SensL Technologies wins €1.5m funding
27th January 2011
CORK-based technology company, Sensl Technologies, has attracted €1.5m in new funding — led by a €500,000 investment by the AIB Seed Capital Fund.
The remaining €1m came from additional participants, including Delta Partners and Enterprise Ireland, who are existing investors.
This investment, says Sensl’s chief executive, Bryan Campbell, has enabled the company to enhance its product portfolio and its marketing, sales and engineering capability.
Sensl offers products for low-light imaging and sensing for use in the biotechnology industry. Its products replace traditional vacuum tube-based low-light sensors with a solid state alternative which are more cost-efficient, more reliable and provide dramatically improved system integration benefits.
The funds are to be used for resource expansion to increase market share and continue product development. Sensl also plans to hire 25 engineers — including 10 PhD graduates — over two years.
The AIB Fund’s investment is by way of a convertible loan, which is convertible into an equity stake in Sensl at a future date.
“We believe that the funding, allied to the company’s significantly growing revenues, ideally positions it to deliver on the technology developed since 2004.
“We look forward to working with Delta Partners and the management team at Sensl Technologies to create another great Irish technology company,” said Frank Walsh of Enterprise Equity Venture Capital, which co-manages the Seed Capital Fund with AIB.