seed and venture capital programme … introduction 2 the irish venture capital sector 3 seed and...

SEED AND VENTURE CAPITAL PROGRAMME 2013 REPORT

Contents

Introduction 2

The Irish Venture Capital Sector 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 17

Seed and Venture Capital Programme 2000 – 2006 22


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 33

Seed and Venture Capital Measure of the Operational Programme 1994 – 1999 38

Overview and Regional/Sectoral Breakdown of Investments 39


Seed and Venture Capital Funds Committee 41

Seed & Venture Capital Programme 2013 Report2

Introduction

This 2013 Report comprises three venture capital initiatives undertaken by Enterprise Ireland in partnership with the private sector.

• 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.

The 2007–2012 Seed and Venture Capital Scheme was launched to improve access to finance for small and medium sized enterprises and to further develop the Seed and Venture Capital Industry in Ireland. Enterprise Ireland has committed to investing €175 million under this programme. Up to December 2013 twelve new funds were launched with an Enterprise Ireland commitment of €171 million.

Under the 2000–2006 Programme, Enterprise Ireland committed €98 million to continue 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 endeavored 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.

Seed & Venture Capital Programme 2013 Report 3

The Irish Venture Capital Sector Improving access to finance for high growth companies is a key action under the Government’s Action Plan for Jobs and Enterprise Ireland has continued to support and develop the Venture Capital Sector in Ireland. In 2013, the sector continued to develop with Enterprise Ireland making additional capital commitments and the establishment of a number of new funds, successfully leveraging significant private capital.

In 2013 venture capital funds in receipt of commitments under the Enterprise Ireland Seed and Venture Capital Programmes made 153 investments in Irish based companies, with a total investment value of €59 million. This is an increase of €5 million compared to the total amount invested in 2012. The capital under management through Enterprise Ireland’s Seed and Venture Capital Programme 2007-2012 has reached nearly €700 million.

Last year and indeed the first half of 2014 was an exciting period for this sector. We saw Frontline Venture and SOSventures establish new funds to invest in exciting early stage opportunities and the opening of local offices by a number of international venture capital funds under the Innovation Fund Ireland Scheme.

Furthermore, Enterprise Ireland has worked to transform the funding landscape by making a total commitment of €75 million to three fund managers, MML Growth Capital Partners Ireland, the BDO Development Capital Fund and the Carlyle Cardinal Ireland Fund under the Development Capital Scheme. This will significantly increase the availability for funding for Irish growth SMEs over the coming years.

Enterprise Ireland has also committed €99.5 million to a number of venture capital funds under the Seed and Venture Capital Scheme 2013-2018. These funds are currently fundraising and will target investment in the wider information and communications technologies and life sciences sectors of the economy. Other targeted competitive calls for expressions of interest will also be issued under this scheme to further the range of funding options for Irish companies.

Business Angels and Angel Syndicates increasingly play an important role in the start-up ecosystem as a valuable source of capital and expertise for entrepreneurs. Enterprise Ireland will continue to support the development of this sector. The recent European Business Angel Network (EBAN) Congress in Ireland saw over 350 delegates from around Europe, the US and Ireland and this is a testament to the development of the sector.

Under the Action Plan for Jobs 2013 Enterprise Ireland supported 103 new high-potential start-up (HPSU) companies, the highest number of new High Potential Start-ups supported during a single year, launched a number of competitive start funds and continued to support and invest in our scaling and established clients across key sectors of the economy. I have no doubt that the funds established under the various schemes will also invest and drive export and employment growth in Irish companies.

We look forward to continuing to working with all stakeholders to further increase the availability and variety of non bank funding in Ireland with a view to funding companies to drive increased job creation.

