EMBARGOED PRESS RELEASE
NOT FOR PRINT OR DISTRIBUTION UNTIL 03 October 2012 V1.0
Bank of ireland seed fund
leads €400k investment in INHAND GUIDES limited
Cork Ireland, 03 October 2012: Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund has led a €400k investment in Cork-based In Hand Guides Limited (“IHG”), an innovative provider of embedded audio players. The syndicated investment comprises of a €250k investment by the Bank of Ireland Seed Fund with the remainder of funds provided by Enterprise Ireland.
IHG provides branded, simple, low-cost and robust hand-held embedded audio players which deliver up to 4 hours of personalised multilingual content to customers in the Tourism, Health & Lifestyle and Public Advocacy sectors. The company’s innovative technology is based on pioneering research and development undertaken in the Nimbus Centre at Cork Institute of Technology (CIT) over the past 3 years as part of a five-year research program.
With product sales of over 140,000 units to date, IHG has delivered unique interpretive souvenir audio products to various attractions within Ireland including the Old Library and Book of Kells Exhibition, Glasnevin Cemetery, Botanic Gardens Dublin, Christchurch Cathedral Dublin, Joyce Centre Dublin and Kilkenny Castle. The company now plans expansion into the UK Tourism and Heritage market and recently delivered their product to the famous Blackpool Tower, Lancashire, England now managed by the Merlin Entertainment group. IHG has an established relationship with North America Alliance Partner AudioConexus, a Canadian company involved in the provision of audio technology in the tourism sector, with the aim of designing and supplying branded bespoke audio devices to their clients in North America and various international markets.
Jonathan Stanley, CEO, AudioConexus recently commented: “We see many exciting opportunities to create high-value added audio tour experiences in the Hospitality and Leisure markets and we look forward to a long-term, strategic, and prosperous partnership with IHG.”
IHG also enables Health Services increase treatment compliance by educating and informing suffers of chronic illnesses on key issues such as diabetes with products developed for Roche Diabetes Care, South Africa. The company is also tackling the Public Advocacy area where illiteracy or basic communication is a problem and has delivered products to both Africa and M. Eastern countries to assist in tackling the understanding of basic human rights.
“In Hand Guides provides a unique opportunity for its clients to increase both customer satisfaction and revenue. Kernel Capital is delighted to support innovative Irish companies like In Hand Guides, this investment will position the Company to increase its R&D spend and broaden its product portfolio," said Orla Rimmington, Operations Director, Kernel Capital.
According to Trevor Winckworth, In Hand Guide’s CEO: “This funding from Kernel is both an important vote of confidence in our growing business and an important source of revenue to fund both growth and employment. Along with the excellent support we receive from Enterprise Ireland we are now turning our attention to a major export drive backed by constant research at Nimbus to develop our simple low cost but clever offering which has huge potential internationally.”
Welcoming the announcement, Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “Bank of Ireland continues its’ commitment to support dynamic, innovative companies which are the bedrock of our economy as demonstrated by our recent investment in In Hand Guides through the Bank of Ireland Seed and Early Stage Equity Fund managed by Kernel Capital. We wish the company well as it embarks on its next stage of growth.”
Michael Moriarty, Manager of Financial & Enterprise Software High Potential Startups, Enterprise Ireland added: “Enterprise Ireland has been working closely with this young company as they develop their business. This is a highly innovative project that demonstrates the exciting potential for new commercial businesses coming out of research in our third-level institutions. We look forward to continuing to work with the company to further develop their international expansion plans.”
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For further information please contact:
Orla Rimmington, Partner, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977
Draft photo caption:
Kernel Capital announced a €400,000 syndicated investment in In Hand Guides Limited at the Old Library & Book of Kells Exhibition, Trinity College, Dublin. From Left: Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland; Trevor Winckworth, CEO, In Hand Guides; Dawn Guiney, Kernel Capital and Michael Moriarty, Manager of Financial & Enterprise Software High Potential Startups, Enterprise Ireland.
Notes to Editors:
About In Hand Guides http://www.inhandguides.com
In Hand Guides (IHG), an innovative Irish start-up based in Cork, deigns simple devices that deliver customised audio content. The devices are targeted at the tourism and health sectors in particular and are designed to enhance visitor experience and reinforce brand identity.
About Kernel Capital www.kernelcapital.ie
Kernel Capital and its associate Life Science investment firm Seroba Kernel have in excess of €196m under management in six separate Venture Capital funds, investing in ICT, Life Science and general seed and early stage investments. These funds are supported by Enterprise Ireland, Bank of Ireland, University of Limerick Foundation, NUI, Galway and a range of other financial institutions. They have invested in Kernel Capital's portfolio of 60+ companies which collectively employ in excess of 1,000 people and have been granted over 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and believe that it is an exceptional time for investment.
Bank of Ireland Seed and Early Stage Equity Fund
Bank of Ireland Seed and Early Stage Equity Fund is a €32m Fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It is managed on behalf of Bank of Ireland and the other partners by Kernel Capital. This fund comprises of an investment by Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway. The €10m Bank of Ireland MedTech Accelerator Fund is part of this Fund.
About Enterprise Ireland www.enterprise-ireland.com/en/
Enterprise Ireland, the Irish government agency responsible for the development and growth of Irish industry, is actively involved in supporting early stage high potential start-ups. With over 80 new direct equity investments annually in these businesses, and through its investment in 41 seed and venture capital funds, Enterprise Ireland is now the largest early stage VC investor in Europe in terms of the number of investments made. In addition, through its network of 31 international offices, Enterprise Ireland actively supports Irish companies to grow their export markets and create valuable jobs in Ireland.
KERNEL CAPITAL IS A TRADING NAME OF KERNEL MANAGEMENT PARTNERS LIMITED, DIRECTORS: N.OLDEN, M. KINSELLA, J.MCCLINTOCK, P.SANDYS
KERNEL CAPITAL IS REGULATED BY THE CENTRAL BANK OF IRELAND