French Angel Fund invests in Radisens
29 July, 2010
French Angel Fund invests in Radisens
Cork Ireland - July 29, 2010 - Radisens Diagnostics announced today an equity investment by Sophia Business Angels (SBA), part of the leading European business angel network. This investment will be used to fund Radisens’ route to market for its compact digital diagnostic analyser product line.
Facilitated by AxisBIC, via their Internationalisation Programme, Radisens was chosen from hundreds of European opportunities based on numerous stringent investment criteria. Recently named 2010 European Business Angel Network of the year by EBAN, SBA creates unique financial instruments to promote innovation and growth in high potential European startups, driven by French wealth tax law.
"Radisens’ experienced multi-disciplinary team, unique business model and high growth target market were significant attractions for us to invest" said Juliana Garaizar, SBA General Manager. "There’s no doubt that point-of-care is a huge growth area and Radisens’ disruptive technology gives it a significant edge".
"This is a significant endorsement by Europe’s premier angel network," said Jerry O'Brien, Radisens CEO. "SBA’s track record speaks for itself. We look forward to continue working with them to build Radisens into a world leading portable diagnostics company."
Radisens Diagnostics develops portable digital diagnostic platforms for use by GP's in their clinics for rapid diagnosis of early cancers, cardiac markers, infectious diseases and myriad other blood related illnesses. By miniaturizing gold-standard clinical laboratory instruments, results are delivered within five minutes on a handheld instrument. The GP simply applies a pin-prick of patient’s blood to one of a suite of consumables under development at Radisens, which integrate all necessary sample preparation steps, and inserts it into the platform for quantitative laboratory-grade diagnosis. No solution on the market offers a multiplexed, quantitative platform for blood testing across such a wide range of applications in a single portable, battery-operated instrument. This patent pending disruptive technology is driving a step change towards rapid handheld analysis at point-of-care.
About AxisBIC
AxisBIC is a leading interdisciplinary venture consultancy operating in the South & Mid-West of Ireland. The company has provided an integrated process for incubating and growing high potential technology companies over the last 21 years with an 85% success rate. AxisBIC manages The Business Angel Partnership (BAP) in it’s region - a joint initiative between Enterprise Ireland, InterTrade Ireland and the Irish Business Innovation Centres (BICs). The BAP Operates on a regional basis, providing a matching service for private investors (Business Angels) and pre-screened investment opportunities in start-up, early stage and developing businesses. The BAP recently completed its 50th investment deal resulting in investments of €18million euro into a cross section of indigenous Irish companies.
About Sophia Business Angels Fund (SBA)
Sophia Business Angels (SBA) is a select network of international serial entrepreneurs and senior managers based in the European high-tech capital of Sophia Antipolis, France. With members from 15 countries, SBA actively invests in early national, and international start-up projects which bring a significant return on investment. Given the group’s combined expertise in finance, ICT, Bio, and Energy, the SBA invests and mentor companies in ICT, CleanTech, MedTech/Health, and B2B. Over the last 6 years more than 50 SBA members have invested more than €20M of their own and managed money in more than 40 companies worldwide, with numerous successful exits.