SEED AND

VENTURE CAPITAL
2015 REPORT
Contents

Introduction 2

2015 A Year in Review 3

Seed and Venture Capital Programme 2013 2018 4

Summary of Investments from Commencement of Programme 5

Seed and Venture Capital Programme 2007 2012 6

Summary of Investments from Commencement of Programme 7

Analysis of Investments by Stage of Development 8

Regional Breakdown of Investments 9

Sectoral Breakdown of Investments 10

Details of Investments Per Year 11

Fund Details 12

Investee Companies 17

Seed and Venture Capital Programme 2000 2006 22

Summary of Investments from Commencement of Programme 23

Analysis of Investments by Stage of Development 24

Regional Breakdown of Investments 25

Sectoral Breakdown of Investments 26

Details of Investments Per Year 27

Fund Details 28

Investee Companies 31

Seed and Venture Capital Measure of the Operational Programme 1994 1999 34

Overview and Regional/Sectoral Breakdown of Investments 35

Summary of Investments from Commencement of Programme 36

Seed and Venture Capital Funds Committee 37

 Introduction

This 2015 SVC Report comprises four venture
capital initiatives undertaken by Enterprise
Ireland in partnership with the private sector.
Seed and Venture Capital Programme capital funds targeting early stage funding.
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.
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 2015,
the 175m has been fully allocated in 2
separate competitive calls in 2013 and 2015.
99.5m was committed as part of the first
call targeting Series A funding. Three new
Funds have now been established with an
Enterprise Ireland commitment of 43 million
a number of other funds will be announced
shortly. Under the second call, a further
65m was committed to a number of venture
These funds are now at the final stages of
fund raising and it is expected that a number
of funds will be launched in the near term. A
further allocation has also been made to a
new European Angel Fund.
Under the 20072012 Programme, Enterprise
Ireland committed 175 million to continue to
develop the seed and venture capital market
in Ireland. Up to December 2015 thirteen
new funds were launched with an Enterprise
Ireland commitment of 174 million.
Under the 20002006 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 19941999 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.

2 Seed & Venture Capital Programme 2015 Report

2015 A Year in Review

At the heart of Enterprise Irelands strategy, build on the success of the previous seed funds
Driving Enterprise | Delivering Jobs, is the and targeted funds who were seeking to invest
intention to establish Irish enterprise as a in early-stage ventures. Our Board committed
powerful engine of job creation and growth in a total of 65m to seven commercially focused
towns and villages right across the country. early-stage funds. These funds are actively
2015 was an excellent year for Irish enterprise. fundraising and it is expected that a number of
funds will be launched in the near term.
Access to appropriate and adequate capital,
to fund international growth strategies, is On an ongoing basis, Enterprise Ireland works
a precursor to business success and so the with key players within the business ecosystem,
impressive achievements of Irish companies to optimise the funding options for SMEs. For
during 2015 is attributable also, to the Irish example, Enterprise Irelands 75m commitment
venture capital sector. under the Development Capital Scheme, three
funds have been created with a combined total
In 2015, venture capital funds supported under
fund size of 492m. In 2015 these funds were
the Enterprise Ireland Seed and Venture Capital
very active in the market and invested a total of
Scheme made 144 investments in Irish based
74m into companies in the food, logistics and
companies, with a total investment value of
internationally traded services sectors in Ireland.
54 million.
Business Angels are an important element of
Start-up companies are the lifeblood of any
the business ecosystem, contributing both
developed economy and a key focus for
expertise and investment capital. Enterprise
Enterprise Ireland, as they account for over
Ireland, in partnership with InterTrade Ireland
two thirds of all new jobs. During 2015, over
continued to support the Halo Business Angel
200 early stage companies were approved for
Network, which resulted in over 10.8m of
investment by Enterprise Ireland, with Enterprise
business angel investment in 50 companies in
Ireland directly investing 31m into 105 High
2015. In addition we are continuing to work with
Potential Start-Up businesses. These businesses
the European Investment Fund to launch a new
will create an estimated 1,500 jobs over the next
20m European angel fund that will increase the
three years.
availability of capital for this market and further
In 2015, we completed the commitment of develop the angel ecosystem.
the 175m available under the current Seed &
In 2016, the global outlook remains positive
Venture Capital Scheme (2013-2018). Under this
but winning market share for our exports is
scheme, three new funds have been successfully
always challenging. We will continue to work
launched which will make a further 289m
in close partnership with the Seed and Venture
of venture funding available in the market.
Capital sector to ensure that Irish businesses
Fountain Healthcare Partners II, The Bank of
can access adequate capital to achieve their full
Ireland Kernel Capital Growth Fund (ROI) II and
international growth potential.
Atlantic Bridge III are all active and seeking
investment opportunities.

In November 2015, a second competitive call

was concluded under the Seed & Venture
Julie Sinnamon
Capital Scheme (2013-2018). The call sought to
Chief Executive Officer

Seed & Venture Capital Programme 2015 Report 3

SEED AND VENTURE
CAPITAL PROGRAMME
2013-2018
 Summary of Investments Cumulative from Commencement of
Programme to December 2015

Name of Fund Fund Number of Total Number of Total

Size Investments Invested Investments Invested
2015 2015 2013 - 2015 2013 - 2015
000s 000s 000s

Atlantic Bridge III Limited 138,205 7 18,353 7 18,353

Partnership

Fountain Healthcare Partners 103,214 5 7,957 7 14,284

Fund II Limited Partnership
The Bank of Ireland Kernel 47,500 0 0 1 2,000
Capital (ROI) Growth Funds

Total 288,919 12 26,310 15 34,637

* 17.8 million of the Bank of Ireland Kernel Capital ROI Growth Funds relates to the Seed and Venture Capital Programme
2007-2012.

Atlantic Bridge III Fountain Healthcare The Bank of Ireland

Limited Partnership Partners Fund II Kernel Capital ROI
Limited Partnership Growth Funds

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.
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.
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 SIZE: 138 million FUND SIZE: 103 million FUND SIZE: 47 million

FUND MANAGER: FUND MANAGER: FUND MANAGER:

Atlantic Bridge III GP Limited Fountain Healthcare Partners Kernel Capital

CONTACT: CONTACT: CONTACT:

Elaine Coughlan Manus Rogan Orla Rimmington, Partner
31 Kildare St Guild House, 4th Floor Rubicon Centre, Rossa Avenue
Dublin 2 Guild Street, IFSC, Dublin 1 Bishopstown, Co. Cork

TEL: +353 (0)1 6034450 TEL: +353 (0)1 5225100 TEL: +353 (0)21 4928974

E-MAIL: info@abven.com E-MAIL: manus@fh-partners.com E-MAIL: orla.rimmington

@kernel-capital.com
WEB: www.abven.com WEB: www.fh-partners.com
WEB: www.kernel-capital.com

Seed & Venture Capital Programme 2015 Report 5

SEED AND VENTURE
CAPITAL PROGRAMME
20072012
 Investments for Year 2015 Cumulative from Commencement
of Programme to December 2015

Name of Fund Fund Number of Total Number of Total

Size Investments Invested Investments Invested
2015 2015 2007 - 2015 2007 - 2015
000s 000s 000s

