Tech company Kastus raises €5.6m in funding
Irish tech company Kastus has raised €5.65 million in a Series A funding round that will help drive the company’s expansion and meet customer demand for its light-powered anti-viral surface protection technology.
The Dublin-headquartered company said it planned to grow its global commercial team, with the funding also facilitating deeper investment in the Kastus brand and global online presence to drive new business.
Kastus’s photocatalytic technology has 44 global patents, and has been at the forefront of anti-microbial and anti-viral surface protection since 2014. The company said its screen-coating technology had been independently proven to be effective against human coronavirus and up to 99.99 per cent of surface bacteria.
“We are seeing rapid acceleration in demand for our unique 24/7 surface coating technology,” he said.
“Due to the uniqueness, versatility and mass-production readiness of our technology we are attracting new business opportunities from global power-brands in sectors such as consumer electronics, mobile devices, touchscreens providers, home appliances, hospitality, travel, and even food and beverage to name a selection.”
Grant
The funding round was led by Alpha Ascent, an existing investor in the company, with continued participation from Atlantic Bridge Capital, Carragh Holdings and Enterprise Ireland.
“Since 2020, we have all experienced a traumatic wake-up call in the fight against infections,” said Alpha Ascent’s Fergus Lynch.
“Having invested in Kastus two years ago, we are delighted to again partner with John and his team in their mission to make the world a safer place through their unique surface coating technology. In treating the current pandemic and looking to prevent the next one, we expect Kastus’ technology to be invaluable.”
It can be used on new screen devices and retrofitted to protect existing commercial screens.
Founder and chief executive John Browne said the funding round would enable the company to accelerate and realise its full potential.
The company also has a local presence in the UK, US, Korea and China. It counts Lenovo, Lavazza and Kone among its customers, with the company already producing tens of thousands of products for clients.
Founded in 2014, Kastus won The Irish Times overall innovation of the year award in 2017 for its technology. In June 2020, the company was awarded a European Commission grant to combat the Covid-19 pandemic.
Reporting: The Irish Times