The handheld device aims to improve the accessibility and convenience of molecular testing, empowering healthcare providers and patients with on-the-spot, reliable diagnostic results.

The €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.

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 provides grant funding of up to €2.5m combined with an equity investment ranging from €0.5m to €15m in a blended finance offer.

“Altratech is making great advancements in the crucial area of rapid diagnostic testing outside of healthcare settings," said Minister for Enterprise, Trade and Employment, Peter Burke.

"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 any time. 

"The investment secured is a testament to the innovation and dedication of the Altratech team."

Enterprise Ireland leads the National Support Network for Horizon Europe which includes supporting Irish deep-tech companies to compete and win funding in the highly competitive EIC funding programmes.

Marina Donohoe, Head of Research and Innovation, Enterprise Ireland said, “The award by the European Innovation Council recognises the innovation and potential behind Altratech’s novel technology for molecular testing of viruses in non-clinical settings. 

"Ireland’s overall success in the Horizon Europe EIC programme shines a spotlight on the innovation and capability of Irish companies to compete on a global level. This funding provides the critical support required to enable these innovative companies such as Altratech to further develop and scale their business.” 

Tara Dalton, CEO of Altratech said: "This award from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland will enable us to conduct both pre-clinical and clinical trials on the initial application of this technology. 

"Furthermore, we can extend our product offerings into other diseases building a strong pipeline based on this innovative solution."