Bishopstown company involved in €1.5m investment

Bishopstown based, Kernel Capital has, through the Bank of Ireland MedTech Accelerator Fund, participated in a €1.5m syndicated investment in University of Limerick spin-out Crescent Diagnostics Ltd, a Medical Diagnostics Company. 

The investment comprises of a €500k investment by the Bank of Ireland MedTech Accelerator Fund with the remainder of the funds provided by AIB Seed Capital Fund, co-managed by Enterprise Equity and existing investor Seroba Bioventures. 

Commenting on the announcement, Orla Rimmington, Operations Director, Kernel Capital said: “We are delighted to support innovative Irish companies like Crescent. On average, every three seconds someone in the world suffers a fracture as a result of osteoporosis. Crescent’s technology developed at the University of Limerick has significant commercial potential in helping to identify patients at risk of bone fracture earlier and reduce associated health-care costs.”

Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “The availability of funding to support companies like Crescent Diagnostics is a further endorsement of the high calibre of talent and entrepreneurs in the MedTech sector in Ireland. Bank of Ireland is delighted to support Crescent Diagnostics in developing and bringing a cutting edge product to the market through the MedTech Fund managed by Kernel Capital.”

Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: “Crescent Diagnostics is exactly the type of innovative and R&D committed company that Enterprise Ireland is looking to work with on their path to growth and internationalisation. This successful University of Limerick spinout shows how Enterprise Ireland’s higher education and commercialisation activities yield an important pipeline of new innovative start ups. This sort of commercially relevant technology - an exciting idea becoming a commercial reality - is exactly the outcome that we are keen to achieve.”  

Ernest Poku, CEO, Crescent Diagnostics (Ireland) Limited added: “This investment by Kernel Capital is a significant endorsement of our technology.  There is a massive unmet need for convenient, accurate and affordable testing. The BQT test is a novel solution with the potential to enhance osteoporosis diagnosis. This funding will allow us to complete additional clinical trials and bring BQT to market.”