SEED FUNDS
AIB Seed Capital Fund Limited 53,000 22 2,175 180 32,342
Partnership

AIB Start-Up Accelerator Fund 22,000 18 2,915 75 14,850

Bank of Ireland Seed and 32,000 12 2,750 78 18,860

Early Stage Equity Fund 2009
Limited Partnership

Bank of Ireland Start-Up and 17,000 10 1,232 50 11,325

Emerging Sectors Equity Fund
2010

VENTURE CAPITAL FUNDS

Atlantic Bridge II Limited 75,000 20 11,959 53 59,735
Partnership

Bank of Ireland Kernel Capital 27,111 0 0 28 11,302

Partners Private Equity Fund II

Delta Equity Fund III Limited 104,879 21 5,826 134 69,084

Partnership

Fountain Healthcare Partners 73,000 12 6,071 77 58,882

Fund I Limited Partnership

Hoxton Venture Fund 1 (Ireland) 5,269 0 0 0 0

Limited Partnership

SOSventures Ireland Fund 20,000 4 870 15 3,576

Limited Partnership

The Frontline Venture Fund I 50,505 18 8,894 51 19,579

Limited Partnership

The Seroba Life Sciences Fund 75,070 14 9,804 75 54,347

II Limited Partnership

The Ulster Bank Diageo Venture 75,000 11 3,444 57 55,085

Fund Limited Partnership

Total 630,194 162 55,940 873 408,967

Seed & Venture Capital Programme 2015 Report 7

 Analysis of Investments by Stage of Development Cumulative to
December 2015

Type Number of Investments Total Invested Value % of Total Amount

'000s Invested

SEED FUNDS
Start Up 105 22,293 28.81%

Early Stage 278 55,084 71.19%

Development 0 0 0.00%

Total 383 77,377 100%

VENTURE CAPITAL FUNDS

Start Up 181 87,263 26.32%

Early Stage 200 137,885 41.58%

Development 109 106,442 32.10%

Total 490 331,590 100%

SEED FUNDS
Breakdown of
Investments
Cumulative to
December 2015
(% by value)
28.81% Start Up

71.19% Early Stage

VENTURE
CAPITAL FUNDS
Breakdown of
Investments 32.10% Development
Cumulative to
December 2015 26.32% Start Up
(% by value)
41.58% Early Stage

8 Seed & Venture Capital Programme 2015 Report

 Regional Breakdown of Investments Cumulative to December 2015

Region Number of Investments Total Invested % of Total Invested

000s

Border 2 600 0.15%

Dublin & County 475 210,632 51.50%

Mid East 5 1,250 0.31%

Mid West 37 12,922 3.16%

South East 18 5,650 1.38%

South West 76 17,553 4.29%

West 106 52,625 12.87%

Other 154 107,735 26.34%

Total 873 408,967 100%

REGIONAL
BREAKDOWN OF
INVESTMENTS
Cumulative to
December 2015
(% by value)
0.15% Border

51.50% Dublin & County

26.34% Other

12.87% West

3.16% Mid West

1.38% South East

4.29% South West

0.31% Mid East

Seed & Venture Capital Programme 2015 Report 9

 Sectoral Breakdown of Investments Cumulative to December 2015

Sector Number of Investments Total Invested % of Total Invested

000s

Communications 104 38,350 9.38%

Cleantech 33 11,551 2.82%

Electronics 2 460 0.11%

Life Sciences 240 144,453 35.32%

Manufacturing 5 3,359 0.82%

Software 477 200,002 48.90%

Miscellaneous 11 10,642 2.60%

Food 1 150 0.05%

Total 873 408,967 100%

SECTORAL
BREAKDOWN OF 11 Miscellaneous
INVESTMENTS
2 Electronics
Cumulative to
December 2015 104 Communications
(by number)
33 Cleantech

240 Life Science

477 Software

5 Manufacturing

1 Food

SECTORAL
BREAKDOWN OF 2.60% Miscellaneous
INVESTMENTS
0.11% Electronics
Cumulative to
December 2015 2.82% Cleantech
(% by value)
9.38% Communications

35.32% Life Science

48.90% Software

0.82% Manufacturing

0.05% Food

10 Seed & Venture Capital Programme 2015 Report

 Value of Investments Per Year Cumulative to December 2015

Year Initial Investment Follow-on Investments Total Cumulative

Number '000s Number '000s '000s % '000s

2007 2 2,007 0 0 2,007 0.49% 2,007

2008 16 7,785 2 350 8,135 1.99% 10,142

2009 27 31,649 15 9,639 41,288 10.10% 51,430

2010 24 14,540 30 14,300 28,840 7.05% 80,270

2011 51 29,000 55 23,832 52,832 12.92% 133,102

2012 53 46,757 88 31,964 78,721 19.25% 211,823

2013 67 42,394 108 30,287 72,681 17.77% 284,504

2014 48 21,171 125 47,352 68,523 16.76% 353,027

2015 23 5,882 139 50,058 55,940 13.67% 408,967

Total 311 201,185 562 207,782 408,967 100%

VALUE OF INVESTMENTS PER YEAR

Cumulative to December 2015 (by value)

420
m

390

360

330

300

270

240

210

180

150

120

90

60

30

0
2007 2008 2009 2010 2011 2012 2013 2014 2015

Initial Investment Follow-on-Investment Total Cumulative

Seed & Venture Capital Programme 2015 Report 11

 SEED
FUNDS

AIB Seed Capital Fund AIB StartUp

Limited Partnership Accelerator Fund

This 53m fund has an investment CONTACT: The AIB Start-Up Accelerator Fund,
policy to invest in companies Michael Culligan/Alex Hobbs managed by ACT Venture Capital,
at the seed and early stages of Dublin BIC was established in 2011 as a 22m
development, across a range of TCD Enterprise Centre Seed Fund. Investments made by
sectors throughout the Republic Pearse Street the fund focus on developing high-
of Ireland. The fund makes seed Dublin 2 growth, export-oriented companies
investments up to approximately in emerging sectors such as
500,000. The fund is now closed TEL: +353 (0)1 4100903 Digital Media, Internet, Software,
for new investees. The fund will E-MAIL: michaelculligan@dublinbic.ie CleanTech and Medical Devices. The
now focus on providing support alexhobbs@dublinbic.ie fund investment range is 100,000
and follow-on investment to its to 650,000.
portfolio companies to assist them WEB: www.dbic.ie
in realising their full potential.
CONTACT:
FUND SIZE: 22 million
Conor OConnor FUND MANAGER:
FUND SIZE: 53 million
Enterprise Equity Venture Capital ACT Venture Capital
FUND MANAGER: The Media Cube
Enterprise Equity Venture Capital Kill Avenue CONTACT:
Group and Dublin Business Dun Laoghaire John Flynn
Innovation Centre Co. Dublin ACT Venture Capital Ltd.
6 Richview Office Park
TEL: +353 (0)1 2145606
CONTACT: Clonskeagh
anna Dibhis E-MAIL: conor@enterpriseequity.ie Dublin 14
AIB Seed Capital Fund
WEB: www.enterpriseequity.ie TEL: +353 (0)1 2600966
NovaUCD
University College Dublin CONTACT:
E-MAIL: info@actvc.ie
Belfield Campus Tom Shinkwin WEB: www.actventure.com
Dublin 4 Enterprise Equity Venture Capital
TEL: +353 (0)1 2866766 The Media Cube
Kill Avenue
E-MAIL: eanna.daibhis@
Dun Laoghaire
aibseedcapitalfund.ie
Co. Dublin
WEB: www.aibseedcapitalfund.ie
TEL: +353 (0)1 2145606

