A team of researchers from Trinity College Dublin has raised €1.6 million (£1.3 million) funding to develop a start-up firm that specialises in nanotechnologies.

Allegro Technologies was founded in 2000 by three international researchers from Trinity's Physics department: Dr Jurgen Osing, Prof Igor Shvets and Mr Sergei Makarov.

The firm has developed technologies that are used in instruments that dispense minute droplets of liquid. This technology is applied in the pharmaceutical, health and biotechnology sectors.

Allegro recently signed a $1.5 million (€1.7 million) licensing deal with Gilson, a manufacturer of specialised analytical instrumentation for pharmaceutical and biotechnology firms.

The Guinness Ireland Ulster Bank Equity Fund, which is managed by NCB Ventures, invested €1.3 million in Allegro Technologies. Enterprise Ireland invested the remainder.