SEED AND VENTURE CAPITAL PROGRAMME 2014 REPORT · through funds supported by Enterprise Ireland’s Seed & Venture Capital Scheme (2007-2012) continues to increase and has now reached

SEED AND VENTURE

CAPITAL PROGRAMME 2014 REPORT

Introduction 2

2014 A Year in Review 3

Seed and Venture Capital Programme 2007 – 2012 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 15

Seed and Venture Capital Programme 2000 – 2006 20


Analysis of Investments by Stage of Development 22

Regional Breakdown of Investments 23

Sectoral Breakdown of Investments 24

Details of Investments Per Year 25

Fund Details 26

Investee Companies 29

Seed and Venture Capital Measure of the Operational Programme 1994 – 1999 32

Overview and Regional/Sectoral Breakdown of Investments 33


Seed and Venture Capital Funds Committee 35

Contents

This 2014 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 and Venture Capital Measure 1994 – 1999, under the Operational Programme for Industrial Development.

In May 2013, a new €175 million Seed and Venture Capital Programme (2013-2018) was launched aimed at providing additional funding for high-growth Irish companies with the potential to generate large amounts of additional export sales and grow jobs. Up to December 2014, €99.5m has been committed as part of the first call to a number of Venture Capital Funds and two new Funds have been established with an Enterprise Ireland commitment of €30 million. A further call targeting seed funding will be issued in 2015.

Under the 2007–2012 Programme, Enterprise Ireland committed €175 million to continue to develop the seed and venture capital market in Ireland. Up to December 2014 fourteen new 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.

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

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 2014 Report

2014 is the first year of the three year strategy for Enterprise Ireland that aims to establish Irish enterprise as a powerhouse of job creation and growth in Ireland by 2016. Achieving this vision will require a major drive for business scale in Irish companies; access to appropriate and adequate capital for our clients is therefore a key priority for Enterprise Ireland.

In 2014, venture capital funds in receipt of commitments under the Enterprise Ireland Seed and Venture Capital Schemes made 156 investments in Irish based companies, with a total investment value of €62 million. In addition, Enterprise Ireland invested directly in the international growth strategies of over 400 Irish companies, more than 100 of which were ‘high potential start-up’ businesses, building on the investment they secured from family & friends, Business Angels and Seed Funds.

The amount of capital available for companies through funds supported by Enterprise Ireland’s Seed & Venture Capital Scheme (2007-2012) continues to increase and has now reached over €720 million. Last year, a further €24m was added with the launch of the new Hoxton Ventures Fund 1 (Ireland) (€5m) and the increase in fund size of the Frontline Ventures Fund 1 to €39m.

Under the current Seed & Venture Capital Scheme (2013-2018), a first call for expressions of interest was launched in 2013 targeting ‘Series A’ funding in the €750k - €3m range for the general Technology and LifeSciences sectors. A total of €99.5m was committed to six fund managers to ensure the continued availability of funding to this cohort of clients. To date, two of these funds have reached their fundraising targets and have leveraged significant amounts of additional private capital resulting in a total fund size of over €200m.

In the wider funding context, Enterprise Ireland works closely with funding partners

to increase the range of funding options for the SME sector. Enterprise Ireland’s €75m commitment under the Development Capital Scheme is improving the ability of established SMEs to take their businesses to the next level. The Funds created are actively engaging with established companies across Ireland and last year invested a total of €29.9m into companies in the food, logistics and internationally traded services sectors. We also continue to influence the availability of sufficient and competitively priced export working capital facilities so that our clients can access capital in line with competitior countries.

Enterprise Ireland has an ambition to a see a greater number of our Irish innovators listed on the Irish and/or international stock exchanges. We are working closely with the Irish Stock Exchange to provide companies with access to a network of top advisors and investors with public market experience to encourage and help them list successfully.

