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SEED AND VENTURE CAPITAL 2016 REPORT

Introduction 2

2016 A Year in Review 3

Seed and Venture Capital Programme 2013 – 2018 4

Summary of Investments from Commencement of Programme 5

Analysis of Investments by Stage of Development 6

Regional Breakdown of Investments 7

Sectoral Breakdown of Investments 8

Details of Investments Per Year 9

Fund Details 10

Investee Companies 13







Fund Details 20








Fund Details 36


Seed and Venture Capital Measure of the Operational Programme 1994 – 1999 42

Overview and Regional/Sectoral Breakdown of Investments 43


Seed and Venture Capital Funds Committee 45

Contents

This 2016 SVC Report comprises four venture capital initiatives undertaken by Enterprise Ireland in partnership with the private sector.

• Seed and Venture Capital Programme 2013 – 2018.

• Seed and Venture Capital Programme 2007 – 2012.

• Seed and Venture Capital Programme 2000 – 2006, under the National Development Plan.

• The EU Seed & Venture Capital Measure, under the Operational Programme for Industrial Development, 1994-1999.

All funds are independently managed by private sector fund managers who make all decisions regarding investments.

In May 2013, the €175 million Seed and Venture Capital Programme (2013-2018) was launched. The objective of this Programme is to support the development of high-growth Irish companies with the potential to grow jobs and generate large amounts of additional exports. As of December 2016, there have been 2 separate competitive calls in 2013 and 2015 with a final third call taking place in 2017. €99.5 million was committed as part of the first call targeting Series A funding. Five new Funds have now been established with an Enterprise Ireland commitment of €80.5 million.

Under the second call, a further €65 million was committed to a number of venture capital funds targeting early-stage funding. Three new funds have now been established with an Enterprise Ireland commitment of €32 million. It is expected that a number of additional funds will be launched in the near term. A further allocation has also been made to a new European Angel Fund.

Under the 2007–2012 Programme, Enterprise Ireland committed €175 million to continue the development of the seed and venture capital market in Ireland. Up to December 2016 thirteen funds were launched with an Enterprise Ireland commitment of €174 million.

Under the 2000–2006 Programme, Enterprise Ireland committed €98 million to develop the venture capital market for SMEs in Ireland. This Programme committed to fifteen funds.

The EU Seed and Venture Capital Measure under the Operational Programme for Industrial Development 1994–1999 was set up with the objective of establishing Venture Capital Funds to provide early stage small and medium-sized enterprises in Ireland with equity capital. Fifteen separate venture capital initiatives were established with €68 million committed under this Programme, the first of which was launched in May 1996.

Notes:

1. For reporting purposes, each tranche of money paid to a company is counted as an investment.

2. Some investee companies have secured funding from more than one Fund.

3. Regional breakdown of data for the Seed and Venture Capital Programme is in accordance with EU regional guidelines.

4. Investments continue to be classed in this report as per the development status when the first investment was made in the company.

5. Start up investments includes seed investments.

6. Stage of Development interpretation in Seed Funds can differ from that of other Venture Capital Funds.

7. Disclaimer

Enterprise Ireland has endeavoured to ensure the reliability of the data included in this Report and does not assume any responsibility for any inaccuracy in the data. In addition Enterprise Ireland does not assume any responsibility as regards the use of the data contained in this Report by any third parties. The collective data as presented in this Report has not been subjected to independent audit.

Introduction

2 Seed & Venture Capital Programme 2016 Report

At the heart of Enterprise Ireland’s strategy is the premise that Irish enterprise is a powerful engine of job creation and growth in towns and villages right across the country and 2016 was another excellent year.

As a development agency, our success is measured by our clients’ success in global markets, and exports in 2016 continued to rise on the upward trajectory which began in 2016 and now stands at €21.6bn, the highest level in the history of the State. The associated employment in Enterprise Ireland supported companies broke through an important threshold exceeding the 200,000 jobs mark for the first time ever.

The success of Irish business during 2016 is a testament to the hard work and dedication of Irish business leaders, who have started and grown their businesses in global markets. It is due also to the strength of the underlying business eco-system, that provides a platform for this growth. A critical element of any business development eco-system is access to appropriate and adequate capital. So the achievements of Irish companies during 2016 is attributable also to the Irish venture capital sector.

In 2016, venture capital funds supported under the Enterprise Ireland Seed and Venture Capital Scheme made 137 investments in Irish based companies, with a total investment value of €67m.

During 2016, over 225 early stage companies were approved for investment by Enterprise Ireland, with Enterprise Ireland directly investing €31.5m into 101 High Potential Start-Up businesses. These businesses will create an estimated 1,500 jobs over the next three years.

In 2016, we completed the launch of several new funds under the current Seed & Venture Capital Scheme (2013-2018), bringing to eight, the number of new funds successfully launched under this Scheme, which will make a further €662m of venture funding available in the market. Funds launched in 2016 include ACT V Venture Fund, AIB Start Up Accelerator II Fund, Frontline Venture Fund II, Seroba Life Sciences Fund III and the University Bridge Fund, all of which are active and currently seeking investment opportunities.

A third call for expressions of interest under this Scheme is currently underway and is expected to conclude later in 2017. The call is seeking to further build on the success of the previous seed funds and is targeting funds who were seeking to invest in the very earliest stages of company development.

We continue to work with key players in the wider the business ecosystem to ensure there are an array of funding options available to SMEs. For example, Enterprise Ireland’s €75m commitment to the Development Capital Scheme, has resulted in the creation of three funds which have with a combined total fund size of €492m. In 2016 these funds were very active and invested a total of €65m into companies in the financial services, telecoms software and life sciences sectors in Ireland.

Business Angels are also an important element of the business ecosystem, contributing both expertise and investment capital to companies. Enterprise Ireland, in partnership with InterTradeIreland continued to support the Halo Business Angel Network, which resulted in over €13.5m of business angel investment in 50 companies in 2016. In addition, Enterprise Ireland and the European Investment Fund successfully launched a new €20m European Angel Fund in 2016. This fund will increase the availability of capital for this market and further develop the angel ecosystem.

While the overall global outlook remains positive, 2016 was also a year of high levels of uncertainty and volatility, which has been challenging for our client companies, notably the challenges posed by the UK’s decision to leave the EU.

Going forward, we will continue to widen the access to appropriate forms of finance for our fastest growing companies, while they build their scale, and expand their reach into diverse global markets. We will continue to work in close partnership with the Seed and Venture Capital sector to ensure that Irish businesses can access adequate capital to achieve their full international growth potential.

2016 A Year in Review

3Seed & Venture Capital Programme 2016 Report

Julie Sinnamon

Chief Executive Officer

SEED AND VENTURECAPITAL PROGRAMME 2013-2018

Investments for Year 2016 – Cumulative from Commencement of Programme to December 2016

5

Name of Fund Fund Size

Number of Investments

2016

Total Invested

2016

Number of Investments 2013 - 2016

Total Invested 2013 - 2016

€’000s €’000s €’000s

ACT V Venture Fund 83,000 1 1,952 1 1,952

AIB Start Up Accelerator Fund II* 12,800 0 0 0 0

Atlantic Bridge III Limited

Partnership

200,769 16 37,846 23 56,190

Fountain Healthcare Partners

Fund II LP

103,214 6 11,236 13 25,520

The Frontline Venture Fund II 60,616 1 250 1 250

The Bank of Ireland Kernel Capital

ROI Growth Funds

47,500 2 3,100 3 5,100

The Seroba Life Sciences Fund III 93,878 1 2,405 1 2,405

The University Bridge Fund 60,000 2 1,550 2 1,550

Total 661,777 29 58,339 44 92,967

SEED AND VENTURECAPITAL PROGRAMME 2013-2018

Seed & Venture Capital Programme 2016 Report

*Established Dec 2016

Analysis of Investments by Stage of Development – Cumulative to December 2016

Type Number of Investments Total Invested Value €'000s

% of Total Amount Invested

Start Up 7 5,805 6.24%

Early Stage 12 28,097 30.22%

Development 25 59,065 63.54%

Total 44 92,967 100%

NUMBER OF INVESTMENTS Breakdown of InvestmentsCumulative to December 2016 (% by number)

AMOUNT OF INVESTMENT Breakdown of InvestmentsCumulative to December 2016 (% by value)