E-MAIL: tom@enterpriseequity.ie

WEB: www.enterpriseequity.ie

12 Seed & Venture Capital Programme 2015 Report

Bank of Ireland Seed Bank of Ireland Start-Up
and Early Stage Equity and Emerging Sectors
Fund 2009 Equity Fund 2010

This 32m fund incorporates the The Bank of Ireland Start up and
10m Bank of Ireland MedTech Emerging Sectors Equity Fund
Accelerator Fund. Investments are 2010, managed by Delta Partners
made in the range of 100,000 to was established in 2010. This 17m
500,000. The primary focus is on fund has an investment focus on
high potential start-up companies technology-based businesses and
operating in Big Data, ICT, medtech which are headquartered
Energy Efficiency and ICT related in Ireland. The fund has invested in
Healthcare sectors. This fund is companies with disruptive business
open for new investments. models and the potential for fast
growth. The investment range is
100,000 to 650,000. The fund
FUND SIZE: 32 million
is closed for new investments
FUND MANAGER: but continues to make follow-on
Kernel Capital investments in existing portfolio
companies.
CONTACT:
Orla Rimmington, Partner FUND SIZE: 17 million
Rubicon Centre
Rossa Avenue FUND MANAGER:

Bishopstown Delta Partners

Co. Cork
CONTACT:
TEL: +353 (0)21 4928974 Dermot Berkery / Maurice Roche
E-MAIL: orla.rimmington Media House
@kernel-capital com South County Business Park
Leopardstown
WEB: www.kernel-capital.com
Dublin 18

TEL: +353 (0)1 2940870

E-MAIL: seedfund
@deltapartners.com

WEB: www.deltapartners.com

Seed & Venture Capital Programme 2015 Report 13

 VENTURE CAPITAL
FUNDS

Atlantic Bridge II Limited Bank of Ireland Kernel Delta Equity Fund III
Partnership Capital Partners Private Limited Partnership
Equity Fund II

Atlantic Bridge II Limited This fund has an investment policy Delta Equity Fund III Limited
Partnership is a growth equity fund to invest in Irish companies in Partnership is a 105m venture
focused on technology investments ICT, Environmental Technologies, capital fund managed by Delta
with offices and staff in Dublin, Engineering, Finance and General Partners.
London, Silicon Valley, Beijing and Industry. This fund is now closed
Deltas funds have focused on
Hong Kong. Atlantic Bridge II has for new investments but continues
start-up and early stage technology
been actively investing since July to make follow-on investments in
investments in Communications
2010. The fund is now closed for existing portfolio companies.
Technologies, Software and Life
new investments but continues
Sciences. Delta Partners is often
to make follow on investments in
FUND SIZE: 27 million the first institutional investor in
existing portfolio companies.
a company, typically investing
FUND MANAGER:
500,000 to 5,000,000 and
Kernel Capital taking a minority shareholding.
FUND SIZE: 75 million
This fund is now closed for new
FUND MANAGER: CONTACT: investments but continues to make
Atlantic Bridge II GP Limited Orla Rimmington follow-on investments in existing
Rubicon Centre portfolio companies.
CONTACT: Rossa Avenue
Elaine Coughlan Bishopstown
31 Kildare Street Co. Cork FUND SIZE: 105 million
Dublin 2 FUND MANAGER:
TEL: +353 (0)21 4928974
TEL: +353 (0)1 6034450 Delta Partners
E-MAIL: orla.rimmington@
E-MAIL: info@abven.com kernel-capital.com CONTACT:

WEB: www.abven.com WEB: www.kernel-capital.com

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

TEL: +353 (0)1 2940870

E-MAIL: info@deltapartners.com

WEB: www.deltapartners.com

14 Seed & Venture Capital Programme 2015 Report

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 SIZE: 73 million
FUND MANAGER:
Fountain Healthcare Partners
CONTACT:
Manus Rogan
Guild House, 4th Floor
Guild Street
IFSC
Dublin 1
TEL: +353 (0)1 5225100
E-MAIL: manus@fh-partners.com
WEB: www.fh-partners.com
Seed & Venture Capital Programme 2015 Report
The Frontline Venture Hoxton Ventures
Fund I Limited Partnership
The Frontline Venture Fund
I Limited Partnership was
established in December 2012
primarily investing in early stage
IT companies. The fund will
invest between 250,000 and
6,000,000 per company over the
life of the investment.
The fund is open for new
investments.
FUND SIZE: 50 million
FUND MANAGER:
Frontline Ventures
CONTACT:
Shay Garvey
26-28 Lombard St. East
Dublin 2
TEL: +353 (0) 86 2593345
E-MAIL: shayg@frontline.vc
WEB: www.frontline.vc
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
483 Green Lanes
London N13 4BS
United Kingdom
E-MAIL: businessplans@hoxton.vc
WEB: www.hoxtonvc.com
15
 VENTURE CAPITAL
FUNDS
The Seroba Life Sciences
Fund II Limited Partnership
Seroba 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 1,000,000 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 SIZE: 75 million
FUND MANAGER: FUND SIZE:
Seroba Life Sciences Limited
CONTACT:
Peter Sandys FUND SIZE:
6 Northbrook Road FUND MANAGER: Michael Murphy / Leo Hamill /
Ranelagh, Dublin 6 SOSV Limited
Ireland
TEL: +353 (0)1 6334028
E-MAIL: petersandys
@seroba-lifesciences.com
WEB: www.seroba-lifesciences.com
16
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.
20 million
CONTACT: Harcourt Street
Bill Liao Dublin 2
SOSV Limited Ireland
2nd Floor, Penrose Wharf
Alfred Street
Cork
TEL: +353 (0)21 4700991
E-MAIL: bill.liao@sosv.com
WEB: www.sosv.com
Seed & Venture Capital Programme 2015 Report
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.
75 million
FUND MANAGER:
Investec Ventures Ireland
CONTACT:
Derek Crawley
The Harcourt Building
TEL: +353 (0)1 4210000
E-MAIL: michael.murphy@investec.ie
leo.hamill@investec.ie
derek.crawley@investec.ie
WEB: www.investec.ie
 INVESTEE
COMPANIES

