CORK Ireland, 31 January 2011, Kernel Capital is delighted to confirm that Bank of Ireland Kernel Capital Fund II portfolio companies InTune Networks and DecaWave Limited have been shortlisted for the Irish Times InterTradeIreland Innovation Awards 2011. Over 100 companies entered this year’s competition, InTune Networks and DecaWave account for two of three finalists which have been selected in the ‘Product Innovation’ category.

Commenting on this year’s competition entries, initial panel judge Aidan Gough, Strategy and Policy Director, InterTradeIreland said: "Not only were they strong on ideas and innovative processes, but they were clearly focused on answering the needs and demands of the marketplace, and supported by admirable business plans."

Kernel Capital and International Investment and Underwriting (IIU) co-led a €22m investment in finalist InTune Networks in October 2009. The Dublin based telecoms equipment supplier was later named to lead the Government’s programme to build Ireland’s Exemplar Smart Network, the first step in creating a next generation smart and green communications infrastructure for Ireland. Telecommunications networks are multimegawatt energy consumers, however Intune Networks is a new kind of telecommunications network architecture bringing new energy-efficient optical switching technology into the world’s communications networks. InTune employs 125 people in Dublin and Belfast.

Following the trade sales of Bank of Ireland Kernel Capital Fund semiconductor portfolio companies ChipSensors and Straatum Processware, Kernel Capital continued its commitment to research and innovation in the Irish semiconductor industry and co-led a €2m investment with IIU in DecaWave Limited in November 2010. DecaWave provides real-time location and wireless sensor solutions. DecaWave's flagship product, ScenSor, is gaining significant interest from many market leaders. The ScenSor chip solves a wide range of problems including how to identify and accurately track the specific location of any object or person, utilising very low power, low cost wireless-enabled sensors. Based on its novel, patented ultra wideband (UWB) technology, there are many applications for the Company's products, including health, manufacturing, safety and security. DecaWave employs 18 people and a number of contractors based in Dublin, France, the United States and Asia.

The Irish Times InterTradeIreland Innovation Awards were established to recognise the best innovators in indigenous and international companies, small, medium or large operating throughout the island of Ireland. The seven category winners will be announced at an awards ceremony on the 2nd of March 2011 from which an "overall innovator of the year" will be chosen.

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For further information please contact:
Orla Rimmington, Operations Director, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977

Notes to Editors:

About Kernel Capital
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 and a range of other financial institutions. They have invested in Kernel Capital's portfolio of 43 companies which collectively employ in excess of 800 people and have been granted 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and led in excess of €96m in syndicated investment in 2010. Kernel Capital believe that it is an exceptional time for investment and will close a number of transactions in 2011.