Magnetic solutions on Pierce Street Ireland-based permanent magnet manufacturers and engineering have received a £ 500,000 portfolio from the Guinness alst bank stock fund, which includes grants from Irish Funds and Irish businesses. The former Trinity campus company is expected to double its employment to 20 after investing. The windfall will be used mainly for working capital and also for R & D and marketing. About half of the money will be spent on working capital. \"Our sales have started taking off two or three times this year,\" said David Herley, general manager of magnetic solutions . \". The company has estimated a turnover of £ 1999. After cash injections focused on the US and Japan markets, magnetic solutions also plan to splurge on international marketing. The company already has operations in the US, Germany and Asia, and its customer list includes Siemens and Seagate. The company will also invest in research and development, basically what it started at Trinity five years ago when it was founded by Professor Michael Koy. Permanent magnets have a stronger \"pull\" than traditional iron or steel magnets, which can be used in industrial processes, resulting in significant cost savings and technical benefits. Magnets are an integral part of everyday products such as phone phones, laptops, audio speakers and computer disc drives, according to the company, their products can save up to $20,000 a year for manufacturing companies that use magnetic fields. \"Once we start to further enter the US and Japan markets, we have the potential to develop multiple products. Mr. Hurley says the millions of dollars in industry. It is estimated that the global magnet market is worth more than $10 m and takes 10-15pc per annum. Mr. Hurley said that one of the fastest growing areas in the market was magnetic records, actually disks in computers, which was stimulated by the need for faster access. To date, the Guinness alst bank stock fund, managed by NCB Ventures Ltd, has invested in 10 companies and is expected to create more than 150 jobs as they develop. The companies are mainly located in Dublin, Mayo and Cork.