Name of Company
Nature of Business

Accunostics Ltd Assemblypoint Ltd Branded Payment Solutions Ltd

a
Medical Devices Online HR Tools Gift Card Company

Accuris Holdings Ltd Async Technologies Ltd Brite Bill Ltd

Software solutions for mobile IT Solutions for Global Tyre Electronic Billing Software
operators Industry
Callsign Ltd
c
Aceno Mobile Services Ltd Asyncode Ltd Cloud based mobile security
Tourism Multimedia Big Data Management
Cambus Teoranta
Active Mind Technology Ltd Avar Communications Ltd Medical Devices
eLearning Technology Recruitment website
Capella Securities Ltd
Adaptics Ltd Averian Energy Solutions Ltd Managed futures & fixed
Technology design Business Software for Energy income funds
Sector
Aer Sustainable Energy Ltd Cappella Inc
International Biofuels Production Aylien Ltd Medical Devices
and Supply Text & Sentiment Analysis
Capsos Medical Ltd
Algae Health Ltd Barricade Ltd Design of guidewire and balloon
Production of high value
b Web Security catheter combination device for
compounds for food and cosmetics occluded arteries
Barracuda Fx Ltd
Almotech Ltd Financial Software Certification Europe Ltd
Digital Juke Boxes Provider of certification, inspection
BCD Safety & Business Support Ltd
& training services
Alpha Wireless Ltd Software for Compliance
Design and manufacture of Base Management Cesanta Software Ltd
Station Antennas Connectivity, networking and
Beamax Ltd
communications software
Altocloud Ltd Online Team-Management System
Internet Technologies Channelsight Ltd
Benetel Ltd
E-commerce enablement
Altratech Ltd Test Automation and Components
Providing real time, onsite DNA for RF/Wireless Civitas Therapeutics Ltd
diagnostics for the food industry Medical Devices
Betapond Ltd
Amarin Corporation Plc Digital Marketing Clavis Technology Ltd
Developing Products for Data Quality Software
Bioatlantis Ltd
Cardiovascular and CNS Disorders
Biotechnology Solutions Cloudium Systems Ltd
Amartus Ltd Design & supply of cloud-based
Biocroi Ltd
Telecommunication Software desktops products
Lab Devices
Amcs Ltd Cluey Ltd
Biosensia Ltd
Waste Management Solutions Electronic Point of Sale System
Supplier of integrated polymer
Apica Cardiovascular Ltd enabled products Connexicon Medical Ltd
Medical Devices Liquid tissue adhesive
Blikbook Ltd
Arann Healthcare Ltd Course engagement platform for Coolnagour Ltd
Healthcare Company students and academics Taxi Dispatch Systems

Ario Pharma Ltd Blue Tree Systems Ltd Corlytics Ltd

Biopharmaceutical Company Fleet Management Systems Software for Financial Services
Industry
Arrallis Ltd Bluedata Software Inc
Millimetre wave technology Big Data Covagen Ltd
company servicing the aerospace Drug-Development Company
Boxever Ltd
and security sector
Software to analyse customer/ Crean Solutions Ltd
client profiles for companies Online Car Parts

Seed & Venture Capital Programme 2015 Report 17

 INVESTEE
COMPANIES

Name of Company
Nature of Business

Crescent Diagnostics Ltd Episensor Ltd Hibergene Diagnostics Ltd

Medical Devices Wireless Sensors Development & sale of diagnostic
tests for human infectious diseases
Crowd Process Ltd Equiendo Ltd
Browser powered distributed Mobile telecoms network HomeTree Marketplace Ltd
computing optimisation Fintech

Cubic Telecom Ltd Eventovate Ltd Homestay Technologies Ltd

Prepaid Call Cards Event Booking Technology Provision of software application
for language schools & leisure
Currencyfair Ltd Eveo Solutions Ltd
travellers to access homestay
Online peer to peer currency Electrical vehicle charging
accommodation
exchange
Feedhenry Ltd
f Hiri (Whittl Media Ltd)
Davra Networks Ltd Enterprise Cloud Computing
d Energy Management Solutions
Next generation desktop email
Fenergo Ltd productivity client
Dcisions (Formerly Pension ICT Software
Huggity Ltd
Dcisions) Ltd
Ferfics Ltd Post event marketing tools
Financial Software
Radio Frequency Semi Conductors
Hybrid Energy Solutions Ltd
Decawave Ltd
Fieldaware Group Ltd Telecommunications Energy
Fabless Semiconductor Company
SaaS mobile field services Solutions
Deposify Ltd solutions
i360 Medical Ltd
Deposit escrow management
Fishtree Ltd
i Medical Devices
provider
Educational platform to facilitate
Icap Global Media Ltd
Digit Game Studios Ltd delivery of personalised learning
Communications Software
Video Games Developer & material
Publisher Ideal Binary Ltd
Footbridge Learning Ltd
3D Ebooks
Digital Minds Ltd eLearning
Web based financial services Ikon Semiconductor Ltd
Frankleyweb Ltd
network LED Lighting Technology
Online Retail
Digital Mines Ltd Impedans Ltd
Genable Technologies Ltd
Cloud computing infrastructure g High resolution plasma diagnostics
Gene Therapy
solutions
Diona Technologies Ltd
Global Medical Treatment Ltd
Business Consulting In Hand Guides Ltd
Personal health directory
Embedded audio products
Directebooks Ltd
Gridstore Ltd
eBook Distribution Software Incereb Ltd
Data Storage
Neonatal Brain Monitoring
Donseed Ltd
Handy Baby Products Ltd
Workplace Management Systems h Babycare Products
Inform Bio Ltd
Pre-eclampsia test development
Effective Software Ltd
e Compliance Management Software
Heart Metabolics Ltd
Inish Technology Ventures Ltd
Biopharmaceutical Company
Cloud-Technology Company
Electronic Compliance Audit
Hedvig Inc
Tools Ltd Innovapeak Ltd
Software Defined Storage
Development of electronic Development of online compliance
compliance auditing tools Helix Health Ltd management software
Healthcare Software Solutions
Electroroute Holdings Ltd Innovation Zed Ltd
Energy trading Heystaks Technologies Ltd Insulin Dosed Timer
Web Software Company
Embo Medical Ltd
Emboliaztion Device Development

18 Seed & Venture Capital Programme 2015 Report

 INVESTEE
COMPANIES

Name of Company
Nature of Business

Intune Networks Ltd Maginatics Inc Ndevor Systems Ltd

n
Telecoms Equipment Cloud Computing Customer Relationship
Management software
Invi Labs Inc Mainstay Medical Ltd
Messaging Medical Devices Neosurgical Ltd
Medical Devices
J Lefebvre Ltd Managec02 Software Ltd
j
Software Platform for Rapid Carbon management software Neuravi Ltd
Application Development Medical Devices
Marvao Medical Devices Ltd
J Lizard Ltd Medical Devices New Life Learning Ltd
Cloud based service for eLearning Courses
Meaningmine Ltd
managing log data
Intelligence application software Newswhip Media Ltd
Jolt Online Gaming Ltd tool for brand management Technology to identify emerging
Information Technology news trends
Meetingsbooker Ltd
Keelvar Systems Ltd Online booking of meeting rooms Nod Labs (Formerly Enimai) Inc
k Industrial Waste Purification Wearables
Metabolomic Diagnostics Ltd
Kemartek Technologies Ltd Pre-eclampsia test Nomosire Ltd
Technology to clean industrial Financial Software Solutions
Metaio Gmbh
aqueous waste streams
Augmented realisty software Nortev Ltd
Kidstart Ltd Veterinary Medical Device
Mingoa Ltd
Online Savings Company
Online Detection of Network Faults Nova Language Solutions Ltd
Kinesense Ltd and Performance Provider of quality translation
Development and services
Miracor Gmbh
commercialisation of video
Pressure Controlled Medical Novate Medical Ltd
analytic software
Devices Medical Devices
Kptrs Investments Ltd
Mixaroo Inc (t/a Boxfish) NVMDurance Ltd
Online Print and Design
Big Data Analytics NAND Flash Memory Optimisation
LearnLode Ltd
l Enterprise Customer Service
Moltin, Inc
o
Omnimotion Technology Ltd
API for developers Creation of motion control
Knowledge Management Platform
simulations, services & games
Monford Ag Systems Ltd
Lightkeeper Media Ltd
Hardware & software product Oncircle Inc
Trading Card Games
to assist farmers in grass Electronic currency system
Linked P2P Ltd measurement & grassland
Onformonics Ltd
P2P lending management
Compliance Management Solutions
Lion Semiconductor Inc Motobuykers Ltd for Payment Cards
Mobile Power Management Motorbike outlet store
Onlinetradesmen.Com Ltd
Love & Robots Ltd Movidius Ltd Online Marketplace for Qualified
Custom 3D Printing Computer Visioning Trade Professionals

