A Dublin City University spin-out focused on developing next generation sensor technologies for the environmental monitoring sector has secured investment of €1 million to scale-up its business and to expand into additional overseas markets.
AmbiSense designs and manufactures low-cost, smart, solar powered gas monitoring instruments and networks. Last year, the company released GasfluX, the world’s first online, continuous and adaptive ground gas risk assessment platform for use in land remediation, oil & gas, and waste management applications.
The financing round was led by Atlantic Bridge’s University Bridge Fund with support of existing investors including Enterprise Ireland.
Having started life as an Environmental Protection Agency-funded STRIVE project within DCU in 2008, AmbiSense was spun-out as an Enterprise Ireland High Potential Start-Up in 2014 by co-founders Stephen McNulty, Dr. Fiachra Collins and Professor Dermot Diamond. Following this investment Chris Horn, Atlantic Bridge Venture Partner, will join the AmbiSense Board as a Non-Executive Director.
The Atlantic Bridge University Bridge Fund is a €60m investment fund to accelerate the commercialisation of ground-breaking research and the scaling of global businesses.
Commenting on the deal, AmbiSense CEO, Stephen McNulty said, "Since launching GasfluX last year, customer feedback has been incredibly positive. We now wish to rapidly expand our commercial presence and accelerate our R&D activities. The opportunities to bring data analytics and a service model to traditional land asset management are exciting."
He added, "Securing the backing of Atlantic Bridge enables us to do just that, as well as benefiting from their considerable experience working with successful, high-growth companies across multiple sectors”.
Source: www.businessworld.ie