Julie Sinnamon Chief Executive Officer

SEED AND VENTURE CAPITAL PROGRAMME 2007–2012

Investments for Year 2013 – Cumulative from Commencement of Programme to December 2013

5Seed & Venture Capital Programme 2013 Report

NAME OF FUND FUND SIZE NUMBER OF TOTAL NUMBER OF TOTAL INVESTMENTS INVESTED INVESTMENTS INVESTED 2013 2013 2007-2013 2007-2013 €’000s €’000s €’000s

SEED FUNDS

AIB Seed Capital Fund Limited 53,000 32 5,039 135 26,398 Partnership

AIB Start-Up Accelerator 22,000 20 3,394 41 8,762 Fund

Bank of Ireland Seed and 32,000 11 2,100 49 12,585 Early Stage Equity Fund 2009 Limited Partnership

Bank of Ireland Start-Up 17,000 10 2,028 29 7,950 and Emerging Sectors Equity Fund 2010

VENTURE CAPITAL FUNDS

Atlantic Bridge II Limited 75,000 15 17,549 24 37,975 Partnership

Bank of Ireland Kernel Capital 27,111 5 2,817 19 10,472 Partners Private Equity Fund II

The Bank of Ireland Kernel 35,000 1 2,000 1 2,000 Capital Growth Fund (ROI)

Delta Equity Fund III Limited 104,879 26 10,026 95 56,515 Partnership

Fountain Healthcare Partners 73,000 16 7,226 50 42,756 Fund I Limited Partnership

The Seroba Kernel Life Sciences 75,070 14 6,228 44 35,255 Fund II Limited Partnership

The Ulster Bank Diageo Venture 75,000 12 11,253 37 40,624 Fund Limited Partnership

SOSventures Ireland 20,000 4 850 4 850 Fund Limited Partnership

The Frontline Venture Fund I 20,202 10 4,171 11 4,362 Limited Partnership

Total 629,262 176 74,681 539 286,504

TYPE NUMBER OF TOTAL INVESTED % OF TOTAL AMOUNT INVESTMENTS €’000s INVESTED

SEED FUNDS

Start Up 68 15,571 27.96%

Early Stage 186 40,124 72.04%

Development 0 0 0.00%

Total 254 55,695 100.00%

Analysis of Investments by Stage of Development – Cumulative to December 2013

6



Start Up 116 69,445 30.09%

Early Stage 108 83,586 36.21%

Development 61 77,778 33.70%

Total 285 230,809 100.00%

SEED FUNDS Breakdown of Investments – Cumulative to December 2013 (% by invested amount)

VENTURE CAPITAL FUNDS Breakdown of Investments – Cumulative to December 2013 (% by invested amount)

Seed & Venture Capital Programme 2013 Report

Early Stage 72.04%

Start Up 27.96%

Development 33.70%

Early Stage 36.21%

Start Up 30.09%

Regional Breakdown of Investments – Cumulative to December 2013

7

REGION NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED

Border 2 600 0.21%

Dublin & County 293 145,088 50.64%

Mid East 3 950 0.33%

Mid West 26 8,002 2.79%

South East 13 7,050 2.46%

South West 44 10,276 3.59%

West 61 29,342 10.24%

Other 97 85,195 29.75%

Total 539 286,504 100.00%

Regional Breakdown of Investments – Cumulative to December 2013 (% by invested amount)


South West 3.59%

South East 2.46%

Mid East 0.33%

Mid West 2.79%

West 10.24%

Dublin & County 50.64%

Other 29.75%

Border 0.21%

Sectoral Breakdown of Investments – Cumulative to December 2013

SECTOR NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED

Communications 66 23,791 8.30%

Cleantech 20 6,623 2.31%

Life Sciences 148 99,975 34.89%

Manufacturing 5 3,359 1.17%

Software 290 142,234 49.64%

Miscellaneous 10 10,522 3.69%

Total 539 286,504 100%

8

Sectoral Breakdown of Investments – Cumulative to December 2013 (by number)

Sectoral Breakdown of Investments – Cumulative to December 2013 (% by value)