Luzern Technology Solutions Ltd MPStor Ltd Openplain Ltd

Online Sales Solutions Storage management software & Software
systems
M2M Telematics Ltd Opsona Therapeutics Ltd
m
Cleantech Solutions for Waste Mulabee Ltd Medical Devices
Management and Recycling Integrated Financial Supply Chain
Optrace Ltd
Services
Madme Technologies Ltd Hologram Technology
Software for mobile marketing Mypp Media Ltd
Orchestrate Inc
Database of planning & building
Databases as a service
permit data

Seed & Venture Capital Programme 2015 Report 19

 INVESTEE
COMPANIES

Name of Company
Nature of Business

Ozmo Devices Inc RaisingIT Ltd SiriusXT Ltd

Low power WiFi solutions Enterprise software for the non- Designing a cell imaging platform
profit to help build more impactful
PageFair Ltd Sixminute Studios Ltd
p and interactive websites
Software to allow website owners Casual Games Studio
measure lost revenue Rapt Holdings Ltd
Skillpages Holdings Ltd
Development of optical multi-
Palyon Medical Corp Ltd Web based platform for service
touch technologies
Medical Devices providers
Renewable Energy Dynamics
Pharmapod Ltd Slainte Healthcare Ireland Ltd
Holdings Ltd
Cloud-based platform for Patient Record & Revenue Cycle
Development of VRB batteries
pharmacies Management
Resourcekraft Ltd
Pharmatrin Ltd Slattery Validation Systems Ltd
Energy Management Software
Drug-Development Company Remote cloud based platform
Restored Hearing Ltd for management of refrigeration
Picturk Ltd
Hearing research & development systems
Web portal for camera clubs
Ribeye Ltd Smartcloud Ltd
Pilot Photonics Ltd
Enterprise Software Mobile loyalty coalition
Optical communications hardware
programme, which allows
Safemotos Ltd
Poly Pico Technologies Ltd s Ride sharing application
consumers to earn cash based on
Biologial fluid handling their loyalty to brands.
San Central Ltd
Pomo Search Ltd Socrates Healthcare Ltd
Child Tracking system
Product Discovery Provider of practice management
Sarsol Ltd software to GPs and Hospital
PQ Bypass Irl Ltd
Service to enable group offer Consultants
Medical Devices
merchants to manage customers
Solarprint Ltd
PR Slides Ltd online
Development of novel 3rd
International Image hub & press
Scurri Web Services Ltd generation printable flexible solar
office connecting brands to the
Internet based web services cell technology
media
Sensipass Ltd Somnium Ltd
Profitero Ltd
Authentication As A Service Social Media
ICT Sales Analytics
Sensl Technologies Ltd Sonex Metrology Ltd
Provesica Ltd
Low Light Detector Solutions Semiconductor Defect Metrology
Biopharmaceutical Company
Senubo Ltd Sonru Ltd
Pulsate Mobile Ltd
Software design and software Online Video Technology
Mobile Marketing
provider
Sophia Search Ltd
Qstream Inc
q Serviceframe Value Semantic search
Enterprise eLearning
Management Ltd
Sota Orthopaedics Ltd
Quanta Fluid Tech Ltd Automated Management Software
Medical Devices
Home Haemodialysis System
Signal Ltd
Soundwave Analytics Ltd
Quixey Inc Information Setvices
Smartphone music analytics app
Mobile apps search
Silicon Blue Inc
Spineguard Ltd
Radisens Diagnostics Ltd FGPAs for mobile devices
r Medical Devices
Medical Devices
Silvercloud Health Ltd
Sport Authority Ltd
Rainmaker Business Web based platform for mental
Premium video content with top
Technologies Ltd healthcare
sports tips and expert betting
Realtime operations support
Sim Travel Ltd analysis
platform for airlines
Mobile Devices

20 Seed & Venture Capital Programme 2015 Report

 INVESTEE
COMPANIES

Name of Company
Nature of Business

Storyful Ltd Verifly Holdings Ltd Xpreso Software Ltd

v
Media Drone & IoT regulation tools Cloud hosted communication
platform between couriers and
Surgacoll Technologies Ltd Veronicas Snacks Ltd
recipients
Medical Devices Snack Producer
Xtra Vision Ltd
Swiftqueue Technologies Ltd Veryan Endovascular Ltd
Consumer Products & Services
SaaS Cloud platform for GPs, Solutions for Vascular Disease
dentists & hospitals Zamano Plc
Video Elephant Ltd z Interactive Mobile Applications
Swrve Mobile Inc (Formerly New Online B2B marketplace for
Game Technologies) Ltd audio-visual content Zapa Technology Ltd
Mobile marketing automation Payments Technology Company
Vigill Alerts Ltd
Swwbp Ltd Web service & integrated Zinc Software Ltd
Manufacture of innovative smartphone app to help combat Developer of hardware/software
whiteboard paint payment card fraud for health & wellbeing lifestyle
solutions
Syncrophi Systems Ltd Visible Thread Ltd
Wireless patient monitoring Document Intelligence Tooling
technology for IT Initiatives

Synthace Ltd Visitravel Investments Ltd

High dimensional bioprocess Online Travel Agency Software
optimisation
Visor Ltd
Tapastreet Ltd Online Accounting Software
t
Social Network Search Engine
Vivasure Medical Ltd
Tax World Ltd Medical Devices
Tax Advisory Business
Wave Break Media Ltd
w
TCAS Online Ltd Stock-Video Footage
software for managing student
Weshop Ltd
accommodation
Internet Service Company
Terminalfour Solutions Ltd
What Applications Ltd
Corporate Software
Mobile platform in hair & beauty
The Semantic Search sector
Company Ltd
Whipcar Ltd
Cloud hosted solution that
Car Rental Company
manages digital B2B catalogue
information with semantic search Wire-Lite Sensors Ltd
capability Energy Management Solutions

The Turning Institute Ltd Worldnettps Ltd

Online programmes for mental Payment Software
health specifically eating disorders
Xcelerator Ltd
x Machine translation service
Trustev Ltd
Fraud management for online
Xention Ltd
payments
Biopharmaceutical Company
Ultra High Vacuum Solutions Ltd
u Equipment & tooling design for
Xi (Research & Development) Ltd
Revenue assurance & fraud
thin film nanotech application
detection software for telecom
sector

Seed & Venture Capital Programme 2015 Report 21

SEED AND VENTURE
CAPITAL PROGRAMME
20002006
 Investments for Year 2015 Cumulative from Commencement
of Programme to December 2015

