Investor Blog

How to choose between 4 compelling EIIS venture investment opportunities


By Chris Burge, CEO, Spark Venture Funding

Private market investing has never been short of opportunity, but it has always been short of clarity.

At any given time, investors are presented with a wide range of early-stage businesses, each claiming to be “high growth”, “disruptive”, or “unique”. In reality, early-stage companies differ dramatically in terms of risk profile, maturity, capital structure, tax efficiency, and execution capability.

That is particularly true when investing through EIIS-qualifying opportunities.

At the time of writing, Spark Venture Funding has four live EIIS investment opportunities on the platform. All four are very different businesses, operating in different sectors, at different stages of development, with different funding histories and different EIIS characteristics.

This article does not attempt to recommend one over another.

Instead, it sets out to do something much simpler, and, hopefully, more useful.

Below, I outline:

  • The background to each company
  • The key characteristics of each investment opportunity
  • The types of investor objectives each opportunity may align with

The goal is to help investors understand how to think about choosing between opportunities, not what to choose.

Understanding EIIS Before Looking at the Companies

Before looking at the individual opportunities, it’s worth briefly revisiting what differentiates EIIS investments from other forms of private equity investing.

EIIS (Employment and Investment Incentive Scheme) allows qualifying investors to claim income tax relief of up to 35% or 50%, depending on the company and the structure of the investment.

That tax relief:

  • Reduces the effective cost of investing
  • Alters the risk-reward profile
  • Can materially affect the entry valuation at which an investor participates

However, EIIS relief is not uniform. Some companies qualify for:

  • 35% EIIS
  • 50% EIIS (generally for earlier-stage, R&D-intensive companies)

The four live Spark campaigns span both EIIS bands, which is one of the key differentiators between them.

Opportunity 1: Liltoda , Early-Stage Paediatric MedTech with 35% EIIS

Company Overview

Liltoda is a Cork-based paediatric MedTech company that has developed CogniTOT, a digital cognitive assessment platform for very young children.

The company was spun out of University College Cork (UCC) and the INFANT Research Centre, with the goal of addressing a long-standing challenge in early childhood healthcare: identifying cognitive and developmental difficulties before school age.

CogniTOT is a touch-screen, gamified assessment tool that allows clinicians to objectively assess cognitive development in toddlers without relying on language, parental reporting, or highly subjective clinician interpretation.

Sector & Market

  • Sector: Paediatric MedTech / Digital Health
  • Market Focus: Early childhood cognitive assessment
  • Geography: EU, UK, US and non-English speaking markets

The combined EU, UK and US preschool screening market is estimated to exceed €5 billion annually, with significant demand driven by under-diagnosis of learning difficulties in early childhood.

Stage of Development

  • Spin-out from academic research
  • Product developed and clinically piloted
  • Pre-scale commercialisation phase
  • Early revenues with recurring SaaS-style potential

This is an early-stage MedTech company, still in the process of transitioning from research validation to commercial rollout.

Technology & Validation

Key characteristics of CogniTOT include:

  • Language-independent testing
  • Objective, data-driven scoring
  • Short assessment time (15–20 minutes)
  • Automated clinical reporting
  • Integration potential with electronic health records

The platform has been:

  • Clinically validated across 12 investigations in 5 countries
  • Used by leading paediatric research institutions, including the NIH, Trinity College Dublin and European clinical trial networks
  • Supported by patent applications in Europe and the US

Founding Team

Liltoda’s founding team is heavily weighted toward clinical and academic expertise:

  • CEO is a Professor of Paediatrics with a PhD and extensive research credentials
  • CTO brings health software and UX expertise
  • Clinical Research Lead has deep experience in paediatric trials and regulation

This is a research-led team, typical of university spin-outs, with strong domain knowledge and growing commercial capability.

Funding & EIIS Characteristics

  • EIIS qualifying at 35%
  • Enterprise Ireland client
  • Early institutional validation
  • Relatively modest funding raised to date
  • Pre-money valuation reflects early commercial stage

Key Investment Characteristics (Summary)

  • EIIS rate: 35%
  • Sector: Paediatric MedTech/Digital Health
  • Stage: Early commercialisation
  • Revenue: Early recurring revenues projected
  • Founder profile: Academic/clinical
  • Enterprise Ireland backing: Yes

Opportunity 2: Embryomic , Advanced IVF MedTech with 50% EIIS

Company Overview

Embryomic is a Dublin-based MedTech company operating in the IVF and fertility treatment sector.