Recognising the increasingly important role that Business Angels play in supporting our clients with both expertise and capital, we have rationalised our Business Angel supports. In conjunction with existing partners, a new platform has been created to both increase the amount of Angel investment and improve the overall capability of Angels to make informed investment decisions. In 2014, we have progressed a €10m investment into the €20m European Angel Fund in conjunction with the EIF that will further increase the capacity of our Angels to invest.

Enterprise Ireland looks forward to continuing to work closely with partners in the Seed and VC industry so that we can further increase the amount of funding for Irish companies to reach their full growth potential, thereby contributing to job creation and prosperity in Ireland.

Julie Sinnamon, Chief Executive Officer

2014 A Year in Review

3Seed & Venture Capital Programme 2014 Report

SEED AND VENTURE CAPITAL PROGRAMME 2007–2012

Investments for Year 2014 – Cumulative from Commencement of Programme to December 2014

Name of Fund Fund Size

Number of Investments

2014

Total Invested

2014

Number of Investments 2007 - 2014

Total Invested

2007 - 2014

€’000s €’000s €’000s

SEED FUNDSAIB Seed Capital Fund Limited

Partnership

53,000 23 3,769 158 30,167

AIB Start-up Accelerator Fund 22,000 16 3,172 57 11,935

Bank of Ireland Seed and

Early Stage Equity Fund 2009

Limited Partnership

32,000 17 3,525 66 16,110

Bank of Ireland Start-Up and

Emerging Sectors Equity Fund

2010

17,000 11 2,143 40 10,093

VENTURE CAPITAL FUNDS

Atlantic Bridge II Limited

Partnership

75,000 9 9,802 33 47,776

Bank of Ireland Kernel Capital

Partners Private Equity Fund II

27,111 9 830 28 11,302

The Bank of Ireland Kernel

Capital Growth Fund (ROI)

35,000 0 0 1 2,000

Delta Equity Fund III Limited

Partnership

104,879 18 6,743 113 63,258

Fountain Healthcare Partners

Fund I Limited Partnership.

73,000 15 10,054 65 52,811

The Frontline Venture Fund I

Limited Partnership

39,394 22 6,323 33 10,685

Hoxton Venture Fund 1 (Ireland)

Limited Partnership

5,269 0 0 0 0

The Seroba Kernel Life Sciences

Fund II Limited Partnership

75,070 17 9,289 61 44,543

SOSventures Ireland Fund

Limited Partnership

20,000 7 1,856 11 2,706

The Ulster Bank Diageo Venture

Fund Limited Partnership

75,000 9 11,017 46 51,641

Total 653,723 173 68,523 712 355,027


SEED FUNDS Breakdown of InvestmentsCumulative to December 2014 (% by value)

VENTURE CAPITAL FUNDS Breakdown of InvestmentsCumulative to December 2014 (% by value)

Analysis of Investments by Stage of Development – Cumulative to December 2014

Type Number of Investments Total Invested Value €'000s

% of Total Amount Invested

SEED FUNDS

Start Up 93 20,627 30.20%

Early Stage 228 47,678 69.80%

Development 0 0 0.00%

Total 321 68,305 100%


Start Up 154 80,622 28.12%

Early Stage 149 107,369 37.45%

Development 88 98,731 34.43%

Total 391 286,722 100%

30.2% Start Up

69.8% Early Stage

28.12% Start Up

37.45% Early Stage

34.43% Development


REGIONAL BREAKDOWN OF INVESTMENTS Cumulative to December 2014 (% by value)

Regional Breakdown of Investments – Cumulative to December 2014

Region Number of Investments Total Invested€’000s

% of Total Invested

Border 2 600 0.17%

Dublin & County 389 178,006 50.14%

Mid East 4 1,150 0.32%

Mid West 35 12,593 3.55%

South East 14 7,300 2.06%

South West 59 13,822 3.89%

West 85 43,392 12.22%

Other 124 98,164 27.65%

Total 712 355,027 100%

0.17% Border

50.14% Dublin & County

27.65% Other

12.22% West

3.55% Mid West

2.06% South East

3.89% South West

0.32% Mid East


SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2014 (by number)

SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2014 (% by value)

Sectoral Breakdown of Investments – Cumulative to December 2014

94 Communications

1 Food

29 Cleantech

11 Miscellaneous

202 Life Science

370 Software

5 Manufacturing

9.19% Communications

0.04% Food

3.06% Cleantech

3.00% Miscellaneous

35.38% Life Science

48.38% Software

0.95% Manufacturing

Sector Number of Investments Total Invested€’000s

% of Total Invested

Communications 94 32,659 9.19%

Cleantech 29 10,857 3.06%

Life Sciences 202 125,611 35.38%

Manufacturing 5 3,359 0.95%

Software 370 171,749 48.38%

Miscellaneous 11 10,642 3.00%

Food 1 150 0.04%

Total 712 355,027 100%


Value of Investments Per Year – Cumulative To December 2014

VALUE OF INVESTMENTS PER YEARCumulative to December 2014 (by value)

€m 360

330

300

270

240

210

180

150

120

90

60

30

0

Initial Investment Follow-on-Investment Total Cumulative

2007 20092008 2010 2011 2012 2013 2014

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

2007 2 2,007 0 0 2,007 0.57% 2,007

2008 16 7,785 2 350 8,135 2.29% 10,142

2009 27 31,649 15 9,639 41,288 11.63% 51,430

2010 24 14,540 30 14,300 28,840 8.12% 80,270

2011 51 29,000 55 23,832 52,832 14.88% 133,102

2012 53 46,757 88 31,964 78,721 22.17% 211,823

2013 68 44,394 108 30,287 74,681 21.04% 286,504

2014 48 21,171 125 47,352 68,523 19.30% 355,027

Total 289 197,303 423 157,724 355,027 100.00%


CONTACT: Des Fahey/Alex Hobbs Dublin BIC TCD Enterprise Centre Pearse Street Dublin 2

TEL: +353 (0)1 4100903

FAX: +353 (0)1 6713330

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

FAX: +353 (0)1 2845793

E-MAIL: [email protected]

WEB: www.enterpriseequity.ie

CONTACT: Tom Shinkwin Enterprise Equity Venture Capital The Media Cube Kill Avenue Dun Laoghaire Co. Dublin

TEL: +353 (0)1 2145606

FAX: +353 (0)1 2845793



AIB Start–Up Accelerator Fund

The AIB Start-Up Accelerator Fund, managed by ACT Venture Capital, was established in 2011 as a €22m Seed Capital 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 open for new investments.

FUND SIZE: €22 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

FAX: +353 (0)1 2600538


WEB: www.actventure.com

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

FAX: +353 (0)1 2866767

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 €500,000.


FUND MANAGER: Delta Partners

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

TEL: +353 (0)1 2940870

FAX: +353 (0)1 2940877

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.


FUND MANAGER: Kernel Capital

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

TEL: +353 (0)21 4928974

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

WEB: www.kernel-capital.com


The Bank of Ireland Kernel Capital Growth Fund (ROI)

This fund invests in the Republic of Ireland in the range €1,000,000 to €3,000,000 and in Northern Ireland in the range €450,000 to €2,000,000.



CONTACT: Denise Sidhu, Partner Jayne Brady, Partner Ger Goold, Partner Rubicon Centre Rossa Avenue Bishopstown Co. Cork

TEL: +353 (0)21 4928974

E-MAIL: denise.sidhu @kernel-capital.com jayne.brady @kernel-capital.com ger.goold @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 €3,000,000 and taking a minority shareholding. This fund is now closed for new investments.




TEL: +353 (0)1 2940870

FAX: +353 (0)1 2940877




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.


Atlantic Bridge II Limited Partnership

Atlantic Bridge II Limited Partnership is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. 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

FAX: +353 (0)1 6425661


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

FAX: +353 (0)1 6366230


WEB: www.fh-partners.com

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. The fund will invest between €500,000 to €2,000,000 per company over the life of the investment. The fund is open for new investments.