Name of Fund Fund Number of Total Number of Total

Size Investments Invested Investments Invested
2015 2015 2007 - 2015 2007 - 2015
000s 000s 000s

AIB Equity Fund 2002* 0 0 0 3 807

Atlantic Bridge Ventures 98,500 0 0 75 84,296

Limited Partnership**

Bank of Ireland Kernel Capital 27,325 2 64 62 19,084

Partners Private Equity Fund

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

Delta Equity Fund II Limited 90,000 1 150 215 80,673

Partnership

Enterprise Equity Investment 15,000 0 0 52 10,750

Fund Ltd

Enterprise Equity Seed Capital 7,000 0 0 51 7,133

Investment Fund

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

EVP Early Stage Technology 10,000 0 0 25 8,549

Fund

ICC Regional Venture Capital 7,620 0 0 17 7,618

Fund

Seroba BioVentures (Irish 20,000 2 82 51 15,566

BioScience Venture Capital
Fund)

The Guinness Ireland Ulster 19,000 0 0 38 11,831

Bank Equity Fund Limited
Partnership

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 17,180 0 0 71 14,005

Seed Fund Limited Partnership

Total 473,085 5 296 779 358,936

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

Seed & Venture Capital Programme 2015 Report 23

 Analysis of Investments by Stage of Development Cumulative to
December 2015

Type Number of Investments Total Invested Value % of Total Amount

'000s Invested

VENTURE CAPITAL FUNDS

Start Up 302 88,943 24.79%

Early Stage 386 179,367 49.97%

Development 91 90,626 25.24%

Total 779 358,936 100.00%

NUMBER OF
INVESTMENTS
Breakdown of
Investments
Cumulative to
December 2015 302 Start Up
(% by number)
386 Early Stage

91 Development

AMOUNT OF
INVESTMENT
Breakdown of
Investments
Cumulative to 24.79% Start Up
December 2015
49.97% Early Stage
(% by value)
25.24% Development

24 Seed & Venture Capital Programme 2015 Report

 Regional Breakdown of Investments Cumulative to December 2015

Region Number of Investments Total Invested % of Total Invested

000s

Border 8 1,688 0.47%

Dublin & County 339 180,311 50.23%

Mid East 16 5,843 1.63%

Mid West 37 9,215 2.57%

Midlands 8 7,070 1.97%

South East 11 5,832 1.62%

South West 150 48,012 13.38%

West 110 26,084 7.27%

Other 100 74,881 20.86%

Total 779 358,936 100%

REGIONAL
BREAKDOWN OF
INVESTMENTS 0.47% Border
Cumulative to
December 2015 50.23% Dublin & County
(% by value)
1.62% South East

13.38% South West

1.63% Mid East

2.57% Mid West

7.27% West

20.86% Other

1.97% Midlands

Seed & Venture Capital Programme 2015 Report 25

 Sectoral Breakdown of Investments Cumulative to December 2015

Sector Number of Investments Total Invested % of Total Invested

000s

Communications 182 108,229 30.15%

Food 4 781 0.22%

Life Sciences 233 66,497 18.53%

Manufacturing 4 1,599 0.45%

Software 328 170,180 47.41%

Miscellaneous 28 11,650 3.24%

Total 779 358,936 100%

SECTORAL
BREAKDOWN OF 182 Communications
INVESTMENTS
Cumulative to 4 Food
December 2015
4 Manufacturing
(by number)
28 Miscellaneous

233 Life Science

328 Software

SECTORAL
BREAKDOWN OF 30.15% Communications
INVESTMENTS
0.22% Food
Cumulative to
December 2015 0.45% Manufacturing
(% by value)
3.24% Miscellaneous

18.53% Life Science

47.41% Software

26 Seed & Venture Capital Programme 2015 Report

 Value of Investments Per Year Cumulative to December 2015

Year Initial Investment Follow-on Investments Total Cumulative

Number '000s Number '000s '000s % '000s

2001 22 30,465 8 3,737 34,202 9.53% 34,202

2002 15 15,111 28 12,397 27,508 7.66% 61,710

2003 30 19,839 43 12,879 32,718 9.12% 94,428

2004 28 19,213 56 19,768 38,981 10.86% 133,409

2005 25 16,435 74 33,888 50,323 14.02% 183,732

2006 20 32,344 79 34,619 66,963 18.66% 250,695

2007 7 7,919 88 37,396 45,315 12.62% 296,010

2008 2 4,084 78 20,343 24,427 6.81% 320,437

2009 1 42 45 11,550 11,592 3.23% 332,029

2010 0 0 54 13,189 13,189 3.67% 345,218

2011 0 0 28 7,243 7,243 2.02% 352,461

2012 0 0 19 2,103 2,103 0.59% 354,564

2013 0 0 14 3,134 3,134 0.87% 357,698

2014 0 0 10 942 942 0.26% 358,640

2015 0 0 5 296 296 0.08% 358,936

Total 150 145,452 629 213,484 358,936 100%

VALUE OF INVESTMENTS PER YEAR

Cumulative to December 2015 (by value)

360
m

330

300

270

240

210

180

150

120

90

60

30

0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Initial Investment Follow-on-Investment Total Cumulative

Seed & Venture Capital Programme 2015 Report 27

 VENTURE CAPITAL
FUNDS

Atlantic Bridge Limited Bank of Ireland Kernel Delta Equity Fund II

Partnership Capital Partners Private Limited Partnership
Equity Fund

Atlantic Bridge Limited Partnership This 27 million fund has an Delta Partners, an early stage
is a growth equity fund focused investment policy to invest in technology venture capital firm,
on technology investments with Irish companies in ICT, Telecoms, based in Dublin invested its third
offices and staff in Dublin, London, Healthcare, Life Sciences and fund, the 90m Delta Equity
Silicon Valley Beijing and Hong General Industry. Investments Fund II Limited Partnership. The
Kong. Atlantic Bridge I has been are in the range of 250,000 to fund is closed to new investments
actively investing since 2005. The 3,000,000. This fund is now fully and continues to make follow-on
fund is closed to new investments invested. investments in existing portfolio
but continues to make follow on companies.
investments in existing portfolio
FUND SIZE: 27 million To date, the majority of investments
companies.
from Deltas funds have focused on
FUND MANAGER:
start-up and early stage technology
Kernel Capital investments in Communications
FUND SIZE: 98.5 million
Technologies, Software and Life
FUND MANAGER: CONTACT: Sciences.
Atlantic Bridge GP Limited Orla Rimmington, Partner
Rubicon Centre
CONTACT: Rossa Avenue FUND SIZE: 90 million
Elaine Coughlan Bishopstown FUND MANAGER:
31 Kildare Street Co. Cork Delta Partners
Dublin 2
TEL: +353 (0)21 4928974
TEL: +353 (0)1 6034450 CONTACT:
E-MAIL: orla.rimmington Dermot Berkery / Maurice Roche
E-MAIL: info@abven.com @kernel-capital.com Media House
WEB: www.abven.com WEB: www.kernel-capital.com South County Business Park
Leopardstown
Dublin 18

TEL: +353 (0)1 2940870

E-MAIL: info@deltapartners.com

WEB: www.deltapartners.com

28 Seed & Venture Capital Programme 2015 Report

European Bioscience Enterprise Equity Venture EVP Early Stage
Fund I Capital Group Technology Fund

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.
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.
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 This fund is now closed for new
investments. FUND SIZE: 22 million investments.