7 Start Up

12 Early Stage

25 Development

6.24% Start Up

30.22% Early Stage

63.54% Development

Seed & Venture Capital Programme 2016 Report6

REGIONAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)

Regional Breakdown of Investments – Cumulative to December 2016

Region Number of Investments Total Invested€’000s

% of Total Invested

Dublin & County 20 24,818 26.70%

Mid West 1 1,850 1.99%

South East 1 2,000 2.15%

West 3 10,869 11.69%

Other 19 53,430 57.47%

Total 44 92,967 100%

57.47% Other

11.69% West

1.99% Mid West

2.15% South East

26.70% Dublin & County

Seed & Venture Capital Programme 2016 Report 7

SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (by number)

SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)

Sectoral Breakdown of Investments – Cumulative to December 2016

1 Technology

1 Medical Devices

8 Electronics

2 Communications

1 Cleantech

14 Life Science

17 Software

0.27% Technology

2.59% Medical Devices

26.52% Electronics

4.87% Communications

0.81% Cleantech

29.44% Life Science

35.50% Software

Sector Number of Investments Total Invested€’000s

% of Total Invested

Communications 2 4,528 4.87%

Cleantech 1 750 0.81%

Electronics 8 24,659 26.52%

Life Sciences 14 27,370 29.44%

Medical Devices 1 2,405 2.59%

Software 17 33,005 35.50%

Technology 1 250 0.27%

Total 44 92,967 100%

Seed & Venture Capital Programme 2016 Report8

Value of Investments Per Year – Cumulative to December 2016

VALUE OF INVESTMENTS PER YEARCumulative to December 2016 (by value)

€m

100

90

80

70

60

50

40

30

20

10

0

Initial Investment Follow-on-Investment Total Cumulative

2014 2015 2016

Year Initial Investment Follow-on Investments Total CumulativeNumber €'000s Number €'000s €'000s % €'000s

2014 3 8,327 0 0 8,327 8.96% 8,327

2015 7 19,338 5 6,963 26,301 28.29% 34,628

2016 14 37,283 15 21,056 58,339 62.75% 92,967

Total 24 64,948 20 28,019 92,967 100%


ACT V Venture Fund

The ACT V Fund (managed by ACT Venture Capital), was established in 2016 as a €83m Expansion Fund. The fund focus will be on high growth, export-oriented companiesin emerging ICT sectors such as Digital Media, Internet, Software, CleanTech and Communications. The fund investment range is €1m to €8m. FUND SIZE: €83 million

FUND MANAGER: ACT Venture Capital

CONTACT: John Flynn ACT Venture Capital Ltd. 6 Richview Office Park Clonskeagh Dublin 14

TEL: +353 (0)1 2600966

E-MAIL: [email protected]

WEB: www.actventure.com

AIB Start Up Accelerator Fund II

The AIB Start-Up Accelerator II Fund (managed by ACT Venture Capital), was established in 2016 as a €13m Seed Fund. Investments made by the fund focus on developing high growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The fund investment range is €100,000 to €1m.

FUND SIZE: €13 million



TEL: +353 (0)1 2600966



Atlantic Bridge III Limited Partnership

Atlantic Bridge III L.P. is a growth equity fund focused on technology investments with offices and staff in Dublin, London, Silicon Valley, Beijing and Hong Kong. Atlantic Bridge III has been actively investing since January 2015. The fund is open for new investments. FUND SIZE: €200 million

FUND MANAGER: Atlantic Bridge III GP Limited

CONTACT: Elaine Coughlan, 31 Kildare St, Dublin 2

TEL: +353 (0)1 6034450


WEB: www.abven.com


FUNDS

10

The Frontline Venture Fund II

Frontline Ventures is an early-stage B2B venture capital fund based in Dublin and London. Founded in 2016, Fund II will invest into startups specialising in fintech, big data, infrastructure, machine learning, artificial intelligence, and adtech. Frontline makes investments between €150,000 and €6,000,000 per company over the life of an investment. Fund II is open for new investments.


FUND MANAGER: Frontline Ventures

CONTACT: Shay Garvey 26-28 Lombard St. East Dublin 2

TEL: +353 (0) 86 2593345


WEB: www.frontline.vc

Fountain Healthcare Partners Fund II Limited Partnership

Fountain Healthcare Partners Fund II is a Life Science focused venture capital fund that invests in the €3,000,000 to €10,000,000 range in biotechnology, specialty pharma, medical devices and diagnostic companies. The fund is open for new investments. FUND SIZE: €103 million

FUND MANAGER: Fountain Healthcare Partners

CONTACT: Manus Rogan, Guild House, 4th Floor, Guild Street, IFSC, Dublin 1

TEL: +353 (0)1 5225100


WEB: www.fh-partners.com

The Bank of Ireland Kernel Capital ROI Growth Funds

These funds are actively investing in the Republic of Ireland in the €1,000,000 to €3,000,000 range. A separate parallel Kernel Capital Fund operates in Northern Ireland.

Kernel Capital with a team of twelve executives have offices in Cork, Belfast and Dublin.


FUND MANAGER: Kernel Capital

CONTACT: Orla Rimmington, Partner Rubicon Centre, Rossa Avenue Bishopstown, Co. Cork

TEL: +353 (0)21 4928974

E-MAIL: orla.rimmington @kernel-capital.com

WEB: www.kernel-capital.com


The University Bridge Fund

The University Bridge Fund is an early stage fund focused on investing in companies that are built from world class research from all Irish third-level institutions and universities. Leveraging the Atlantic Bridge global investment platform and proven ‘Bridge Model’ for scaling technology companies, the fund will accelerate the commercialisation of ground breaking research emerging from third level institutions nationally. The fund was launched in 2016 and is open for new investments.


FUND MANAGER: Atlantic Bridge

CONTACT: Helen McBreen 31 Kildare St Dublin 2

TEL: +353 (0)1 6034450


WEB: www.abven.com


The Seroba Life Sciences Fund III

Seroba Life Sciences Fund III is a recently launched venture capital fund actively investing in early-stage start-ups to more mature, development-stage biotech and medical device companies. The fund typically seeks to invest €3,000,000 to €10,000,000 over the life of each investment and is managed from its offices in Dublin, with a partner also based in the UK. Investments are made in innovative life sciences companies based in Ireland, Western Europe and the USA.


FUND MANAGER: Seroba Life Sciences Management Limited

CONTACT: Peter Sandys, 6 Northbrook Road, Ranelagh, Dublin 6, Ireland

TEL: +353 (0)1 6334028

E-MAIL: petersandys@ seroba-lifesciences.com

WEB: www.seroba- lifesciences.com

Name of Company Nature of Business

3D Robotics Drone Manufacturing

Altratech Limited Providing real time, onsite DNA diagnostics for the food industry

Chrono Therapeutics Inc Drug Development

Civic Resource Group Mobile smart city solutions

Corasdotio Ltd Online ticket trading platform

Corlytics Ltd Software for Financial Services Industry

Endotronix Ireland Limited Medical Devices

Gridstore Inc Enterprise Storage - Hyper-converged All-Flash Infrastructure

Hilight Fibre optic communication chips

Inflazome Limited Pharmaceuticals & Biotechnology

Inflection BioSciences Cancer Drug Development

Inkitt Online Publishing

Innocoll Technologies Ltd Drug Development

Kastus Technologies DAC Development, production, sales & licence of Antibacterial coatings for glass & ceramics

LogTrust Computer and Consumer Electronics

Navitas Semiconductor Inc Fabless Semiconductors

NeRRe Therapeutics Drug Development

Neuromod Devices Medical Devices

SeeReal Technologies S.A. 3Ddisplay solutions

Silvercloud Health Ltd Computerised therapeutic programmes for mental health organisations

Stashimi Inc Music search and discovery platform

Ubimax GmbH Software platform for industrial wearable computing solutions

Webaction Inc End to End streaming integration and intelligence solution

INVESTEE COMPANIES


SEED AND VENTURE CAPITAL PROGRAMME 2007–2012

SEED AND VENTURE CAPITAL PROGRAMME 2007–2012




2016

Total Invested 2016



€’000s €’000s €’000s

SEED FUNDSAIB Seed Capital Fund Limited

Partnership

53,000 18 1,857 198 34,198

AIB Start-Up Accelerator Fund 22,000 14 1,284 89 16,134

Bank of Ireland Seed and Early

Stage Equity Fund 2009 Limited

Partnership

32,000 7 2,350 85 21,210

Bank of Ireland Start-Up and

Emerging Sectors Equity Fund

2010

17,000 16 1,754 66 13,079

VENTURE CAPITAL FUNDS

Atlantic Bridge II Limited

Partnership

75,000 12 5,356 65 65,091

Bank of Ireland Kernel Capital

Partners Private Equity Fund II

27,111 0 0 28 11,302

Delta Equity Fund III Limited

Partnership

104,879 16 4,790 150 73,874

Fountain Healthcare Partners

Fund I Limited Partnership.