FUND SIZE: €5.3 million

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

CONTACT: Dylan Collins Hoxton Ventures Fund 1 (Ireland) Limited Partnership 100 Victoria Street 7th Floor London SW1E 5Jl United Kingdom


WEB: www.hoxtonvc.com

The Frontline Venture Fund I Limited Partnership

The Frontline Venture Fund I Limited Partnership was established in December 2013 primarily investing in early stage IT companies. The fund will invest between €250,000 to €4,000,000 per company over the life of the investment.

The fund 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


SOSventures Ireland Fund Limited Partnership

SOSventures Ireland Fund Limited Partnership was established in August 2013 as a €20m fund primarily focussing 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: SOSventures Investments Limited

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

TEL: +353 (0)21 4700991

FAX: +353 (0)21 4580431


WEB: www.sosventures.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

FAX: +353 (0)1 4210500

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

WEB: www.investec.ie


The Seroba Kernel Life Sciences Fund II Limited Partnership

Seroba Kernel Life Sciences Fund II is a venture capital fund investing in early-stage start-ups to more mature Bioscience and Medical Device companies. The fund typically invests €2,500,000 to €7,000,000 over the life of each investment and is managed from its offices in Dublin. The fund is closed to new investments but continues to make follow on investments in existing portfolio companies.


FUND MANAGER: Seroba Kernel Life Sciences

CONTACT: Peter Sandys 15 Molesworth Street Dublin 2 Ireland

TEL: +353 (0)1 6334028

FAX: +353 (0)1 6779388

E-MAIL: petersandys @seroba-kernel.com

WEB: www.seroba-kernel.com


Name of Company Nature of Business

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

Arann Healthcare Ltd Healthcare 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

Barracuda Fx Ltd Financial Software

Beamax Ltd Online Team-Management System

Benetel Ltd Test Automation and Components for RF/Wireless

Betapond Ltd Digital Marketing

Bioatlantis Ltd Biotechnology Solutions

Biocroi Ltd Lab Devices

Biosensia Ltd Supplier of integrated polymer enabled products

Blikbook Ltd Course engagement platform for students and academics

Blue Tree Systems Ltd Fleet Management Systems

Bluedata Software Inc Data Management Services

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 Authentication and authorisation platform for mobile

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

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

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

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INVESTEE COMPANIES


INVESTEE COMPANIES


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

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

Electronic Compliance Audit Tools Ltd Development of electronic compliance auditing tools

Electroroute Holdings Ltd Energy trading

Embo Medical Ltd Emboliaztion Device Development

Enimai Inc Mobile Devices

Episensor Ltd Wireless Sensors

Eventovate Ltd Event Booking Technology

Eveo Solutions Ltd Electrical vehicle charging

Feedhenry Ltd Enterprise Cloud Computing

Fenergo Ltd ICT Software

Ferfics Ltd Radio Frequency Applications.

Fieldaware Group Ltd Software for Schedulng & Recording field work

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

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

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

In Hand Guides Ltd Embedded audio products

Incereb Ltd Neonatal Brain Monitoring

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 Ltd Smartphone apps

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

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INVESTEE COMPANIES

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Kidstart Ltd Online Savings Company

Kinesense Ltd Development and commercialisation of video analytic software

Kptrs Investments Ltd Online Print and Design

Lightkeeper Media Ltd Trading Card Games

Linked P2P Ltd P2P lending

Lion Semiconductor Inc Semiconductors

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 Ltd 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 Software products for visual interactive solutions

Mingoa Ltd Online Detection of Network Faults and Performance

Miracor Gmbh Pressure Controlled Medical Devices

Mixaroo Inc Discovery software for live TV

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

Motobuykers Ltd Motorbike outlet store

Movidius Ltd Semiconductors

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

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

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 Ltd 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

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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 Ltd Search engine for apps

