Altratech has developed a groundbreaking molecular testing platform which can be used on HIV patients.
By seamlessly integrating advanced silicon chip technology with cutting-edge nanotechnology, the company is enabling precise molecular diagnostics to be conducted outside traditional clinical environments.
The company say its device will dramatically improve the accessibility and convenience of molecular testing, thereby empowering healthcare providers and patients alike with on-the-spot, reliable diagnostic results.
This €10.5m investment will allow the company to engage in clinical trials on HIV patients combined with significant scale-up in manufacturing and product development over the next three years.
Cork based diagnostics company Altratech has been approved for a recommended investment of €10.5m from the European Innovation Council (EIC) Accelerator.
The company also plans to extend the capability of the technology beyond viral load diagnostics to include serology on the same device, making it a unique and powerful tool in global diagnostics.
Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the European Innovation Council (EIC) Accelerator Programme is Europe’s flagship innovation programme and it provides grant funding of up to €2.5m combined with an equity investment ranging from €0.5 to €15m in a blended finance offer.
Minister for Enterprise, Trade and Employment Peter Burke said: “Altratech is making great advancements in the crucial area of rapid diagnostic testing outside of healthcare settings.
"The recent support from the European Innovation Council (EIC) underscores Altratech’s novel technology to allow for the diagnosis and monitoring of viral contagious diseases at the point of care, including in a home setting, enabling testing by anyone, anywhere, and at anytime.
"The investment secured is a testament to the innovation and dedication of the Altratech team.
"I would like to congratulate Tara and the team on this investment and wish Altratech every success as their technology evolves and the business continues to grow.”