73,000 8 7,675 85 66,557

Hoxton Venture Fund 1 (Ireland)

Limited Partnership*

5,269 0 0 0 0

The Seroba Life Sciences Fund II

Limited Partnership

75,070 4 2,767 79 57,114

The Ulster Bank Diageo Venture

Fund Limited Partnership

75,000 15 2,788 72 57,873

SOSventures Ireland Fund Limited

Partnership

20,000 5 794 20 4,370

The Frontline Venture Fund I

Limited Partnership

50,505 21 16,374 72 35,953

Total 629,834 136 47,789 1,009 456,755


* Fund Closed

SEED FUNDS Breakdown of InvestmentsCumulative to December 2016 (% by value)

VENTURE CAPITAL FUNDS Breakdown of InvestmentsCumulative to December 2016 (% by value)




SEED FUNDS

Start Up 124 24,936 29.47%

Early Stage 314 59,685 70.53%

Development 0 0 0.00%

Total 438 84,621 100%


Start Up 196 97,154 26.11%

Early Stage 252 160,888 43.23%

Development 123 114,092 30.66%

Total 571 372,134 100%

29.47% Start Up

70.53% Early Stage

30.66% Development

26.11% Start Up

43.23% Early Stage





% of Total Invested

Border 2 600 0.13%

Dublin & County 533 235,420 51.54%

Mid East 7 3,200 0.70%

Mid West 37 12,922 2.83%

South East 43 10,370 2.27%

South West 98 21,410 4.69%

West 116 56,792 12.43%

Other 173 116,041 25.41%

Total 1,009 456,755 100%

0.13% Border


25.41% Other

12.43% West

2.83% Mid West

2.27% South East

4.69% South West

0.70% Mid East





11 Miscellaneous

2 Electronics

121 Communications

38 Cleantech

265 Life Science

563 Software

7 Manufacturing

2 Food

2.33% Miscellaneous

0.10% Electronics

2.61% Cleantech


34.50% Life Science

50.05% Software

0.79% Manufacturing

0.02% Food


% of Total Invested


Cleantech 38 11,901 2.61%

Electronics 2 460 0.10%

Life Sciences 265 157,570 34.50%

Manufacturing 7 3,597 0.79%

Software 563 228,586 50.05%

Miscellaneous 11 10,642 2.33%

Food 2 150 0.02%

Total 1,009 456,755 100%


Value of Investments Per Year – Cumulative to December 2016


€’0

00

s

480

450

420

390

360

330

300

270

240

210

180

150

120

90

60

30

0


2007 20092008 2010 2011 2012 2013 2014 2015 2016


2007 2 2,007 0 0 2,007 0.44% 2,007

2008 16 7,785 2 350 8,135 1.78% 10,142

2009 27 31,649 15 9,639 41,288 9.04% 51,430

2010 24 14,540 30 14,300 28,840 6.31% 80,270

2011 51 29,000 55 23,832 52,832 11.57% 133,102

2012 53 46,757 88 31,964 78,721 17.23% 211,823

2013 67 42,394 108 30,287 72,681 15.91% 284,504

2014 48 21,171 125 47,352 68,523 15.00% 353,027

2015 23 5,882 139 50,058 55,940 12.25% 408,967

2016 12 9,447 124 38,341 47,788 10.47% 456,755

Total 323 210,632 686 246,123 456,755 100%


CONTACT: Michael Culligan/Alex Hobbs Dublin BIC TCD Enterprise Centre Pearse Street Dublin 2

TEL: +353 (0)1 4100903

E-MAIL: [email protected] [email protected]

WEB: www.dbic.ie

CONTACT: Conor O’Connor Enterprise Equity Venture Capital The Media Cube Kill Avenue Dun Laoghaire Co. Dublin

TEL: +353 (0)1 2145606


WEB: www.enterpriseequity.ie

AIB Start–Up Accelerator Fund

The AIB Start-Up Accelerator Fund, managed by ACT Venture Capital, was established in 2011 as a €22m Seed Fund. Investments made by the fund focus on developing high-growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The fund investment range is €100,000 to €650,000. This fund is closed for new investments but continues to make follow-on investments in existing portfolio companies.




TEL: +353 (0)1 2600966



SEED FUNDS

AIB Seed Capital Fund Limited Partnership

This €53m fund has an investment policy to invest in companies at the seed and early stages of development, across a range of sectors throughout the Republic of Ireland. The fund makes seed investments up to approximately €500,000. The fund is now closed for new investees. The fund will now focus on providing support and follow-on investment to its portfolio companies to assist them in realising their full potential.


FUND MANAGER: Enterprise Equity Venture Capital Group and Dublin Business Innovation Centre

CONTACT: Éanna Dáibhis AIB Seed Capital Fund NovaUCD University College Dublin Belfield Campus Dublin 4

TEL: +353 (0)1 2866766

E-MAIL: eanna.daibhis@ aibseedcapitalfund.ie

WEB: www.aibseedcapitalfund.ie


Bank of Ireland Start-Up and Emerging Sectors Equity Fund 2010

The Bank of Ireland Start up and Emerging Sectors Equity Fund 2010, managed by Delta Partners was established in 2010. This €17m fund has an investment focus on technology-based businesses and medtech which are headquartered in Ireland. The fund has invested in companies with disruptive business models and the potential for fast growth. The investment range is €100,000 to €650,000. The fund is closed for new investments but continues to make follow-on investments in existing portfolio companies.


FUND MANAGER: Delta Partners

CONTACT: Dermot Berkery / Maurice Roche Media House South County Business Park Leopardstown Dublin 18

TEL: +353 (0)1 2940870

E-MAIL: seedfund @deltapartners.com

WEB: www.deltapartners.com

Bank of Ireland Seed and Early Stage Equity Fund 2009

This €32m fund incorporates the €10m Bank of Ireland MedTech Accelerator Fund. Investments are made in the range of €100,000 to €500,000. The primary focus is on high potential start-up companies operating in Big Data, ICT, Energy Efficiency and ICT related Healthcare sectors. This fund is open for new investments.



CONTACT: Orla Rimmington, Partner Rubicon Centre Rossa Avenue Bishopstown Co. Cork

TEL: +353 (0)21 4928974

E-MAIL: orla.rimmington @kernel-capital com



Delta Equity Fund III Limited Partnership

Delta Equity Fund III Limited Partnership is a €105m venture capital fund managed by Delta Partners.

Delta’s funds have focused on start-up and early stage technology investments in Communications Technologies, Software and Life Sciences. Delta Partners is often the first institutional investor in a company, typically investing €500,000 to €5,000,000 and taking a minority shareholding. This fund is now closed for new investments but continues to make follow-on investments in existing portfolio companies.




TEL: +353 (0)1 2940870




Bank of Ireland Kernel Capital Partners Private Equity Fund II

This fund has an investment policy to invest in Irish companies in ICT, Environmental Technologies, Engineering, Finance and General Industry. This fund is now closed for new investments but continues to make follow-on investments in existing portfolio companies.



CONTACT: Orla Rimmington Rubicon Centre Rossa Avenue Bishopstown Co. Cork

TEL: +353 (0)21 4928974

E-MAIL: orla.rimmington@ kernel-capital.com


Atlantic Bridge II Limited Partnership

Atlantic Bridge II Limited Partnership is a growth equity fund focused on technology investments with offices and staff in Dublin, London, Silicon Valley, Beijing and Hong Kong. Atlantic Bridge II has been actively investing since July 2010. The fund is now closed for new investments but continues to make follow on investments in existing portfolio companies.