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

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 Ltd Mobile Devices

Silvercloud Health Ltd Web based platform for mental healthcare

Sim Travel Ltd Mobile Devices

Sixminute Studio’s 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

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 Text analytics solutions for metadata generation

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

Surgacoll Technologies Ltd Medical Devices

Swwbp Ltd Manufacture of innovative whiteboard paint

Syncrophi Systems Ltd Wireless patient monitoring technology

Synthace Ltd High dimensional bioprocess optimisation

Tapastreet Ltd Social Network Search Engine t

INVESTEE COMPANIES

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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

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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INVESTEE COMPANIES




Investments for Year 2014 – Cumulative from Commencement of Programme to December 2014


Number of Investments

2014

Total Invested

2014


Total Invested

2007 - 2014

€’000s €’000s €’000s

AIB Equity Fund 2002* 0 0 0 3 807

Atlantic Bridge Ventures

Limited Partnership**

98,500 0 0 75 84,296

Bank of Ireland Kernel Capital

Partners Private Equity Fund

27,325 1 20 60 19,054

BOI Venture Capital Ltd 7,960 0 0 14 7,960

Delta Equity Fund II Limited

Partnership

90,000 4 583 214 80,523

Enterprise Equity Investment

Fund Ltd

15,000 0 0 52 10,750

Enterprise Equity Seed Capital

Investment Fund

7,000 0 0 51 7,133

European BioScience Fund 1 12,700 0 0 43 9,966

EVP Early Stage Technology

Fund

10,000 0 0 25 8,549

ICC Regional Venture Capital

Fund

7,620 0 0 17 7,618

Seroba BioVentures (Irish

BioScience Venture Capital

Fund)

20,000 4 318 49 15,484

The Guinness Ireland Ulster

Bank Equity Fund Limited

Partnership

19,000 0 0 38 11,831

The HotOrigin Fund 1* 2,100 0 0 3 660

Trinity Venture Fund 2 * 138,700 0 0 59 80,038

4th Level Ventures University

Seed Fund Limited Partnership

17,180 0 0 71 14,005

Total 473,085 9 921 774 358,674

* Fund closed

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


NUMBER OF INVESTMENTS Breakdown of InvestmentsCumulative to December 2014 (% by number)

AMOUNT OF INVESTMENT Breakdown of InvestmentsCumulative to December 2014 (% by value)

Analysis of Investments by Stage of Development – Cumulative to December 2014

Type Number of Investments Total Invested Value €'000s

% of Total Amount Invested


Start Up 302 88,943 24.79%

Early Stage 381 179,105 49.94%

Development 91 90,626 25.27%

Total 774 358,674 100.00%

302 Start Up

381 Early Stage

91 Development

24.79% Start Up

49.94% Early Stage

25.27% Development


REGIONAL BREAKDOWN OF INVESTMENTS Cumulative to December 2014 (% by value)

Regional Breakdown of Investments – Cumulative to December 2014

Region Number of Investments Total Invested€’000s

% of Total Invested

Border 8 1,688 0.47%

Dublin & County 338 180,161 50.23%

Mid East 16 5,843 1.63%

Mid West 36 9,134 2.55%

Midlands 8 7,070 1.97%

South East 11 5,832 1.63%

South West 148 47,982 13.38%

West 109 26,083 7.27%

Other 100 74,881 20.87%

Total 774 358,674 100%

0.47% Border

50.23% Dublin & County

1.63% South East

13.38% South West

1.63% Mid East

2.55% Mid West

7.27% West

20.87% Other


SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2014 (by number)

SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2014 (% by value)

Sectoral Breakdown of Investments – Cumulative to December 2014

182 Communications

4 Food

4 Manufacturing

28 Miscellaneous

230 Life Science

326 Software

30.17% Communications

0.22% Food

0.45% Manufacturing

3.25% Miscellaneous

18.47% Life Science

47.44% Software

Sector Number of Investments Total Invested€’000s

% of Total Invested

Communications 182 108,229 30.17%

Food 4 781 0.22%

Life Sciences 230 66,265 18.47%

Manufacturing 4 1,599 0.45%

Software 326 170,150 47.44%

Miscellaneous 28 11,650 3.25%

Total 774 358,674 100%


VALUE OF INVESTMENTS PER YEARCumulative to December 2014 (by value)

