A Shannon company will receive a share of a funding pot of €10m from the EU’s scientific research fund.
Altratech is one of five SME’s who will benefit from the research funding allocation. The company produces a portable battery-operated kit for the quick detection of the HIV virus.
The five Irish SMEs will receive EU grants of up to 2.5 million each from the Horizon 2020 SME Instrument Phase 2 funding.
The funding is for innovative small firms to get ideas from the lab to the market and help generate growth and jobs in Europe.
Each of the projects will receive up to €2.5 million to finance innovation activities. Thanks to the funding, the selected SMEs can finance innovation activities like demonstration, testing, piloting, scaling up and miniaturisation, in addition to developing a mature business plan for their product. The companies involved in the projects will also benefit from 12 days of business coaching.