FUND MANAGER: Atlantic Bridge II GP Limited

CONTACT: Elaine Coughlan 31 Kildare Street Dublin 2

TEL: +353 (0)1 6034450


WEB: www.abven.com


Fountain Healthcare Partners Fund I Limited Partnership

Fountain Healthcare Partners is a €73m Life Science focused venture capital fund headquartered in Dublin, Ireland with a second office in New York, USA. The fund specialises in making investments in Biotechnology, Medical Device, Specialty Pharma and Diagnostic Companies. Fountain Healthcare Partners launched its inaugural fund (Fountain Healthcare Partners I) in May 2008. The fund invests between €500,000 and €7,000,000 per company over the life of the investment. This fund is closed to new investments but continues to make follow on investments in existing portfolio companies.


FUND MANAGER: Fountain Healthcare Partners

CONTACT: Manus Rogan Guild House, 4th Floor Guild Street IFSC Dublin 1

TEL: +353 (0)1 5225100


WEB: www.fh-partners.com

The Frontline Venture Fund I Limited Partnership

Frontline Ventures is an early-stage B2B venture capital fund based in Dublin and London. Closed in 2014, Fund I will be invested into startups specialising in fintech, big data, infrastructure, machine learning, artificial intelligence, and adtech. Frontline makes investments between €150,000 and €6,000,000 per company over the life of an investment. Fund I is closed for new investments, but will continue to make follow-on investments in existing portfolio companies.


FUND MANAGER: Frontline Ventures

CONTACT: Shay Garvey 26-28 Lombard St. East Dublin 2

TEL: +353 (0) 86 2593345


WEB: www.frontline.vc


Hoxton Ventures Fund 1 (Ireland) Limited Partnership

Hoxton Ventures Fund 1 (Ireland) Limited Partnership was established in October 2014 as a €5.3m fund primarily focussing on Web technologies. This fund closed in 2016.

FUND SIZE: €5.3 million

FUND MANAGER: Hoxton Ventures Fund 1 (GP) L.P

CONTACT: Dylan Collins Hoxton Ventures Fund 1 (Ireland) Limited Partnership 483 Green Lanes London N13 4BS United Kingdom


WEB: www.hoxtonvc.com

SOSventures Ireland Fund Limited Partnership

SOSventures Ireland Fund Limited Partnership was established in August 2013 as a €20m fund primarily focusing on the Technology, Software, Systems Biology, Synthetic Biology, Indie Biotech bio-coding and Telecommunications fields. The SOSventures Ireland Fund will run a number of accelerator programs in Ireland to assist in finding suitable SMEs.

The fund will invest between €50,000 to €2,000,000 per company over the life of the investment. The fund is open for new investments.


FUND MANAGER: SOSV Limited

CONTACT: Bill Liao SOSV Limited 2nd Floor, Penrose Wharf Alfred Street Cork

TEL: +353 (0)21 4700991


WEB: www.sosv.com

The Ulster Bank Diageo Venture Fund Limited Partnership

Ulster Bank Diageo Venture Fund Limited Partnership – a €75m fund is managed by Investec Ventures Ireland. The fund has invested at early and expansion stages of development across a broad range of industrial sectors.

The fund investment range is €1,000,000 to €5,000,000. The fund is now closed for new investments but continues to make follow on investments in existing portfolio companies.


FUND MANAGER: Investec Ventures Ireland

CONTACT: Michael Murphy / Leo Hamill / Derek Crawley The Harcourt Building Harcourt Street Dublin 2 Ireland

TEL: +353 (0)1 4210000

E-MAIL: [email protected] [email protected] [email protected]

WEB: www.investec.ie


The Seroba Life Sciences Fund II Limited Partnership

Seroba Life Sciences Fund II is a venture capital fund invested in early-stage start-ups to more mature biotech and medical device companies. The fund is closed to new investments but continues to make follow on investments in existing portfolio companies.


FUND MANAGER: Seroba Life Sciences Limited

CONTACT: Peter Sandys 6 Northbrook Road Ranelagh, Dublin 6 Ireland

TEL: +353 (0)1 6334028

E-MAIL: petersandys @seroba-lifesciences.com

WEB: www.seroba-lifesciences.com



Accunostics Ltd Medical Devices

Accuris Holdings Ltd Software solutions for mobile operators

Aceno Mobile Services Ltd Tourism Multimedia

Active Mind Technology Ltd eLearning Technology

Adaptics Ltd Technology design

Aer Sustainable Energy Ltd International Biofuels Production and Supply

Algae Health Ltd Production of high value compounds for food and cosmetics

Almotech Ltd Digital Juke Boxes

Alpha Wireless Ltd Design and manufacture of Base Station Antennas

Altocloud Ltd Internet Technologies

Altratech Ltd Providing real time, onsite DNA diagnostics for the food industry

Amarin Corporation Plc Developing Products for Cardiovascular and CNS Disorders

Amartus Ltd Telecommunication Software

Amcs Ltd Waste Management Solutions

Apica Cardiovascular Ltd Medical Devices

AQ Metrics Ltd Risk & Compliance software for financial services firms trading on the global financial markets

Arann Healthcare Ltd Healthcare Company

Ario Pharma Ltd Biopharmaceutical Company

Arrallis Ltd Millimetre wave technology company servicing the aerospace and security sector

Assemblypoint Ltd Online HR Tools

Async Technologies Ltd IT Solutions for Global Tyre Industry

Asyncode Ltd Big Data Management

Avar Communications Ltd Recruitment website

Averian Energy Solutions Ltd Business Software for Energy Sector

Aylien Ltd Text & Sentiment Analysis

Barricade Ltd Web Security

Barracuda Fx Ltd Financial Software

BCD Safety & Business Support LtdSoftware for Compliance Management

Beamax Ltd Online Team-Management System

Benetel Ltd Test Automation and Components for RF/Wireless

Betapond Ltd Digital Marketing

Bioatlantis Ltd Biotechnology Solutions

Birdi Satellite Image aggregator

Biosensia Ltd Supplier of integrated polymer enabled products

Blikbook Ltd Course

Blikbook Ltd Course engagement platform for students and academics

Blue Tree Systems Ltd Fleet Management Systems

Bluedata Software Inc Big Data

Boxever Ltd Software to analyse customer/client profiles for companies

Branded Payment Solutions Ltd Gift Card Company

Brite Bill Ltd Electronic Billing Software

Callsign Ltd Cloud based mobile security

Cambus Teoranta Medical Devices

Capella Securities Ltd Managed futures & fixed income funds

Cappella Inc Medical Devices

Capsos Medical Ltd Design of guidewire and balloon catheter combination device for occluded arteries

Certification Europe Ltd Provider of certification, inspection & training services

Cesanta Software Ltd Connectivity, networking and communications software

Channelsight Ltd E-commerce enablement

Civitas Therapeutics Ltd Medical Devices

Clavis Technology Ltd Data Quality Software

Cloudium Systems Ltd Design & supply of cloud-based desktops products

Cluey Ltd Electronic Point of Sale System

Code Institute Ltd Online education

Connexicon Medical Ltd Liquid tissue adhesive

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INVESTEE COMPANIES


INVESTEE COMPANIES


Coolnagour Ltd Taxi Dispatch Systems

Corlytics Ltd Software for Financial Services Industry

Covagen Ltd Drug-Development Company

Crean Solutions Ltd Online Car Parts

Crescent Diagnostics Ltd Medical Devices

Crowd Process Ltd Browser powered distributed computing

Cubic Telecom Ltd Prepaid Call Cards

Currencyfair Ltd Online peer to peer currency exchange

Davra Networks Ltd Energy Management Solutions

Dcisions (Formerly Pension Dcisions) Ltd Financial Software

Decawave Ltd Fabless Semiconductor Company

Deposify Ltd Deposit escrow management provider

Digit Game Studios Ltd Video Games Developer & Publisher

Digital Minds Ltd Web based financial services network

Digital Mines Ltd Cloud computing infrastructure

Diona Technologies Ltd Business Consulting

Directebooks Ltd eBook Distribution Software

Donseed Ltd Workplace Management Systems

Effective Software Ltd Compliance Management Software

Electronic Compliance Audit Tools Ltd Development of electronic compliance auditing tools

