Three companies from the WDC Investment Fund’s portfolio companies have secured €6.7 million in funding from the first round of the Government’s Disruptive Technologies Innovation Fund (DTIF ). Another two companies have received awards in the InterTradeIreland Seedcorn Competition.
Gillian Buckley, Manager of the WDC Investment Fund commented: "These successes for five of our portfolio companies show the exceptionally high calibre of innovative companies being developed in the West of Ireland. These companies are at the very cutting edge of disruptive technology and have the potential to address significant societal and healthcare issues."
Neurent Medical Ltd has secured €2.9 million from the DTIF. The company is creating a new therapy for patients suffering from rhinitis, a condition that causes inflammation of the nose. It will give the patient immediate and long-lasting relief from symptoms and remove the need to take daily medication to manage their condition.
Signum Medical Ltd is developing novel minimally invasive technologies to treat colorectal diseases and have been awarded €1.9 million.
Hookbio Ltd is developing a disruptive technology platform that will allow pharma companies and clinicians to develop more accurate and responsive disease models for drug testing and received €1.9 million under the DTIF.
In addition Loci Orthopedics Ltd was successful in winning the overall prize in the InterTradeIreland Seedcorn Awards. While another WDC Investment Fund company supported through the Bioexel Accelerator Programme, HidraMed Solutions Ltd, won the Best New Start-up category award.
The WDC Investment Fund is a provider of risk capital to SMEs and Social Enterprises in the Western Region of Ireland and operates on an Evergreen basis, reinvesting all profits back into new investments.
It has to date invested over €50 million in 160 commercial and not-for-profit enterprises across all sectors from Lifesciences, ICT, CleanTech, Food, Tourism, Creative Economy and Social and Enterprise Infrastructure.