Life Sciences 148

Manufacturing 5

Software 290

Communications 66

Cleantech 20

Miscellaneous 10

Life Sciences 34.89%

Manufacturing 1.17%

Software 49.64%

Communications 8.30%

Cleantech 2.31%

Miscellaneous 3.69%

Investments Per Year – Cumulative to December 2013

9

YEAR INITIAL INVESTMENT FOLLOW-ON INVESTMENTS TOTAL CUMULATIVE NUMBER €’000s NUMBER €’000s €’000s % €’000s

2007 2 2,007 0 0 2,007 0.70% 2,007

2008 16 7,785 2 350 8,135 2.84% 10,142

2009 27 31,649 15 9,639 41,288 14.41% 51,430

2010 24 14,540 30 14,300 28,840 10.07% 80,270

2011 51 29,000 55 23,832 52,832 18.44% 133,102

2012 53 46,757 88 31,964 78,721 27.48% 211,823

2013 68 44,394 108 30,287 74,681 26.06% 286,504

Total 241 176,132 298 110,372 286,504 100.00%

Value of Investments Per Year – Cumulative to December 2013 (by value)

€m 300

270

240

210

180

150

120

90

60

30

0

Initial Investment Follow-on-Investment Total Cumulative

Year 2007 20092008 2010 2011 2012 2013


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 to new investments.

Fund Size: €22m

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

E-mail: [email protected]

Web: www.actventure.com

10

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 open to new investments. Furthermore, the fund has the capacity to make investments in later rounds to support the continued growth of investee companies.

Fund Size: €53 million

Fund Managers: 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


Web: www.aibseedcapitalfund.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


Web: www.enterpriseequity.ie

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

+353 (0)1 4100903

+353 (0)1 6713330

[email protected]; [email protected]

www.dbic.ie

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

+353 (0)1 2145606

+353 (0)1 2845793

[email protected]

www.enterpriseequity.ie

Seed Funds


11

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


[email protected]

Web: www.kernel-capital.com


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. It seeks to invest in companies with disruptive business models and the potential for fast growth. The investment range is €100,000 to €500,000. The Fund is open to new investments.


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


Web: www.deltapartners.com

Atlantic Bridge II Limited Partnership (ABVEN II)

Atlantic Bridge II Limited Partnership (ABVEN II) is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. ABVEN II has been actively investing since July 2010 and is open to new investments. Investments are typically between €1,000,000 to €10,000,000 depending on the stage of development of the company and the sector.


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

Bank of Ireland Kernel Capital Partners Private Equity Fund II

This €27m fund has an investment policy to invest in Irish companies in ICT, Environmental Technologies, Engineering, Finance and General Industry. Investments are made in the range of €1,000,000 to €5,000,000. This fund is now fully allocated with remaining funds reserved for the existing portfolio of investee companies.



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

Tel: +353 (0)21 4928974



12

Venture Capital Funds



The Bank of Ireland Kernel Capital Growth Fund (ROI)

The Bank of Ireland Kernel Capital Growth Fund had its first close in 2013. The 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. The Funds sectoral focus is high growth, export focused, revenue generating companies in General ICT, Telecoms, Big Data, ICT Related Healthcare & Engineering. This fund is open for new investments.



Contact: Jayne Brady, Partner Ger Goold, Partner Rubicon Centre, Rossa Avenue, Bishopstown, Co. Cork

Tel: +353 (0)21 4928974


[email protected]


Delta Equity Fund III Limited Partnership

Delta Partners, the early stage technology venture capital firm based in Dublin, is investing its fourth fund, the €105m Delta Equity Fund III Limited Partnership.

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.