Electroroute Holdings Ltd Energy trading

Embo Medical Ltd Embolization Device Development

Enimai Inc Mobile Devices

Episensor Ltd Wireless Sensors

Equiendo Ltd Mobile telecoms network optimisation

Eventovate Ltd Event Booking Technology

Eveo Solutions Ltd Electrical vehicle charging

Feedhenry Ltd Enterprise Cloud Computing

Fenergo Ltd ICT Software

Ferfics Ltd Radio Frequency Semi Conductors

Fieldaware Group Ltd SaaS mobile field services solutions

Fishtree Ltd Educational platform to facilitate delivery of personalised learning material

Footbridge Learning Ltd eLearning

Frankleyweb Ltd Online Retail

Genable Technologies Ltd Gene Therapy

Global Medical Treatment Ltd Personal health directory

Gridstore Ltd Data Storage

Handy Baby Products Ltd Babycare Products

Heart Metabolics Ltd Biopharmaceutical Company

Hedvig Inc Software Defined Storage

Helix Health Ltd Healthcare Software Solutions

Heystaks Technologies Ltd Web Software Company

Hibergene Diagnostics Ltd Development & sale of diagnostic tests for human infectious diseases

HomeTree Marketplace Ltd Fintech

Homestay Technologies Ltd Provision of software application for language schools & leisure travellers to access homestay accommodation

Hiri (Whittl Media Ltd) Next generation desktop email productivity client

Huggity Ltd Post event marketing tools

Hybrid Energy Solutions Ltd Telecommunications Energy Solutions

i360 Medical Ltd Medical Devices

Icap Global Media Ltd Communications Software

Ideal Binary Ltd 3D Ebooks

Ikon Semiconductor Ltd LED Lighting Technology

Immersive VR Education Ltd Virtual Reality and Educational Experiences

Impedans Ltd High resolution plasma diagnostics solutions

In Hand Guides Ltd Embedded audio products

Incereb Ltd Neonatal Brain Monitoring e

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Inform Bio Ltd Pre-eclampsia test development

Inish Technology Ventures Ltd Cloud-Technology Company

Innovapeak Ltd Development of online compliance management software

Innovation Zed Ltd Insulin Dosed Timer

Intune Networks Ltd Telecoms Equipment

Invi Labs Inc Messaging

J Lefebvre Ltd Software Platform for Rapid Application Development

J Lizard Ltd Cloud based service for managing log data

Jolt Online Gaming Ltd Information Technology

Keelvar Systems Ltd Industrial Waste Purification

Kemartek Technologies Ltd Technology to clean industrial aqueous waste streams

Kidstart Ltd Online Savings Company

Kinesense Ltd Development and commercialisation of video analytic software

Kptrs Investments Ltd Online Print and Design

LearnLode Ltd Enterprise Customer Service Knowledge Management Platform

Lightkeeper Media Ltd Trading Card Games

Linked P2P Ltd P2P lending

Lion Semiconductor Inc Mobile Power Management

Logograb Ltd Image Recognition & Visual Listening Technology

Love & Robots Ltd Custom 3D Printing

Luzern Technology Solutions Ltd Online Sales Solutions

M2M Telematics Ltd Cleantech Solutions for Waste Management and Recycling

Madme Technologies Ltd Software for mobile marketing

Maginatics Inc Cloud Computing

Mainstay Medical Ltd Medical Devices

Managec02 Software Ltd Carbon management software

Marvao Medical Devices Ltd Medical Devices

Meaningmine Ltd Intelligence application software tool for brand management

Meetingsbooker Ltd Online booking of meeting rooms

Metabolomic Diagnostics Ltd Pre-eclampsia test

Metaio Gmbh Augmented realisty software

Mingoa Ltd Online Detection of Network Faults and Performance

Miracor Gmbh Pressure Controlled Medical Devices

Mixaroo Inc (t/a Boxfish) Big Data Analytics

Moltin, Inc API for developers

Monford Ag Systems LtdHardware & software product to assist farmers in grass measurement & grassland management

Motobuykers Ltd Motorbike outlet store

Movidius Ltd Computer Visioning

MPStor Ltd Storage management software & systems

Mulabee Ltd Integrated Financial Supply Chain Services

Mypp Media Ltd Database of planning & building permit data

Ndevor Systems Ltd Customer Relationship Management software

Neosurgical Ltd Medical Devices

Neuravi Ltd Medical Devices

New Game Technologies Ltd Gaming Technology

New Life Learning Ltd eLearning Courses

Newswhip Media Ltd Technology to identify emerging news trends

Nod Labs (Formerly Enimai) Inc Wearables

Nomoséire Ltd Financial Software Solutions

Nortev Ltd Veterinary Medical Device

Nova Language Solutions Ltd Provider of quality translation services

Novate Medical Ltd Medical Devices

NVMDurance Ltd NAND Flash Memory Optimisation

Omnimotion Technology Ltd Creation of motion control simulations, services & games

Oncircle Inc Electronic currency system

INVESTEE COMPANIES

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Oncomark Ltd Cancer Diagnostics

Onformonics Ltd Compliance Management Solutions for Payment Cards

Onlinetradesmen.Com Ltd Online Marketplace for Qualified Trade Professionals

Openplain Ltd Software

Opsona Therapeutics Ltd Medical Devices

Optrace Ltd Hologram Technology

Orchestrate Inc Databases as a service

Ozmo Devices Inc Low power WiFi solutions

PageFair Ltd Software to allow website owners measure lost revenue

Palyon Medical Corp Ltd Medical Devices

Pharmapod Ltd Cloud-based platform for pharmacies

Pharmatrin Ltd Drug-Development Company

Picturk Ltd Web portal for camera clubs

Pilot Photonics Ltd Optical communications hardware

Plynk Ltd Fin Tech and Education Services

Poly Pico Technologies Ltd Biologial fluid handling

Pomo Search Ltd Product Discovery

PQ Bypass Irl Ltd Medical Devices

PR Slides Ltd International Image hub & press office connecting brands to the media

Profitero Ltd ICT Sales Analytics

Provesica Ltd Biopharmaceutical Company

Pulsate Mobile Ltd Mobile Marketing

Qstream Inc Enterprise eLearning

Quanta Fluid Tech Ltd Home Haemodialysis System

Quixey Inc Mobile apps search

Radisens Diagnostics Ltd Medical Devices

Rainmaker Business Technologies Ltd Realtime operations support platform for airlines

RaisingIT Ltd Enterprise software for the non-profit to help build more impactful and interactive websites

Rapt Holdings Ltd Development of optical multi-touch technologies

Renewable Energy Dynamics Holdings Ltd Development of VRB batteries

Resourcekraft Ltd Energy Management Software

Restored Hearing Ltd Hearing research & development

Ribeye Ltd Enterprise Software

Roomex Ltd Hotel Internet Booking Engine

Safemotos Ltd Ride sharing application

San Central Ltd Child Tracking system

Sarsol Ltd Service to enable group offer merchants to manage customers online

Scurri Web Services Ltd Internet based web services

Sensipass Ltd Authentication As A Service

Sensl Technologies Ltd Low Light Detector Solutions

Senubo Ltd Software design and software provider

Serviceframe Value Management Ltd Automated Management Software

Signal Ltd Information Setvices

Silicon Blue Inc FGPAs for mobile devices

Silvercloud Health Ltd Web based platform for mental healthcare

Sim Travel Ltd Mobile Devices

SiriusXT Ltd Designing a cell imaging platform

Sixminute Studios Ltd Casual Games Studio

Skillpages Holdings Ltd Web based platform for service providers

Slainte Healthcare Ireland Ltd Patient Record & Revenue Cycle Management

Slattery Validation Systems Ltd Remote cloud based platform for management of refrigeration systems

Smartcloud Ltd Mobile loyalty coalition programme, which allows consumers to earn cash based on their loyalty to brands.

