Kernel Capital

Cork Ireland, 13 January 2012: Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund has closed a €500k investment in Waterford-based ZolkC Limited ("ZolkC"), an innovative tourism technology specialist. ZolkC’s award winning technology enables tourist and heritage sites to deliver powerful, interactive and engaging experiences to visitors of all ages in multiple languages.

The ZolkC platform combines handheld guides with rich multimedia, video and audio content allowing guests to customise their experience and fully immerse themselves in tourist destinations like never before. To date, ZolkC’s solution has delivered unique and memorable tours to over 600,000 visitors to various sites including the Culloden Battlefield experience in Scotland; the Saint Patrick Centre in Downpatrick, Co. Down and the Dunbrody Famine Ship Experience in New Ross, Co. Wexford. Today, the Company confirmed a contract with Waterford City Council to provide a handheld multimedia interpretation of the historic ‘Viking Triangle’ quarter which combines a number of the city's tourist attractions.

Founded in 2007, ZolkC emerged from the Telecommunications Software & Systems Group (TSSG) in the Waterford Institute of Technology (WIT). The company’s innovative technology is based on pioneering research and development undertaken in WIT over the past 4 years.

Commenting on the announcement, Orla Rimmington, Kernel Capital, said: "The global tourism industry is increasingly employing technology to enhance the visitor experience and draw new audiences. Kernel Capital is delighted to support Irish companies like ZolkC, this investment will position the Company to continue to drive innovation in tourism technology and expand into new markets."

Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland added: "Bank of Ireland continues its’ commitment to support dynamic, innovative enterprise and our investment in ZolkC through the Bank of Ireland Seed and Early Stage Equity Fund managed by Kernel Capital demonstrates how we achieve this. Supporting sustainable businesses like ZolkC in the context of a challenging market enables these companies to grow, recruit and realise their long term strategic ambitions which is critical for the company and contributes to Ireland’s recovery." Welcoming the announcement, Greg Treston, Head of High Potential Start Ups at Enterprise Ireland said: "Commercialising opportunities from third level research is an important priority for Enterprise Ireland. ZolkC Ltd, a spin-out from Waterford IT, has made the leap and Enterprise Ireland is delighted to support the company’s market development plan as they continue to win strategic international tourism customers." According to Paul Savage, CEO of ZolkC: “This is an exciting time for ZolkC, this investment from Kernel Capital will enable us to bring our platform to the North American market where we aim to revolutionise how visitors experience tourist sites, using our technology to really bring attractions to life. Our solution has proven benefits for our customers in terms of visitor numbers and revenue generation with average revenue per visitor increasing by 20% since our solution was deployed in Dunbrody."

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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 ZolkC www.zolkc.com
ZolkC is an Irish company committed to the creation of amazing visitor experiences. We’re building an international reputation for excellence in the deployment of technology-driven handheld interpretation for the tourism and heritage sector in the UK, Ireland and now in North America. Established in 2007 we work in partnership with our clients to ensure that we truly understand and meet the vision for the service. Whilst we use technology as the platform for delivery, we believe that technology should not be deployed for technology’s sake - it is the desired visitor experience that drives the solution we deploy. We have been working with the National Trust for Scotland (NTS) since our inception. Our first contract was for the development of the Culloden Battlefield Guide - A GPS triggered multimedia guide with which the NTS won the Best Use of Technology award for Tourism and Heritage in 2008 and also runner-up in the Thistle Award of that same year. Since then we have worked with customers across Ireland and the UK to bring our tours to more than 600,000 visitors.

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 50+ companies which collectively employ in excess of 800 people and have been granted over 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and have, since January 2010, completed sixty one separate transactions leading to €109m of syndicated investment. Kernel Capital 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.