FUND MANAGER:
FUND SIZE: 12.7 million Enterprise Equity Venture Capital FUND SIZE: 10 million
Group
FUND MANAGER: FUND MANAGER:
North Wall General Partners Ltd EVP Management Ltd
CONTACT:
Conor OConnor / Tom Shinkwin
CONTACT: CONTACT:
The Media Cube
Michael Donnelly Gerry Jones
Kill Avenue
The Warehouse Executive Venture Partners
Dun Laoghaire
6 & 7 Barrow St The Arches
Co. Dublin
Dublin 4 Carpenterstown Road
TEL: +353 (0)1 2145606 Castleknock
TEL: +353 (0)1 8088880
Dublin 15
E-MAIL: conor@enterpriseequity.ie
E-MAIL: grow@growcorp.net Ireland
tom@enterpriseequity.ie
TEL: +353 (0)1 6639206
WEB: www.enterpriseequity.ie
MOBILE: +353 (0)86 2429993

E-MAIL: gerry.jones@evp.ie

WEB: www.evp.ie

Seed & Venture Capital Programme 2015 Report 29

 VENTURE CAPITAL
FUNDS

Seroba BioVentures The Guinness Ireland 4th Level Ventures

(The Irish BioScience Ulster Bank Equity Fund University Seed Fund
Venture Capital Fund) Limited Partnership Limited Partnership

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 fully invested.
FUND SIZE: 20 million
FUND MANAGER:
Seroba BioVentures
CONTACT: Derek Crawley FUND SIZE:
Peter Sandys The Harcourt Building FUND MANAGER:
6 Northbrook Road, Ranelagh Harcourt Street 4th Level Ventures Ltd
Dublin 6
TEL: +353 (0)1 6334028
E-MAIL: petersandys
@seroba-lifesciences.com
WEB: www.seroba-lifesciences.com
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 SIZE: 19 million
FUND MANAGER:
Investec Ventures Ireland
CONTACT:
Michael Murphy / Leo Hamill /
Dublin 2
Ireland
TEL: +353 (0)1 4210000
E-MAIL: Michael.murphy@investec.ie
leo.hamill@investec.ie
derek.crawley@investec.ie
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.
17.18 million
CONTACT:
Alan Wall
75 St. Stephens Green
Dublin 2
TEL: +353 (0)1 6333627

WEB: www.investec.ie E-MAIL: ajwall@cantor.com

30 Seed & Venture Capital Programme 2015 Report

 INVESTEE
COMPANIES

Name of Company
Nature of Business

2PM Technologies Ltd Audio Processing Technologies Cibenix Ltd

a
Telecom Technology Holdings Ltd Provides solutions for mobile
Audio Compression Technology phone companies
A.E.S. Ltd
Waste management solutions for Beocare Ltd CR2 Ltd
b
household and commercial waste Development and supply of high Banking Software Solutions
value healthcare textiles
Accuris Ltd Crescent Diagnostics Ltd
Provider of smart fixed-mobile Bio Observation Systems Ltd Medical Devices
convergence technology to the t/a PixAlert
Diabetica Ltd
global telecommunications market Provider of monitoring software d Development of therapeutics for
and e-security solutions
Acision BV diabetes and obesity
Mobile Software Bio-Medical Research Ltd
Digisoft.tv Ltd
Personal care & medical
Advanced Manufacturing Provider of Software platform for
products market
Control Systems Ltd digital TV
Software and hardware platform Biomonitor Ltd
Duolog Holdings Ltd
for the delivery of weighing and (formerly nEutekBio Ltd)
Silicon design & software services
identification solutions for the Medical diagnostic and
waste industry therapeutic company E Manage IT Ltd
e t/a Iquate Network management
AEP Systems Ltd Biosensia Ltd
software manufacturer
Security and acceleration hardware (formerly Nanocomms Ltd)
products Supplier of integrated polymer eBizz Consulting plc
enabled products Systems integration consulting
AePONA Group Ltd
company addressing the demand
Standards based Bocom International Ltd
for highly skilled business
telecommunications middleware Provides content and advertising
professionals
software via large plasma screens located in
retail and other premises Eclipse Clinical Technologies Ltd
AGI Therapeutics Ltd
e-process contract research
Therapeutic products to treat Cellix Ltd
c organisation
gastroenterological diseases and Cellix develops and manufactures
disorders instrumentation for use in Edonware Ltd
laboratories engaged in drug (formerly Headway Software Ltd)
Aimware Ltd
discovery, diagnostics and medical Source code visualisation tools for
Team Collaborative Software
research Java and C++ developers, which
Aircraft Management simplifies the management of
Celtic Catalysts Ltd
Technologies Ltd software development
Provides products and services
ASP maintenance operation
to the pharmaceutical and fine Efitness Holdings Ltd
solutions provider to the aviation
chemical industries. t/a Therapie Group
industry
Medical, beauty and health
Celtrak Ltd
Alatto Technologies Ltd treatments
Design, development and
Telecoms Software & Services
marketing of telematics services EMF Ireland Ltd
Alimentary Health Ltd Manufacturer of MOCVC reactors
Changing Worlds Ltd
Biotechnology development of
Personalisation Software Envivio Inc
medical products
Mobile Infrastructure
Channel Six Ltd
Altamedius Ltd
TV Broadcaster Farran Technology Ltd
(formerly Artic Web) f Designs and manufactures a
Secure payment technology Chipsensors Ltd
wide range of millimetre-wave
platform for both electronic and (formerly Cration Ltd)
components and sub-systems
mobile transactions Production of wireless semi-
conductor temperature/humidity/ Firecomms Ltd
AMT3D Ltd
gas sensors Photonics company developing
3D digital computer models of
optical data transmission
key urban environments using
hardware and software technology

