Causeway Sensors, a Belfast-based diagnostics firm that has developed nano-sized sensor chips that can be utilized to detect most cancers and different illnesses at an early stage, has secured an extra €1.8 million in funding.
The corporate, a spin-out from Queen’s College Belfast, was based in 2016 by Robert Pollard, Robert Bowman and John Nelson.
The funding contains €1.5 million from Financial institution of Eire’s Kernel Capital Progress Fund NI and an extra €300,000 from QUBIS. Each backed Causeway simply two years after it was based in a financing spherical of EUR 1.8 million.
The funding comes along with a £3.3m (€3.9m) grant obtained by the corporate as a part of the Good Nano NI consortium. It is a Seagate-led group that final yr secured £42m from UK Analysis and Innovation (UKRI) to develop new applied sciences for medical gadgets, communications and knowledge storage.
Causeway is creating what it believes to be the world’s first nanosensor platform that may be immediately built-in right into a bioreactor to shortly uncover essential knowledge associated to new drug candidates. That is to make sure that they are often delivered to market sooner.
Together with the brand new funding, Dr. Pollard will develop into President of the corporate, with Antony Murphy changing him as CEO. Deirdre Frances additionally joins Causeway as Finance Director.
“This funding, mixed with the aggressive grant funding we’ve obtained from UKRI, will put Causeway in a powerful place to completely validate our first product with world-class pharmaceutical firms earlier than getting into the biomanufacturing market,” stated Murphy.
The Financial institution of Eire Kernel Capital Progress Fund (NI), which goals to speed up the expansion of excessive potential start-up firms within the North, was additionally behind a £500,000 funding in Causeway in 2016.