Venture capital firm Crescent Capital has provided funding to Northern Ireland digital technology firm i-Path Diagnostics for the next stage of the firm’s development.
The companies did not reveal the amount of funding involved but Crescent’s investment parameters are between £250,000 and £2.25m, and the investment is thought to be at the upper end of that scale.
Belfast-based i-Path was spun out of Queen’s University in 2005 under the leadership of Professor Peter Hamilton. It provides digital scanning technology that replaces conventional microscopy by allowing enormous medical images to be stored and viewed online anywhere in the world.
Hal Wilson, investment manager of Crescent Capital, said: “We are delighted to be backing i-Path on the next stage of its development alongside existing investors QUBIS and the University Challenge Fund.
“The migration of pathology into the digital world is a strong driver to the increasing uptake of i-Path's leading solutions and we believe that with the introduction of commercially proven leadership into the business that the future is promising.”
After participating in the latest funding round Crescent revealed that Stuart Harvey is to assume the role of i-Path’s chief executive. Mr Harvey co-founded Harco Technology in 1997 and led the company’s expansion in Belfast and London. By 2007, when it was acquired by US-based Wombat Financial Software, Harco had 40 major investment banks as clients.
Commenting on the new role at i-Path, Mr Harvey said: “This is a unique company possessing a talented team, a leading product and loyal customers, some of whom are leaders in their sectors.
“I'm thrilled to have the opportunity to help the company build on the progress achieved to date.”
Crescent Capital is Northern Ireland’s largest venture capital firm with £36.5m under management and investments in a range of sectors.
The fund has a 14 year history in the market, investing in and supporting the region’s technology businesses, including Andor Technology, APT, Lagan Technologies and NiSoft.