Contact: Dermot Berkery or Maurice Roche Media House South County Business Park Leopardstown, Dublin 18

Tel: +353 (0)1 2940870

Fax: +353 (0)1 2940877



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

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, 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

14 Seed & Venture Capital Programme 2013 Report

The Frontline Venture Fund I Limited Partnership

The Frontline Venture Fund I Limited Partnership was established in December 2013 as a €20m Fund primarily investing in early stage IT companies. In 2014 the Fund intends to increase to a €45m fund. 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 National College of Ireland Mayor Street Dublin 2

Tel: +353 (0)1 4498717


Web: www.frontline.vc

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 closed to new investments in late 2013 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


Web: www.seroba-kernel.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 will invest in companies 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 open to new investments


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



Investee Companies

Accunostics Ltd Medical Devices

Aceno Mobile Services Ltd Tourism Multimedia

Active Mind Technology Ltd eLearning Technology

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

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

Assembly Point Ltd Online HR Tools

Async Technologies Ltd IT Solutions for Global Tyre Industry

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

Bio Atlantis Ltd Biotechnology Solutions

BioCroi Ltd Lab Devices

Biosensia Ltd Supplier of Integrated Polymer Enabled Products

Blikbook Ltd Course engagement platform for students and academics

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 Ltd Medical Devices

Capella Securities Ltd Managed futures & fixed income funds

Cappella Inc Medical Devices

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

Covagen AG Drug-Development Company

Crean Solutions Ltd Online Car Parts

Crescent Diagnostics Ltd Medical Devices

Crowd Process Ltd Browser powered distributed computing

Name of Company Nature of Business

Cubic Telecom Ltd Prepaid Call Cards

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

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 (formerly Optigen Technologies Ltd)

Global Medical Treatment Ltd Personal health directory

Gridstore Ltd Data Storage

Handy Baby Products Ltd Babycare Products

Hedvig Inc Software Defined Storage

Helix Health Ltd Healthcare Software Solutions

HeyStaks Technologies Ltd Web Software Company

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

ICAP Global Media Ltd Communications Software

Ideal Binary Ltd 3D Ebooks

Ikon Semiconductors Ltd LED Lighting Technology

In Hand Guides Ltd Embedded audio products

Incereb Ltd Neonatal Brain Monitoring

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

i360. Medical Ltd Medical Devices

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

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

Lion Semiconductor Inc Semiconductors

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 Inc 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

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 Ltd Hardware & 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 Games 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

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

Orchestrate Inc Databases as a service

Ozmo Devices Ltd Low power WiFi solutions

Palyon Medical Corp Ltd Medical Devices

Pharmatrin Ltd Drug-Development Company

Picturk Ltd Web portal for camera clubs

Pilot Photonics Ltd Optical communications hardware

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

Qstream Inc Enterprise eLearning

Quanta Fluid Solutions Ltd Home Haemodialysis System

Quixey Ltd Search engine for apps

Radisens Diagnostics Ltd Medical Diagnostics

Rainmaker Business Technologies Ltd Realtime operations support platform for airlines

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

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

Sillicon Blue Ltd Mobile Devices

Silvercloud Health Ltd Web based platformfor mental healthcare

Sim Travel Ltd Mobile Devices

Sixminute Studios Ltd Casual Games Studio

Skillpages Holdings Ltd Web based platform for service providers

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

Sonex Metrology Ltd Semiconductor Defect Metrology

Sonru Ltd Online Video Technology

Sophia Search Ltd Text analytics solutions for metadata generation

Sota Orthopaedics Ltd Mobile 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 moitoring technology

Tapastreet Ltd Social Network Search Engine

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

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

Visor Ltd Online Accounting Software

Vivasure Medical Ltd Medical Devices

Wave Break Media Ltd Stock-Video Footage

Weshop Ltd Internet Service Company

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

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


23

Investments for Year 2013 – Cumulative from Commencement of Programme to December 2013

NAME OF FUND FUND SIZE NUMBER OF TOTAL NUMBER OF TOTAL INVESTMENTS INVESTED INVESTMENTS INVESTED 2013 2013 2001-2013 2001-2013 €’000s €’000s €’000s

AIB Equity Fund 2002* 0 0 0 3 807

Atlantic Bridge Ventures 98,500 3 820 75 84,296 Limited Partnership**

Bank of Ireland Kernel Capital 27,325 8 1,081 59 19,034 Partners Private Equity Fund