Seed & Venture Capital Programme 2015 Report 31

 INVESTEE
COMPANIES

Name of Company
Nature of Business

Fixnetix Ltd Labcyte Europe Ltd NeuroCure Ltd

Delivering stock market data feeds
l (formerly Allergo NeuroCure is an pharmaceutical
for financial institutions Technologies Ltd) t/a Deerac company developing new uses and
Fluidics Technologies formulations of known drugs
Fluorocap Ltd
A nanotechnology company
Development of biochip for Newcourt Group Ltd
developing innovative technologies
biotech & life science industries Provides security and recruitment
for dispensing minute droplets of
services
FMC Tech Ltd liquid
Monitoring of mid-voltage NitroSell Ltd
LeCayla Technologies Ltd
distribution networks remotely for eCommerce Software
Utility priced billing solutions
electricity utilities.
Norkom Technologies plc
LeT Systems Ltd (formerly
g Gas Sensor Solutions Ltd Analytical applications software
Lakefield eTechnologies Ltd)
Innovative gas senor technologies
Network management software Nova Science Ltd
Glonav Ltd for electrical utilities Medical Devices
Fabless semiconductor company
Magnetic Solutions Ltd Novate Medical Ltd
focused on GPS market m
Tool and process vendor to the Medical Devices
Glysure Ltd semi-conductor and disk drive Nualight Ltd
Developing a continuous glucose industries Delivers innovate technology and
monitoring device for use with
Medicom Ltd high performance LED lamps
patients in intensive care units
Practice management systems for O hEocha Design Ltd
H2Hcare Ltd medical consultants o
h Developing software for healthcare
Designs and manufactures wireless
Merrion Biopharma Ltd speakers and related technology
industry
Pharmaceutical company based OpenMind Networks Ltd
Heartscape Ltd upon proprietary technologies for Wireless Messaging Products
Medical Devices oral drug delivery
Opsona Therapeutics Ltd
HomeNet Communications Ltd Metamusic Ltd Development of therapeutics for
Provider of video streaming t/a Meiticheol Teo inflammatory diseases
solutions for wireless and telecom Developing a video- driven
networks soundtrack composition system Optical Metrology Holdings Ltd
Optical Metrology Solutions
IdentiGEN Ltd Microsol Ltd
i Provider of DNA based solutions to Monitoring solutions for the Optigen Technologies Ltd
the Agri-food Industry telecoms industry t/a Genable Technologies
Gene Therapy
Instinct Technology Ltd Mid Media Ltd
formerly Torc Interactive Ltd Media Publications Orakine Ltd
Games Middleware Bio-Medical Company
Mini Storage Holdings Ltd
Its TV Self Storage Orbo Technologies Ltd
Licence application to operate Provides data communications
MPStor Ltd and security systems
wireless digital terrestrial services
IT storage
(multi-channel TV, broadband Panda Security International S. L.
internet and voice) in Ireland m-spatial Ltd p
Security Software
Personal navigation using
Jackie Skelly Fitness Ltd
j mobile devices Pharmatrin Ltd
Fitness Centres Biotech involved in the
Nanotech Semiconductor Ltd
Kadius Systems Ltd n development of novel synthetic
k Web content management
Supplier of PLC solutions compounds
software vendor Neoss Ltd Phonecard Warehouse Ltd
Designs and manufactures dental Electronic vending of prepaid
implants mobile airtime
Nero AG
Portable digital media devices

32 Seed & Venture Capital Programme 2015 Report

 INVESTEE
COMPANIES

Name of Company
Nature of Business

Polarlake Ltd SigmaX Ltd TreeMetrics Ltd

Development and sale of XML tools Development and marketing of Development technology solutions
for Java developers design software solutions for the for the forestry industry
structural engineering industry
Powervation Ltd TriMed Research Ltd (TriMed)
Development and supply of power Similarity Vector Technologies Development of therapeutics for
controllers for routers and servers (Sivtech) Ltd infective and viral diseases
t/a Similarity Systems
Prediction Dynamics Ltd Two Ten Health Ltd
Data quality software products and
Provides risk management Administration and clinical
professional services, primarily for
software management systems for use in
the data management sector
dental schools and hospitals
Prime Carrier Ltd
Smart Yureo Broadband Ltd
Rate/route management, least v Valista Ltd
Telecoms Provider
cost routing and automatic update (formerly Network 365 Ltd)
of telecoms switches for route Steeltrace Ltd Mobile Payment Infrastructure
changes Software Engineering Tools
Visor Ltd
PXIT Ltd Stokes Bio Ltd Designing and implementing
(formerly Tsunami Photonics Ltd) Development of microfluids based accounting, management
Development and sale of software diagnostic systems for the genetic reporting, and ERP systems
to characterise and control diagnosis of cancer
Vivasure Medical Ltd
laser transmitters for optical
Surfkitchen Inc. (formerly Calaba) Medical Devices
telecommunications networks
Development and sale of operating
Voxsurf Ltd
Qumas Ltd system platforms and applications
q Sale and development of a
Compliance software for regulated to organisations active in the main
software platform allowing access
industries market portal business
to internet content using multiple
RedMereTechnology Ltd Swift Fine Foods Ltd interfaces (voice, WML, HTML)
r Fabless semiconductor company Manufacture of meals in volume
Vysera Biomedical Ltd
specializing in high-speed, very for catering using a sous vide type
Medical Devices
low-power products for consumer manufacturing process
multimedia applications Xancom Ltd
Technology from Ideas Ltd x
Rococo Software Ltd
t Commercialisation of technology
t/a Lightstorm Networks
Fabless networking semiconductor
Wireless Networking Software ideas within Irish Universities
company
Scientific Systems Ltd Telecommunications &Computer
s t/a Stratum Analytical Services Ireland Ltd (TCSI)
Xiam Ltd
Provides software to mobile
Semi conductor process software Computer network solutions to
operators and mobile data service
corporate customers and web
SeeWhy Software Ltd providers
based telephony services
Business activity monitoring
Zerusa Ltd
software Telekinesys Research Ltd t/a Havok z
Medical Devices
Computer games and animation
Selatra Ltd
software
Distributor of gaming products
for mobile phones The TAS Group (formerly
Select Selling Ltd)
SensL Technologies Ltd
Sales Methodology Software
SensL is developing a range of
silicon based, solid state, photon Topchem Laboratories Ltd
counting sensors and modules Contract research laboratory
serving the Pharmaceutical
Sepro Telecom Int. Ltd
Industry
Rating and billing software for the
telecommunications industry Travelonomy Ltd
(formerly TravelFAT Ltd)
Shenick Network Systems Ltd
Travel industry software
Telecommunications

Seed & Venture Capital Programme 2015 Report 33

SEED AND VENTURE
CAPITAL PROGRAMME
19941999
 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%).

Regional Breakdown of Sectoral Breakdown of

Investments 1996-2015 Investments 1996-2015

Region Total Invested % of Total Region Total Invested % of Total

000s Invested 000s Invested

Border 2,868 2.22% Life Science 7,702 5.96%

Dublin 91,193 70.55%
Communications 16,837 13.03%
Mid East 6,646 5.14%

Mid West 4,567 3.53% Manufacturing 7,186 5.56%

South East 4,063 3.14% Software 91,998 71.17%

South West 13,853 10.72%
Miscellaneous 3,497 2.71%
West 4,916 3.80%

Midlands 1,158 0.90% Food 2,044 1.57%

Total 129,264 100.00% Total 129,264 100.00%

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.

Seed & Venture Capital Programme 2015 Report 35

 Summary of Investments From Commencement of Programme
to December 2015

Name of Fund Fund Size Number of Total Invested

Investments 1996 - 2015
Value 1996 - 2015 Value
000s 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

* Fund closed

36 Seed & Venture Capital Programme 2015 Report

 Seed and Venture Capital Funds Committee

Kevin Sherry (Chairperson)

Divisional Manager
High Potential Start Up and Accelerated Growth
Enterprise Ireland

Niall ODonnellan
Divisional Manager
Policy, People & Investment
Enterprise Ireland

Donnchadh Cullinan
Department Manager
Banking Relationships and Growth Capital Department
Enterprise Ireland

Don Harrington
Director Corporate Finance
Goodbody Stockbrokers

Tony Haslam
Consultant

Praig Hennessy
Department of Jobs, Enterprise & Innovation

Eileen McGoldrick
Secretary to the Committee

Seed & Venture Capital Programme 2015 Report 37

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

Enterprise Ireland May 16 - (357)

Irelands European Structural and Investment Funds Programmes 2014-2020.

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