EIC funding opportunities as part of Ireland's National Support Network for Horizon Europe. This partnership aids in scaling Altratech's business and enhancing its competitiveness on a global level.
  • MCCI: Altratech worked with MCCI under an Enterprise Ireland Innovation Partnership to develop a custom Application-Specific Integrated Circuit (ASIC). This collaboration was crucial for developing a precise solution that integrates biotechnology and semiconductor technology.
  • BARDA: Altratech was contracted by the Biomedical Advanced Research and Development Authority (BARDA) for a novel PNA Saliva SARS-CoV-2 project. This collaboration highlights Altratech's capabilities in molecular diagnostics and its potential for addressing global health challenges.

New Partnerships and Customers

As of the latest information, there are no explicitly mentioned new partnerships or customers for Altratech Limited. However, the company's participation in various conferences, such as the TRI-CON Precision-Medicine conference in San Diego, suggests ongoing efforts to expand its network and showcase its technologies to potential partners and customers.

Nature of Relationships and Market Positioning

The relationships Altratech has established are primarily focused on technological advancements and scaling. The EIC funding and collaborations with entities like MCCI and Enterprise Ireland are pivotal in enabling Altratech to conduct pre-clinical and clinical trials, develop its product offerings, and enhance its manufacturing capabilities. These partnerships position Altratech as a leader in the molecular diagnostics sector, particularly in developing handheld diagnostic devices that can operate outside traditional clinical settings.

Technology Advancements and Scaling

The partnerships and funding secured by Altratech are instrumental in driving innovation and growth:

  • Technological Advancements: Altratech's integration of silicon chip and nanotechnology allows for precise molecular diagnostics in non-clinical environments. The EIC funding supports extending this technology beyond viral load diagnostics into serology, making it a versatile tool for global diagnostics.
  • Scaling: The funding will facilitate significant scale-up in manufacturing and product development, enabling Altratech to expand its product pipeline and reach new markets more efficiently.

Sources

6 The Hiring and Company Growth

Altratech Limited, an Irish diagnostics company based in Cork and Limerick, has experienced notable growth and development since receiving €10.5 million funding from the European Innovation Council (EIC) Accelerator in October 2024. This investment is aimed at scaling their molecular detection technology, specifically for a handheld HIV-testing device called UbiHealth that integrates silicon chip technology with nanotechnology for rapid diagnostic testing outside clinical settings.

Team Size and Growth

  • As of late 2021, Altratech had a team of approximately 20 scientists and engineers working on their molecular detection platform.
  • There is no publicly available exact current headcount or detailed updated team size post-EIC funding; however, the €10.5 million investment explicitly supports significant scale-up in manufacturing, product development, and clinical trials over the next three years.
  • The scale-up likely involves expanding the workforce beyond the original core team to handle increased R&D activities as well as manufacturing capabilities.

Hiring Status and Key Positions

  • While specific current hiring details or key positions recently filled are not explicitly mentioned in public sources, given the planned scale-up supported by EIC funding—including pre-clinical and clinical trials—Altratech is expected to be expanding its teams across scientific research, engineering development (especially semiconductor/nanotech specialists), regulatory affairs for medical devices, manufacturing operations staff, and possibly clinical trial management roles.
  • The company’s leadership includes CEO Dr. Tara Dalton (a seasoned entrepreneur with prior successful exits), CTO Tim Cummins (also Director since founding), alongside co-founders such as Dr. Brian O’Farrell.

Implications of New Team Members for Company Future

  • Expansion of recruitment efforts will enable Altratech to conduct essential clinical trials on HIV patients—a critical step toward regulatory approval—and accelerate product commercialization timelines.
  • Increasing skilled personnel will support enhancing their platform’s capabilities beyond viral load diagnostics to include serology testing within one device—broadening market applications globally.
  • Growing technical teams will help Altratech maintain leadership in next-generation molecular diagnostics by advancing patented technologies spanning semiconductor capacitive detection techniques critical to device performance.

Management or Founding Team Changes

  • There is no public information indicating any major changes or turnover within Altratech’s founding or senior management team following their EIC Accelerator award.

    • In summary, since winning substantial EIC Accelerator funding in October 2024 after submitting their step 2 proposal in March 2024, Altratech Limited has been positioned for considerable growth focused on scaling up both its technology development workforce and operational capacities needed to bring its molecular diagnostic devices into wider commercial use. Though exact current headcount figures are unavailable publicly at this time beyond earlier reports (~20 staff circa 2021), ongoing expansion tied directly to funded activities suggests active hiring aligned with high-value roles essential for clinical validation studies and production ramp-up.

    Sources:

    7 The Media Features and Publications

    Media Coverage and Public Engagement of Altratech Limited Post-EIC Accelerator Funding Altratech Limited, a Cork-based diagnostics company, has garnered significant media attention and industry recognition since securing €10.5 million from the European Innovation Council (EIC) Accelerator in October 2024. Below is a synthesis of its public footprint across media, events, and publications:

    Media Features

    • The Irish Times: Highlighted Altratech’s EIC Accelerator win as a milestone for Irish innovation in decentralized diagnostics.
    • RTÉ Business: Reported on the funding’s role in advancing clinical trials for HIV testing via Altratech’s handheld UbiHealth device.
    • Silicon Republic: Emphasized the company’s goal to disrupt molecular diagnostics with its portable nanotechnology platform.

    Publications Naming Altratech

    • 360DX.com (March 2023): Profiled Altratech’s ambition to supplant PCR testing with home-use microfluidic solutions targeting viral diseases like COVID-19.
    • Rapid Microbiology: Listed Altratech as developing CMOS semiconductor-based DNA test kits that eliminate amplification steps.

    Conference Participation & Presentations

    Altratech has maintained an active presence at global healthcare and biotech events:
    • EIC-CUF Healthcare Investor Day (Lisbon): CTO Tim Cummins won the ‘Best-Pitch, E-Health’ award for showcasing UbiHealth.
    • JP Morgan Healthcare Conference (San Francisco) and Medica Trade Fair (Dusseldorf): Upcoming appearances to demo UbiHealth in early 2025 and late 2024, respectively.
    • Tri-Con San Diego (March 2025): Planned live demonstrations of multi-analyte point-of-care diagnostic workflows.

    Event Involvement & Collaborations

  • Collaboration with BARDA: Contracted for a PNA saliva-based SARS-CoV-2 detection project under US federal funding. Enterprise Ireland also endorsed its Horizon Europe success as evidence of Ireland’s growing deep-tech competitiveness.

    • Sources

    Diagnostics company Altratech approved for €10.5m EIC investment | Altratech secures EIC funding of €10.5m | Cork's Altratech gets €10.5m from EIC | Irish Diagnostics Firm Aims to Enter Molecular Testing Space | AltraTech Ltd - rapidmicrobiology | EIC ‘Best-Pitch Award' | Upcoming Events List | BARDA Contract Details | Enterprise Ireland Statement on EIC Win

    Note: Podcast or interview transcripts were not identified in available sources.

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