Socrates Healthcare Ltd Provider of practice management software to GPs and Hospital Consultants

INVESTEE COMPANIES

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Solarprint Ltd Development of novel 3rd generation printable flexible solar cell technology

Somnium Ltd Social Media

Sonex Metrology Ltd Semiconductor Defect Metrology

Sonru Ltd Online Video Technology

Sophia Search Ltd Semantic search

Sota Orthopaedics Ltd Medical Devices

Soundwave Analytics Ltd Smartphone music analytics app

Spineguard Ltd Medical Devices

Sport Authority Ltd Premium video content with top sports tips and expert betting analysis

Storyful Ltd Media

Streetteam Tool for b2c businesses to use their current users to help sell their products

Surgacoll Technologies Ltd Medical Devices

Swiftqueue Technologies Ltd SaaS Cloud platform for GPs, dentists & hospitals

Swrve Mobile Inc (Formerly New Game Technologies) Ltd Mobile marketing automation

Swwbp Ltd Manufacture of innovative whiteboard paint

Syncrophi Systems Ltd Wireless patient monitoring technology

Synthace Ltd High dimensional bioprocess optimisation

Sytorus Ltd Data Protection

Tapastreet Ltd Social Network Search Engine

Tax World Ltd Tax Advisory Business

TCAS Online Ltd Software for managing student accommodation

Terminalfour Solutions Ltd Corporate Software

The Semantic Search Company Ltd Cloud hosted solution that manages digital B2B catalogue information with semantic search capability

The Turning Institute Ltd Online programmes for mental health specifically eating disorders

Trustev Ltd Fraud management for online payments

Ultra High Vacuum Solutions Ltd Equipment & tooling design for thin film nanotech application

Verifly Holdings Ltd Drone & IoT regulation tools

Veronica’s Snacks Ltd Snack Producer

Veryan Endovascular Ltd Solutions for Vascular Disease

Video Elephant Ltd Online B2B marketplace for audio-visual content

Vigill Alerts Ltd Web service & integrated smartphone app to help combat payment card fraud

Visible Thread Ltd Document Intelligence Tooling for IT Initiatives

Visitravel Investments Ltd Online Travel Agency Software

Visor Ltd Online Accounting Software

Vivasure Medical Ltd Medical Devices

Wave Break Media Ltd Stock-Video Footage

Weshop Ltd Internet Service Company

What Applications Ltd Mobile platform in hair & beauty sector

Whipcar Ltd Car Rental Company

Wire-Lite Sensors Ltd Energy Management Solutions

Worldnettps Ltd Payment Software

Xcelerator Ltd Machine translation service

Xention Ltd Biopharmaceutical Company

Xi (Research & Development) Ltd Revenue assurance & fraud detection software for telecom sector

Xpreso Software Ltd Cloud hosted communication platform between couriers and recipients

Xtra Vision Ltd Consumer Products & Services

Zamano Plc Interactive Mobile Applications

Zapa Technology Ltd Payments Technology Company

Zinc Software Ltd Developer of hardware/software for health & wellbeing lifestyle solutions

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SEED AND VENTURECAPITAL PROGRAMME 2000–2006




2001-2016

Total Invested

2001-2016

€’000s €’000s

AIB Equity Fund 2002* 0 3 807

Atlantic Bridge Ventures Limited Partnership** 98,500 80 90,242

Bank of Ireland Kernel Capital Partners Private Equity Fund 27,325 63 19,118

BOI Venture Capital Ltd 7,960 14 7,960

Delta Equity Fund II Limited Partnership 90,000 217 80,673

Enterprise Equity Investment Fund Ltd 15,000 52 10,750

Enterprise Equity Seed Capital Investment Fund 7,000 51 7,133

European BioScience Fund 1 12,700 43 9,966

EVP Early Stage Technology Fund 10,000 25 8,549

ICC Regional Venture Capital Fund 7,620 17 7,618

Seroba BioVentures (Irish BioScience Venture Capital Fund) 20,000 51 15,566

The Guinness Ireland Ulster Bank Equity Fund Limited

Partnership

19,000 38 11,831

The HotOrigin Fund 1* 2,100 3 660

Trinity Venture Fund 2* 138,700 59 80,038

4th Level Ventures University Seed Fund Limited Partnership 17,180 73 14,580

Total 473,085 789 365,491

* Closed

** €67.5 million of the Atlantic Bridge Ventures Fund relates to the Seed and Venture Capital Programme 2007 - 2012.

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NUMBER OF INVESTMENTS Breakdown of InvestmentsCumulative to December 2016 (% by number)

AMOUNT OF INVESTMENT Breakdown of InvestmentsCumulative to December 2016 (% by value)





Start Up 306 89,223 24.41%

Early Stage 391 181,302 49.61%

Development 92 94,966 25.98%

Total 789 365,491 100%

306 Start Up

391 Early Stage

92 Development

24.41% Start Up

49.61% Early Stage

25.98% Development





% of Total Invested

Border 8 1,688 0.46%

Dublin & County 341 179,813 49.20%

Mid East 16 5,843 1.60%

Mid West 38 9,466 2.59%

Midlands 8 7,070 1.93%

South East 11 5,832 1.60%

South West 154 48,646 13.31%

West 110 26,083 7.14%

Other 103 81,050 22.17%

Total 789 365,491 100%

0.46% Border


1.60% South East

13.31% South West

1.60% Mid East

2.59% Mid West

7.14% West

22.17% Other

1.93% Midlands





188 Communications

4 Food

4 Manufacturing

28 Miscellaneous

233 Life Science

332 Software


0.21% Food

0.44% Manufacturing

3.20% Miscellaneous

18.19% Life Science

46.73% Software


% of Total Invested


Food 4 781 0.21%

Life Sciences 233 66,497 18.19%

Manufacturing 4 1,599 0.44%

Software 332 170,810 46.73%

Miscellaneous 28 11,650 3.20%

Total 789 365,491 100%



2001 2002 2003 2004 2005 2006 2007 2008 2009 20122010 20132011 2014 2015 2016

Value of Investments Per Year – Cumulative to December 2016€

’00

0s

390

360

330

300

270

240

210

180

150

120

90

60

30

0



2001 22 30,465 8 3,737 34,202 9.36% 34,202

2002 15 15,112 28 12,397 27,509 7.53% 61,711

2003 30 19,839 43 12,879 32,718 8.95% 94,429

2004 28 19,214 56 19,768 38,982 10.67% 133,411

2005 26 19,435 73 30,888 50,323 13.77% 183,734

2006 20 32,344 79 34,619 66,963 18.32% 250,697

2007 8 22,747 87 22,169 44,916 12.29% 295,613

2008 2 4,084 78 18,914 22,998 6.29% 318,611

2009 1 42 45 11,550 11,592 3.17% 330,203

2010 0 0 54 13,188 13,188 3.61% 343,391

2011 0 0 28 7,243 7,243 1.98% 350,634

2012 0 0 19 2,103 2,103 0.58% 352,737

2013 0 0 16 3,182 3,182 0.87% 355,919

2014 0 0 12 7,433 7,433 2.03% 363,352

2015 0 0 9 876 876 0.24% 364,228

2016 0 0 2 1,263 1,263 0.35% 365,491

Total 152 163,282 637 202,209 365,491 100%


Bank of Ireland Kernel Capital Partners Private Equity Fund

This €27 million fund has an investment policy to invest in Irish companies in ICT, Telecoms, Healthcare, Life Sciences and General Industry. Investments are in the range of €250,000 to €3,000,000. This fund is now fully invested.



CONTACT: Orla Rimmington, Partner Rubicon Centre Rossa Avenue Bishopstown Co. Cork

TEL: +353 (0)21 4928974

E-MAIL: orla.rimmington @kernel-capital.com


Delta Equity Fund II Limited Partnership

Delta Partners, an early stage technology venture capital firm, based in Dublin invested its third fund, the €90m Delta Equity Fund II Limited Partnership. The fund is closed to new investments and continues to make follow-on investments in existing portfolio companies.

To date, the majority of investments from Delta’s funds have focused on start-up and early stage technology investments in Communications Technologies, Software and Life Sciences.




TEL: +353 (0)1 2940870




Atlantic Bridge Limited Partnership

Atlantic Bridge Limited Partnership is a growth equity fund focused on technology investments with offices and staff in Dublin, London, Silicon Valley Beijing and Hong Kong. Atlantic Bridge I has been actively investing since 2005. The fund is closed to new investments but continues to make follow on investments in existing portfolio companies.


FUND MANAGER: Atlantic Bridge GP Limited

CONTACT: Elaine Coughlan 31 Kildare Street Dublin 2

TEL: +353 (0)1 6034450


WEB: www.abven.com


Enterprise Equity Venture Capital Group

Enterprise Equity Venture Capital Group manages Enterprise Equity Investment Fund (€15m) and Enterprise Equity Seed Capital Fund (€7m). These two funds are now closed for investment in new investees.