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

Delta Equity Fund II Limited 90,000 3 935 210 79,939 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 I 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 20,000 1 350 45 15,166 BioScience Venture Capital Fund)

The Guinness Ireland Ulster Bank 19,000 0 0 38 11,831 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 15 3,186 765 357,752

* Fund closed

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


24



Start Up 301 88,928 24.86%

Early Stage 374 178,248 49.82%

Development 90 90,576 25.32%

Total 765 357,752 100.00%

Analysis of Investments by Stage of Development – Cumulative to December 2013

NUMBER OF INVESTMENTS Breakdown of Investments – Cumulative to December 2013 (by number)

AMOUNT OF INVESTMENT Breakdown of Investments – Cumulative to December 2013 (% by invested amount)


Development 90

Early Stage 374Start Up 301

Development 25.32%

Early Stage 49.82% Start Up

24.86%

Regional Breakdown of Investments – Cumulative to December 2013

25

REGION NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED

Border 8 1,688 0.47%

Dublin & County 335 179,696 50.23%

Mid East 16 5,843 1.64%

Mid West 35 9,115 2.55%

Midlands 8 7,070 1.98%

South East 11 5,832 1.63%

South West 146 47,912 13.39%

West 107 25,833 7.22%

Other 99 74,763 20.90%

Total 765 357,752 100.00%

Regional Breakdown of Investments – Cumulative to December 2013 (% by invested amount)


Dublin & County 50.23%

Border 0.47%

Mid East 1.64%Midlands 1.98%

South East 1.63%

Mid West 2.55%

West 7.22%

South West 13.39%

Other 20.90%

Sectoral Breakdown of Investments – Cumulative to December 2013

SECTOR NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED

Communications 182 108,229 30.25%

Food 4 781 0.22%

Life Sciences 223 65,379 18.27%

Manufacturing 4 1,598 0.45%

Software 324 170,075 47.61%

Miscellaneous 28 11,650 3.26%

Total 765 357,752 100%

26

Sectoral Breakdown of Investments – Cumulative to December 2013 (by number)

Sectoral Breakdown of Investments – Cumulative to December 2013 (% by invested amount)


Food 4

Life Sciences 223

Manufacturing 4

Software 324

Communications 182

Miscellaneous 28

Food 0.22%

Life Sciences 18.27%

Manufacturing 0.45%

Software 47.61%

Communications 30.25%

Miscellaneous 3.26%

Investments Per Year – Cumulative to December 2013

YEAR INITIAL INVESTMENT FOLLOW-ON INVESTMENTS TOTAL CUMULATIVE NUMBER €’000s NUMBER €’000s €’000s % €’000s

2001 19 25,648 9 6,157 31,805 8.90% 31,805

2002 16 17,403 26 11,886 29,289 8.20% 61,094

2003 33 20,146 40 12,574 32,720 9.16% 93,814

2004 27 19,729 56 18,972 38,701 10.83% 132,515

2005 28 17,673 72 32,901 50,574 14.16% 183,089

2006 21 31,713 79 35,348 67,061 18.77% 250,150

2007 6 22,747 81 21,582 44,329 12.41% 294,479

2008 1 4,060 86 21,232 25,292 7.08% 319,771

2009 0 0 50 12,128 12,128 3.40% 331,899

2010 0 0 53 13,225 13,225 3.70% 345,124

2011 0 0 28 6,995 6,995 1.96% 352,119

2012 0 0 19 2,446 2,446 0.68% 354,566

2013 0 0 15 3,186 3,186 0.89% 357,752

Total 151 159,119 614 198,632 357,752 100.00%


Investments Per Year – Cumulative to December 2013 (by invested amount)

€m 360

330

300

270

240

210

180

150

120

90

60

30

02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Year

Initial Investment Follow-on-Investment Total Cumulative

27

28

Atlantic Bridge Limited Partnership (ABVEN I)

Atlantic Bridge Limited Partnership (ABVEN I) is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. ABVEN 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 Size: €98.5 million

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

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




29

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.