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

Value of Investments Per Year – Cumulative to December 2014€

m 360

330

300

270

240

210

180

150

120

90

60

30

0

Initial Investment Follow-on-Investment Total Cumulative

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

2001 19 25,648 9 6,157 31,805 8.87% 31,805

2002 16 17,403 26 11,886 29,289 8.17% 61,094

2003 33 20,146 40 12,574 32,720 9.12% 93,814

2004 27 19,729 56 18,972 38,701 10.79% 132,515

2005 28 17,673 72 32,901 50,574 14.10% 183,089

2006 21 31,713 79 35,348 67,061 18.70% 250,150

2007 6 22,747 81 21,582 44,329 12.36% 294,479

2008 1 4,060 86 21,232 25,292 7.05% 319,771

2009 0 0 50 12,128 12,128 3.38% 331,899

2010 0 0 53 13,225 13,225 3.69% 345,124

2011 0 0 28 6,996 6,996 1.95% 352,120

2012 0 0 19 2,447 2,447 0.68% 354,567

2013 0 0 15 3,186 3,186 0.89% 357,753

2014 0 0 9 921 921 0.26% 358,674

Total 151 159,119 623 199,555 358,674 100%


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: Denise Sidhu, Partner Rubicon Centre Rossa Avenue Bishopstown Co. Cork

TEL: +353 (0)21 4928974

E-MAIL: denise.sidhu @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

FAX: +353 (0)1 2940877




Atlantic Bridge Limited Partnership

Atlantic Bridge Limited Partnership is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. 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

FAX: +353 (0)1 6425661


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]


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

TEL 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 34 Barrow St Dublin 4

TEL: +353 (0)1 6392922



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

FAX: +353 (0)1 4210500

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

FAX: +353 (0)1 6333889



Seroba BioVentures (The 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 focuses 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 closed for new investments but continues to make follow-on investments in existing portfolio companies.


FUND MANAGER: Seroba BioVentures

CONTACT: Peter Sandys 15 Molesworth Street Dublin 2

TEL: +353 (0)1 6334028

FAX: +353 (0)1 6779388

E-MAIL: petersandys @seroba-kernel.com

WEB: www.seroba-kernel.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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INVESTEE COMPANIES


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 €37 million (28%). Investment in software related projects totaled €90 million (70%).

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 1996-2014

Sectoral Breakdown of Investments 1996-2014

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 129,264 100.00%

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 129,264 100.00%


Summary of Investments – From Commencement of Programme to December 2014

* Fund closed


Value€’000s


Total Invested 1996 - 2014

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) Divisional ManagerHigh Potential Start Up and Accelerated GrowthEnterprise Ireland

Niall O’Donnellan Divisional Manager Policy, People & Investment Enterprise Ireland

Eamonn May (Retired from Committee in May 2014) Department ManagerBanking Relationships and Growth CapitalEnterprise Ireland

Lisa Vaughan Divisional ManagerScaling & HPSUEnterprise Ireland

Don HarringtonDirector Corporate Finance Goodbody Stockbrokers

Tony Haslam Consultant

Páraig HennessyDepartment of Jobs, Enterprise & Innovation

Eileen McGoldrick Secretary to the Committee

Seed and Venture Capital Funds Committee



Enterprise IrelandEast Point Business ParkDublin 3IrelandTel: +353 1 727 2000 ©Enterprise Ireland June ’15 – (351)

Documents

SEED AND VENTURE CAPITAL PROGRAMME 2014 REPORT · through funds supported by Enterprise Ireland’s Seed & Venture Capital Scheme (2007-2012) continues to increase and has now reached