The company has developed PMT-BC, a proprietary metabolomic test designed to identify the most viable IVF embryo for implantation, non-invasively and with significantly improved success rates.

IVF success rates have remained stubbornly low for decades, typically in the 25–30% range per cycle. Embryomic’s technology aims to materially improve those outcomes.

 

Sector & Market

  • Sector: IVF / Fertility MedTech
  • Market Focus: Embryo selection testing
  • Geography: Europe initially, with expansion planned

Over 1 million IVF cycles are performed annually in Europe alone, representing millions of embryos evaluated each year.

Stage of Development

  • 12+ years of research underpinning the technology
  • Patents granted in EU, UK and China
  • Dedicated research laboratory established
  • Clinical validation studies underway with major IVF clinic networks

This is a deep-tech MedTech company moving from extended R&D into structured commercial deployment.

Technology & Validation

PMT-BC is based on:

  • Mass spectrometry (MALDI-ToF MS)
  • Large metabolomic datasets
  • A patented predictive algorithm

Key characteristics include:

  • Non-invasive testing
  • Integration with existing IVF lab workflows
  • Probabilistic scoring rather than binary decisions

Independent data indicates:

  • 47% higher transfer-to-pregnancy success rates compared to traditional embryo selection tools

Founding Team

Embryomic’s team combines:

  • Senior commercial leadership
  • World-leading scientific expertise
  • Deep IVF industry experience

The CSO is a former university dean with extensive proteomics expertise, supported by experienced clinical, financial and fertility industry leaders.

This is a multi-PhD, domain-expert team, typical of capital-intensive medical innovation.

Funding & EIIS Characteristics

  • EIIS qualifying at 50%
  • Enterprise Ireland client
  • Significant prior private investment
  • Patents represent substantial barrier to entry
  • Pre-money valuation reflects advanced IP and projected revenues

Key Investment Characteristics (Summary)

  • EIIS rate: 50%
  • Sector: IVF / Fertility MedTech
  • Stage: Late R&D / early commercial rollout
  • Revenue: Validation-stage, scaling planned
  • Founder profile: Deep scientific + commercial
  • Enterprise Ireland backing: Yes

Opportunity 3: OOHPod, Revenue-Generating Infrastructure with 35% EIIS

Company Overview

OOHPod is an Irish parcel locker infrastructure company founded by John Tuohy, a well-known figure in the logistics sector with two previous successful exits (Parcel Motel and Nightline).

OOHPod operates a carrier-agnostic smart parcel locker network, addressing inefficiencies in first- and last-mile parcel delivery.

Sector & Market

  • Sector: Logistics / Infrastructure
  • Market Focus: Parcel lockers and last-mile delivery
  • Geography: Ireland, with UK expansion imminent

The parcel delivery market in Ireland and the UK is worth almost €1.8 billion annually, with strong growth driven by e-commerce.

Stage of Development

  • Trading since 2022
  • 200 locker locations live
  • 30,000 subscribers
  • Handling ~10,000 parcels per week
  • Approaching profitability

This is a growth-stage, revenue-generating business, closer to private equity than early-stage venture.

Business Model & Validation

Key characteristics include:

  • Carrier-agnostic access
  • 24/7 availability
  • Lower emissions vs home delivery
  • Partnerships with major retailers and carriers

OOHPod has already attracted almost €10 million in institutional and angel investment.

Founding Team

  • Founder with decades of logistics experience
  • Proven track record of exits
  • Experienced COO, CTO and CFO
  • Operationally mature management team

This is an execution-led team, focused on scale, profitability and infrastructure rollout.

Funding & EIIS Characteristics

  • EIIS qualifying at 35%
  • Enterprise Ireland client
  • Significant prior institutional investment
  • Higher valuation reflecting revenue base

Key Investment Characteristics (Summary)

  • EIIS rate: 35%
  • Sector: Logistics / Infrastructure
  • Stage: Growth / near-profitability
  • Revenue: Strong recurring revenues
  • Founder profile: Serial entrepreneur with exits
  • Enterprise Ireland backing: Yes

 

Opportunity 4: Quadrant Scientific, Wireless Medical Navigation with 35% EIIS

Company Overview

Quadrant Scientific is a Cork-based MedTech engineering company developing wireless electromagnetic navigation technology, often described as “GPS for the body”.

