Silicon Republic: €1m biotech investment in Algae Health
As reported on Silicon Republic.com - 28th Jan 2013
Algae Health has secured funding for product commercialisation and a new factory location. The €1m investment was led by AIB Seed Capital Fund and the Western Investment Fund, including support from Údarás Na Gaeltachta.
The funding will enable Algae Health to commercialise the business and create five new high-value biotechnology jobs in the Galway region over the next 12 months. This will increase to 23 new positions within three years.
Algae Health (Slainte Alga Teoranta) was established in 2009 by Edward McHugh. They are a green bio-technology company which has developed an innovative, environmentally friendly and sustainable new source for nutritional compounds.
Following 3 years of intensive Research and Development based on their proprietary cultivation technology (patent pending) they are now in a position to scale-up production of their first product, ASTAXANTHIN.
AIB Seed Capital Fund is co-managed by Enterprise Equity Venture Capital. The Western Investment Fund is managed by the Western Development Commission.
Edward McHugh - MD, Algae Health said:
"This funding will commercialise our technology and bring us to a self-sustaining position. I would very much like to thank Enterprise Equity, WDC and Údarás na Gaeltachta for supporting our company."