FUND MANAGER: Enterprise Equity Venture Capital Group

CONTACT: Conor O’Connor / Tom Shinkwin The Media Cube Kill Avenue Dun Laoghaire Co. Dublin

TEL: +353 (0)1 2145606

E-MAIL: [email protected] [email protected]

WEB: www.enterpriseequity.ie

EVP Early Stage Technology Fund

The EVP Early Stage Technology Fund was established in 2002. The fund invests in early stage High Potential Start-up (HPSU) companies in the Information, Communications and Technology (ICT) Sector.

This fund is now closed for new investments.


FUND MANAGER: EVP Management Ltd

CONTACT: Gerry Jones Executive Venture Partners “The Arches” Carpenterstown Road Castleknock Dublin 15 Ireland

TEL: +353 (0)1 6639206

MOBILE: +353 (0)86 2429993


WEB: www.evp.ie

European Bioscience Fund I

The European BioScience Fund I, managed by North Wall General Partners Ltd. was established in 2002. The European BioScience Fund I invests in seed and early stage opportunities in the Bioscience sector.

This fund is now closed for new investments.


FUND MANAGER: North Wall General Partners Ltd

CONTACT: Michael Donnelly The Warehouse 6 & 7 Barrow St Dublin 4

TEL: +353 (0)1 8088880



The Guinness Ireland Ulster Bank Equity Fund Limited Partnership

The Guinness Ireland Ulster Bank Equity Fund Limited Partnership is a €19 million fund set up in 2001. It is a follow on to the Guinness Ulster Bank Equity Fund Limited Partnership fund set up in 1997. This fund is now fully invested.


FUND MANAGER: Investec Ventures Ireland

CONTACT: Michael Murphy / Leo Hamill / Derek Crawley The Harcourt Building Harcourt Street Dublin 2 Ireland

TEL: +353 (0)1 4210000

E-MAIL: [email protected] [email protected] [email protected]

WEB: www.investec.ie

4th Level Ventures University Seed Fund Limited Partnership

4th Level Ventures University Seed Fund was established in 2002. Investees are high potential businesses in the seed or early stage of their development arising out of research in Irish third level institutions.

The fund investments are in the Life Sciences, Material Sciences, Technology and information, Communications and Technology (ICT) sectors. The fund is closed for new investments.


FUND MANAGER: 4th Level Ventures Ltd

CONTACT: Alan Wall 75 St. Stephen’s Green Dublin 2

TEL: +353 (0)1 6333627



Irish BioScience Venture Capital Fund

The €20 million Irish BioScience Venture Capital Fund is a specialist life science fund managed by Seroba BioVentures. The fund focused on early-stage life science companies on the island of Ireland with investments typically in the €200,000 to €2,000,000 range. The fund is now fully invested.


FUND MANAGER: Seroba BioVentures

CONTACT: Peter Sandys 6 Northbrook Road, Ranelagh Dublin 6

TEL: +353 (0)1 6334028

E-MAIL: petersandys @seroba-lifesciences.com

WEB: www.seroba-lifesciences.com


INVESTEE COMPANIES


2PM Technologies Ltd Telecom Technology

A.E.S. Ltd Waste management solutions for household and commercial waste

Accuris Ltd Provider of smart fixed-mobile convergence technology to the global telecommunications market

Acision BV Mobile Software

Advanced Manufacturing Control Systems Ltd Software and hardware platform for the delivery of weighing and identification solutions for the waste industry

AEP Systems Ltd Security and acceleration hardware products

AePONA Group Ltd Standards based telecommunications middleware software

AGI Therapeutics Ltd Therapeutic products to treat gastroenterological diseases and disorders

Aimware Ltd Team Collaborative Software

Aircraft Management Technologies Ltd ASP maintenance operation solutions provider to the aviation industry

Alatto Technologies Ltd Telecoms Software & Services

Alimentary Health Ltd Biotechnology development of medical products

Altamedius Ltd (formerly Artic Web) Secure payment technology platform for both electronic and mobile transactions

AMT3D Ltd 3D digital computer models of key urban environments using hardware and software technology

Audio Processing Technologies Holdings Ltd Audio Compression Technology

Beocare Ltd Development and supply of high value healthcare textiles

Bio Observation Systems Ltd t/a PixAlert Provider of monitoring software and e-security solutions

Bio-Medical Research Ltd Personal care & medical products market

Biomonitor Ltd (formerly nEutekBio Ltd) Medical diagnostic and therapeutic company

Biosensia Ltd (formerly Nanocomms Ltd) Supplier of integrated polymer enabled products

Bocom International Ltd Provides content and advertising via large plasma screens located in retail and other premises

Cellix Ltd Cellix develops and manufactures instrumentation for use in laboratories engaged in drug discovery, diagnostics and medical research

Celtic Catalysts Ltd Provides products and services to the pharmaceutical and fine chemical industries.

Celtrak Ltd Design, development and marketing of telematics services

Changing Worlds Ltd Personalisation Software

Channel Six Ltd TV Broadcaster

Chipsensors Ltd (formerly Cration Ltd) Production of wireless semi-conductor temperature/humidity/gas sensors

Cibenix Ltd Provides solutions for mobile phone companies

CR2 Ltd Banking Software Solutions

Crescent Diagnostics Ltd Medical Devices

Diabetica Ltd Development of therapeutics for diabetes and obesity

Digisoft.tv Ltd Provider of Software platform for digital TV

Duolog Holdings Ltd Silicon design & software services

E Manage IT Ltd t/a Iquate Network management software manufacturer

eBizz Consulting plc Systems integration consulting company addressing the demand for highly skilled business professionals

Eclipse Clinical Technologies Ltd e-process contract research organisation

Edonware Ltd (formerly Headway Software Ltd) Source code visualisation tools for Java and C++ developers, which simplifies the management of software development

Efitness Holdings Ltd t/a Therapie Group Medical, beauty and health treatments

EMF Ireland Ltd Manufacturer of MOCVC reactors

Envivio Inc Mobile Infrastructure

Farran Technology Ltd Designs and manufactures a wide range of millimetre-wave components and sub-systems

Firecomms Ltd Photonics company developing optical data transmission

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Fixnetix Ltd Delivering stock market data feeds for financial institutions

Fluorocap Ltd Development of biochip for biotech & life science industries

FMC Tech Ltd Monitoring of mid-voltage distribution networks remotely for electricity utilities.

Gas Sensor Solutions Ltd Innovative gas senor technologies

Glonav Ltd Fabless semiconductor company focused on GPS market

Glysure Ltd Developing a continuous glucose monitoring device for use with patients in intensive care units

H2Hcare Ltd Developing software for healthcare industry

Heartscape Ltd Medical Devices

HomeNet Communications Ltd Provider of video streaming solutions for wireless and telecom networks

IdentiGEN Ltd Provider of DNA based solutions to the Agri-food Industry

Instinct Technology Ltd formerly Torc Interactive Ltd Games Middleware

It’s TV Licence application to operate wireless digital terrestrial services (multi-channel TV, broadband internet and voice) in Ireland

Jackie Skelly Fitness Ltd Fitness Centres

Kadius Systems Ltd Web content management software vendor

Labcyte Europe Ltd (formerly Allergo Technologies Ltd) t/a Deerac Fluidics Technologies A nanotechnology company developing innovative technologies for dispensing minute droplets of liquid

LeCayla Technologies Ltd Utility priced billing solutions

LeT Systems Ltd (formerly Lakefield eTechnologies Ltd) Network management software for electrical utilities

Magnetic Solutions Ltd Tool and process vendor to the semi-conductor and disk drive industries

Medicom Ltd Practice management systems for medical consultants

Merrion Biopharma Ltd Pharmaceutical company based upon proprietary technologies for oral drug delivery

Metamusic Ltd t/a Meiticheol Teo Developing a video- driven soundtrack composition system

Microsol Ltd Monitoring solutions for the telecoms industry

Mid Media Ltd Media Publications

Mini Storage Holdings Ltd Self Storage

MPStor Ltd IT storage

m-spatial Ltd Personal navigation using mobile devices

Nanotech Semiconductor Ltd Supplier of PLC solutions

Neoss Ltd Designs and manufactures dental implants

Nero AG Portable digital media devices

NeuroCure Ltd NeuroCure is an pharmaceutical company developing new uses and formulations of known drugs

