Foreword
In what has been a very volatile start to the year globally, at ISIF we closed a number of direct investments which meet our double bottom line of a commercial return and economic impact in Ireland. As we have focused on growing our direct investments it has been encouraging to see the talent and ambition across a variety of sectors in Ireland and a growing number of companies with significant opportunities to scale in and from Ireland.
Recently, ISIF made a number of new direct equity investments in scaling Irish companies developing innovative technologies in the medical devices, technology and quantum computing sectors. ISIF capital is supporting product development, commercialisation, and global expansion enabling these companies to scale more rapidly in highly competitive international markets.
Direct investments of this nature are a key focus of ISIF’s Scaling Indigenous Businesses theme and reflect our commitment to backing ambitious Irish companies with the potential to deliver sustainable, long term economic impact in Ireland while looking to expand globally.
This newsletter provides further detail on these direct investments, alongside recent portfolio news and updates from across ISIF’s wider activities. We thank our partners and stakeholders for their continued support in fulfilling ISIF’s mandate, and we remain committed to strengthening existing relationships while developing new collaborations.
Manna
Manna Air Delivery, a global leader in consumer drone delivery, has announced plans to create 400 new jobs across Ireland and the US following a $50 million Series B funding round, bringing total investment to $110 million. The new roles will focus on high value STEM disciplines, including robotics, software and aviation operations, supporting Manna’s continued scaling from its Irish hubs and expanding US operations. The funding round includes ISIF, alongside other global investors, reinforcing Manna’s position as a leading Irish founded autonomous aviation company with global reach.
Progress Systems Limited
ISIF has partnered with Melior Equity Partners and Goodbody Capital Partners to invest in Progress Systems Limited, an Irish software provider to the Credit Union sector. The investment will support Progress in accelerating product development, investing in new technologies and further enhancing its platform to help Credit Unions innovate and grow. This investment aligns strongly with ISIF’s mandate to support indigenous Irish businesses and economic activity, while strengthening a critical technology provider to Credit Unions and their 3.7 million members across Ireland.
Iambic Therapeutics
ISIF has invested $20 million in Iambic Therapeutics, a San Diego-based clinical-stage biotechnology company that uses artificial intelligence (AI) to discover and develop new medicines. This investment, announced in early 2026, supports Iambic’s efforts to build a local engineering and technology presence in Ireland, aligning with ISIF's mandate to support Irish economic activity.
Equal 1
ISIF led a $60 million funding round in Equal1, alongside a number of Irish and international investors. Equal1 is an Irish quantum semiconductor company developing scalable, silicon‑based quantum computing systems using existing semiconductor manufacturing processes. The investment is supporting the continued development and deployment of Equal1’s datacentre‑ready Bell‑1 quantum server, enabling the company to transition from development to deployment as it scales its technology for use in high‑performance computing environments.
ProVerum
Last year, ISIF participated in Proverum’s $80 million Series B financing round, alongside a number of international and Irish investors. Proverum is an Irish medical device company developing the ProVee® System, a minimally invasive treatment for benign prostatic hyperplasia (BPH). Proceeds from the financing are being used to support preparation for commercialisation of the ProVee system, as the company advances its next phase of growth.