Contact: Dermot Berkery or Maurice Roche Media House South County Business Park Leopardstown Dublin 18

Tel: +353 (0)1 2940870

Fax: +353 (0)1 2940877



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



30

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 new investments but continue to make follow-on investments in existing portfolio companies.

Dublin Office

Contact: Conor O’Connor The Media Cube Kill Avenue, Dun Laoghaire Co. Dublin

Tel: +353 (0)1 2145606

Fax: +353 (0)1 2845793



Galway Office

Contact: Rory Hynes Corporate House Ballybrit Business Park Galway

Tel: +353 (0)91 747512

Fax: +353 (0)91 764615




Tom Shinkwin The Media Cube Kill Avenue, Dun Laoghaire Co. Dulbin

+353 (0)1 2145606

+353 (0)1 2845793

[email protected]


Cork Office

Frank Walsh Hoffmann Park Little Island Co. Cork

+353 (0)21 4510225

[email protected]


31

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

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


Web: www.seroba-kernel.com


32

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 / Conor Maguire 75 St. Stephen’s Green Dublin 2

Tel: +353 (0)1 6333838

Fax: +353 (0)1 6333889

E-mail: [email protected] / [email protected]


33

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

Investee Companies



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

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

34



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. A nanotechnology company developing innovative (formerly Allergo Technologies Ltd.) technologies for dispensing minute droplets of liquid t/a Deerac Fluidics Technologies

LeCayla Technologies Ltd. Utility priced billing solutions

LeT Systems Ltd. Network management software for electrical utilities (formerly Lakefield eTechnologies Ltd.)

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

35



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

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. Data quality software products and professional t/a Similarity Systems services, primarily for the data management sector

36



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 and Computer Computer network solutions to corporate customers Services Ireland Ltd. (TCSI) 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

37



Overview

REGION TOTAL INVESTED % OF TOTAL €’000S 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 % OF TOTAL €’000S 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%

39

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 totaled €92 million (71%).

A list of the amount invested by 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 Investment 1996-2013

Sectoral Breakdown of Investment 1996-2013


40

NAME OF FUND FUND SIZE NUMBER OF TOTAL INVESTED INVESTMENTS 1996 - 2013 1996 - 2013 €’000’s €’000’s €’000’s

ACT Enterprise Limited Partnership 19,046 61 18,630

Alliance Investment Capital Fund * 9,523 14 8,104

Bank of Ireland Entrepreneurs Fund 12,697 102 10,909 Limited Partnership

Campus Companies Venture Capital 7,618 47 4,800 Fund Limited Partnership

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 7,618 29 6,602 Fund Limited Partnership *

The ICC Software Fund 12,697 18 13,729 Limited Partnership (1) *

The ICC Software Fund 30,558 35 30,553 Limited Partnership (2)

Trinity Venture Fund 1 * 24,125 66 19,137

Total 147,880 516 129,264

* Fund closed

Summary of Investments from Commencement of Programme to December 2013


41

Seed and Venture Capital Funds Committee

Julie Sinnamon (Chairperson) DirectorGlobal Business DevelopmentEnterprise Ireland

Niall O’DonnellanDivisional ManagerPolicy, HRD & InvestmentEnterprise Ireland

Eamonn May Department ManagerBanking Relationships and Growth CapitalEnterprise Ireland

Lisa VaughanDivisional ManagerScaling & HPSUEnterprise Ireland

Don Harrington Director Corporate FinanceGoodbody Stockbrokers

Tony HaslamConsultant

Páraig HennessyDepartment of Jobs, Enterprise & Innovation

Eileen McGoldrick Secretary to the Committee


Enterprise Ireland

East Point Business Park

Dublin 3

Ireland

Tel: +353 1 727 2000

© Enterprise Ireland June ‘14 - (337)

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