Newcourt Group Ltd Provides security and recruitment services

NitroSell Ltd eCommerce Software

Norkom Technologies plc Analytical applications software

Nova Science Ltd Medical Devices

Novate Medical Ltd Medical Devices

Nualight Ltd Delivers innovate technology and high performance LED lamps

O’ hEocha Design Ltd Designs and manufactures wireless speakers and related technology

OpenMind Networks Ltd Wireless Messaging Products

Opsona Therapeutics Ltd Development of therapeutics for inflammatory diseases

Optical Metrology Holdings Ltd Optical Metrology Solutions

Optigen Technologies Ltd t/a Genable Technologies Gene Therapy

Orakine Ltd Bio-Medical Company

Orbo Technologies Ltd Provides data communications and security systems

Panda Security International S. L. Security Software

Pharmatrin Ltd Biotech involved in the development of novel synthetic compounds

Phonecard Warehouse Ltd Electronic vending of prepaid mobile airtime

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INVESTEE COMPANIES


Polarlake Ltd Development and sale of XML tools for Java developers

Powervation Ltd Development and supply of power controllers for routers and servers

Prediction Dynamics Ltd Provides risk management software

Prime Carrier Ltd Rate/route management, least cost routing and automatic update of telecoms switches for route changes

PXIT Ltd (formerly Tsunami Photonics Ltd) Development and sale of software to characterise and control laser transmitters for optical telecommunications networks

Qumas Ltd Compliance software for regulated industries

RedMereTechnology Ltd Fabless semiconductor company specializing in high-speed, very low-power products for consumer multimedia applications

Rococo Software Ltd Wireless Networking Software

Scientific Systems Ltd t/a Stratum Analytical Semi conductor process software

SeeWhy Software Ltd Business activity monitoring software

Selatra Ltd Distributor of gaming products for mobile phones

SensL Technologies Ltd SensL is developing a range of silicon based, solid state, photon counting sensors and modules

Sepro Telecom Int. Ltd Rating and billing software for the telecommunications industry

Shenick Network Systems Ltd Telecommunications

SigmaX Ltd Development and marketing of design software solutions for the structural engineering industry

Similarity Vector Technologies (Sivtech) Ltd t/a Similarity Systems Data quality software products and professional services, primarily for the data management sector

Smart Yureo Broadband Ltd Telecoms Provider

Steeltrace Ltd Software Engineering Tools

Stokes Bio Ltd Development of microfluids based diagnostic systems for the genetic diagnosis of cancer

Surfkitchen Inc. (formerly Calaba) Development and sale of operating system platforms and applications to organisations active in the main market portal business

Swift Fine Foods Ltd Manufacture of meals in volume for catering using a sous vide type manufacturing process

Technology from Ideas Ltd Commercialisation of technology ideas within Irish Universities

Telecommunications &Computer Services Ireland Ltd (TCSI) Computer network solutions to corporate customers and web based telephony services

Telekinesys Research Ltd t/a Havok Computer games and animation software

The TAS Group (formerly Select Selling Ltd) Sales Methodology Software

Topchem Laboratories Ltd Contract research laboratory serving the Pharmaceutical Industry

Travelonomy Ltd (formerly TravelFAT Ltd) Travel industry software

TreeMetrics Ltd Development technology solutions for the forestry industry

TriMed Research Ltd (TriMed) Development of therapeutics for infective and viral diseases

Two Ten Health Ltd Administration and clinical management systems for use in dental schools and hospitals

Valista Ltd (formerly Network 365 Ltd) Mobile Payment Infrastructure

Visor Ltd Designing and implementing accounting, management reporting, and ERP systems

Vivasure Medical Ltd Medical Devices

Voxsurf Ltd Sale and development of a software platform allowing access to internet content using multiple interfaces (voice, WML, HTML)

Vysera Biomedical Ltd Medical Devices

Xancom Ltd t/a Lightstorm Networks Fabless networking semiconductor company

Xiam Ltd Provides software to mobile operators and mobile data service providers

Zerusa Ltd Medical Devices

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OVERVIEW

The EU Seed and Venture Capital Measure, under the Operational Programme for Industrial Development 1994 - 1999, which was co-financed by the European Regional Development Fund (ERDF), was set up with the objective of establishing Venture Capital Funds to provide early stage, small and medium-sized growth oriented enterprises in Ireland with equity capital. Fifteen venture capital funds were established under this Programme.

Under the Programme, €129 million was invested in 146 companies. Investment in regionally located projects outside Dublin totalled €38 million (29%). Investment in software related projects totalled €92 million (71%).

A detailed list of the performance of the various funds established under this Programme is set out on the following page.

Enterprise Ireland has overall responsibility for the management and reporting of the Programme. All investment decisions are made by private sector Venture Capital Fund Managers. These funds are now closed for new investment but continue to be managed to achieve exits.

Regional Breakdown of Investments 1996-2016

Sectoral Breakdown of Investments 1996-2016

Region Total Invested€’000s

% of Total Invested

Border 2,868 2.22%

Dublin 91,193 70.55%

Mid East 6,646 5.14%

Mid West 4,567 3.53%

South East 4,063 3.14%

South West 13,853 10.72%

West 4,916 3.80%

Midlands 1,158 0.90%

Total 129,264 100%

Region Total Invested€’000s

% of Total Invested

Life Science 7,702 5.96%

Communications 16,837 13.03%

Manufacturing 7,186 5.56%

Software 91,998 71.17%

Miscellaneous 3,497 2.71%

Food 2,044 1.57%

Total 129,264 100%

43



Summary of Investments – From Commencement of Programme to December 2016

* Fund closed


Value€’000s



Value€’000s

ACT Enterprise Limited Partnership 19,046 61 18,630

Alliance Investment Capital Fund * 9,523 14 8,104

Bank of Ireland Entrepreneurs Fund Limited Partnership 12,697 102 10,909

Campus Companies Venture Capital Fund Limited Partnership 7,618 47 4,800

Dublin Seed Capital Fund Ltd * 7,618 49 4,159

eircom enterprise fund ltd * 2,539 24 2,686

Glanbia Investment Fund Ltd * 6,349 26 4,657

Irish BICs Seed Capital Fund Ltd * 1,905 8 914

Millennium Entrepreneur Fund Ltd * 1,524 18 1,220

Shannon Ventures Ltd * 254 3 77

Smurfit Venture Investments Ltd * 3,809 16 3,087

The Guinness Ulster Bank Equity Fund Limited Partnership * 7,618 29 6,602

The ICC Software Fund Limited Partnership (1)* 12,697 18 13,729

The ICC Software Fund Limited Partnership (2) 30,558 35 30,553

Trinity Venture Fund 1* 24,125 66 19,137

Total 147,880 516 129,264


Kevin Sherry (Chairperson)Executive Director Global Business DevelopmentEnterprise Ireland

Paul McKeownChief Financial Officer FinanceEnterprise Ireland

Donnchadh CullinanDepartment ManagerGrowth Capital & Banking RelationsEnterprise Ireland

Don HarringtonDirector Corporate FinanceGoodbody StockbrokersPrivate Sector

Jean CarberryPrincipal OfficerDepartment of Jobs Enterprise and Innovation

VacancyPrivate Sector Eimear KennySecretary to the Seed and Venture Capital Funds Committee

The following members retired or resigned from the committee during 2016/2017:

Walter HobbsExecutive DirectorInvestment & FinanceEnterprise Ireland

Niall O’DonnellanDivisional ManagerPeople, Policy & InvestmentEnterprise Ireland

Tony HaslamConsultantPrivate Sector

Páraig HennessyPrincipal OfficerDepartment of Jobs, Enterprise and Innovation

Seed and Venture Capital Funds Committee


SEED AND VENTURE CAPITAL 2016 REPORT

Enterprise Ireland, The Plaza, East Point Business Park, Dublin 3Tel (01) 727 2000 Fax (01) 727 2020www.enterprise-ireland.com

© Enterprise Ireland June ’17 - (376)

Ireland’s European Structural and Investment Funds Programmes 2014-2020.

Co-funded by the Irish Government and the European Union.

Documents

SEED AND VENTURE CAPITAL 2016 REPORT€¦ · Seed and Venture Capital Programme 2013 – 2018 4 ... and 2015 with a final third call taking place in ... While the overall global outlook