A Lisburn-based firm that provides equipment and software to laboratories all over the world has received a major injection of funds.
Cirdan, which creates technology that helps with the diagnosis of illnesses, has received investment worth £7.5m from the British Business Bank and investment management company 57Stars.
The business was founded in 2010 and is headquartered in Lisburn, and has offices in Australia and the United States
The company makes a range of different products that are used in lab settings to help diagnose disease. It has made sales to 200 laboratories in 20 different countries located around the world.
Cirdan says the investment will allow them to expand their team, and “enhance its ability to provide innovative products”.
It also plans to further expand around the globe, both in markets it sells into, as well as increasing the company’s presence in different territories.
Cirdan CEO Hugh Cormican said: “The backing of 57Stars and the Investment Fund for Northern Ireland is a testament to the value and potential of our technology.
“With their support, we are confident in our ability to scale our solutions globally and make a significant impact in the healthcare sector, ultimately improving patient care and outcomes.”
57 Stars is an asset manager that has made and manages billions of pounds worth of investments.
Bernard McGuire, the managing director of 57 Stars, said: “Cirdan’s innovative technology is transforming the way critical diagnostic procedures are performed, and we are excited to support their journey toward becoming a global leader in pathology diagnostics and informatics.
“This partnership aligns with our strategy of investing in companies that harness technology to solve complex challenges in high-growth sectors.”
The Business Bank’s funding comes through the Investment Fund for Northern Ireland (IFNI), and is the fifth largest equity investment it has made to date.
Mark Sterritt, director of nations and regions investment funds with the British Business Bank, said,
“Cirdan is an excellent example of the highly innovative businesses we have in Northern Ireland who are really excelling in the life sciences sector.
“The work Cirdan is doing has the real potential to revolutionise the speed of patient diagnosis, reducing the waiting time for treatment and ultimately easing the burden on health systems.
“This equity investment, which was led by Clarendon Fund Managers, is exactly the sort of deal the Investment Fund for Northern Ireland was introduced for.”