Enterprise Equity and Crescent Capital, two Irish-based venture capital firms, have contributed to a $25 million (€25.01 million) fundraising for US contract manufacturer, TriVirix, writes Jamie Smyth

TriVirix, which employs 160 staff at a manufacturing plant in Northern Ireland, has completed four funding rounds since it was set up in 1998 in North Carolina.

Both Irish venture capital firms re-invested in TriVirx in this latest funding round, which was led by Grotech Capital and Morgan Stanley Venture Partners. Other investors in the round include MDS Capital of Toronto, SunTrust Equity Partners, Trelys Venture Partners, and MB Ventures.

TriVirix manufactures electronic equipment for blood analysis, hearing screening and cardiac measurement.

It counts Belfast-based firms HeartSine and Amtec - who both design medical devices - among its customers.

TriVirix first established its Belfast operation three years ago with financial assistance from the Industrial Development Board.

The US company said yesterday that it expects revenues to grow five fold over 2001, following this latest funding round.

"We plan to extend our geographic reach and our service breadth with this new capital," said Mr Richard West, TriVirix chief executive. "It's a great time to grow aggressively, while many other companies are contracting."

Enterprise Equity is a Belfast-based venture capital firm which is funded by the International Fund for Ireland. Crescent Capital is a Belfast-based venture capital firm which has also invested in Amtec and HeartSine.