Its DeepTrack system enables accurate navigation of medical instruments beyond the line of sight, without reliance on X-ray or wired sensors.

Sector & Market

  • Sector: Medical Devices / Surgical Navigation
  • Market Focus: Cardiology, bronchoscopy, ENT, robotics
  • Geography: Global OEM partnerships

The electromagnetic navigation sensor market alone is estimated at €870 million, growing rapidly.

Stage of Development

  • Generating consultancy revenues
  • OEM partnerships established
  • Patented technology licensed from UCC
  • Wireless system successfully trialled

This is a commercialising deep-tech engineering company, positioned for OEM acquisition.

Technology & Validation

Key differentiators include:

  • Wireless sensors
  • Smaller, cheaper hardware
  • Reduced operating theatre risk
  • Faster, more accurate navigation

Quadrant has:

  • DTIF grant funding
  • Enterprise Ireland HPSU investment
  • Strategic equity investment from a US sensor manufacturer

Founding Team

The team includes:

  • Multiple engineering PhDs
  • Former MIT and Imperial College researchers
  • Commercial leadership with med-device experience

This is a technical founder-led company, with strong institutional validation.

Funding & EIIS Characteristics

  • EIIS qualifying at 35%
  • Enterprise Ireland client
  • No debt on balance sheet
  • Valuation underpinned by R&D investment and revenue projections

Key Investment Characteristics (Summary)

  • EIIS rate: 35%
  • Sector: Medical Devices / Engineering
  • Stage: Early commercial revenues
  • Revenue: Consultancy + OEM trajectory
  • Founder profile: Engineering PhDs
  • Enterprise Ireland backing: Yes

So How Might an Investor Think About Choosing?

All four opportunities are credible, but they suit different investor objectives.

  • If you are seeking maximum EIIS relief (50%), exposure to deep MedTech IP, and are comfortable with longer commercialisation timelines, Embryomic may align with your criteria.
  • If you are looking for earlier-stage paediatric MedTech, with strong academic validation and global SaaS potential, Liltoda presents a very different risk-reward profile.
  • If your preference is for a more mature, revenue-generating business, with an experienced founder and infrastructure-style characteristics, OOHPod offers a fundamentally different exposure.
  • If you are attracted to engineering-led MedTech, with OEM acquisition potential and strong institutional backing, Quadrant Scientific occupies a distinct position.

Alternatively, some investors may choose to diversify across all four, allocating capital evenly to build a balanced EIIS-backed private market portfolio at no additional cost.

Final Thought

Early-stage investing is never about certainty, it is about alignment.

Understanding what kind of risk, stage, sector, and tax profile you are investing into is often more important than trying to pick a single “winner”.

Clarity beats conviction.

Chris Burge is CEO of Spark Venture Funding, an equity crowdfunding platform authorised by the Central Bank of Ireland, connecting investors with high-potential private companies.

 

Risk warning

Investment in this crowdfunding project entails risk, including the risk of partial or entire loss of the money invested. Your investment is not covered by the deposit guarantee schemes established in accordance with Directive 2014/49/EU of the European Parliament and of the Council. Nor is your investment covered by the investor compensation schemes established in accordance with the Directive 97/9/EC of the European Parliament and of the Council.

Investments that qualify for tax relief schemes (such as EIIS) may lose that status due to the company’s future activities or your personal circumstances. Any tax relief is not guaranteed and should not be the primary reason for investment. You should consult your tax advisor.

You may not receive any return on your investment.

This is not a savings product and we advise you not to invest any more than 10% of your net worth in crowdfunding projects.

You may not be able to sell the investment instruments when you wish. If you are able to sell them, you may nonetheless incur losses.

The crowdfunding service provider declares that, to the best of its knowledge, no information has been omitted or is materially misleading or inaccurate. The crowdfunding service provider is responsible for the preparation of this key investment information sheet. You may not receive any return on your investment.

Please click here to read our full Risk Warning.

Spark Venture Funding is authorised by the Central Bank of Ireland.