BANK OF IRELAND SEED AND EARLY STAGE EQUITY FUNDS
INISHTECH
In September, the fund led a €1.8 million investment in Dublin-based software protection and licensing services specialist InishTech (pictured above: Feargal Ó Móráin of Enterprise Ireland; Aidan Gallagher of InishTech and Paul Rellis of Microsoft Ireland). InishTechs service enables software companies to protect their code and maximise product sales through licensing. The company is based on technology provided by Microsoft under the Microsoft IP Ventures programme in collaboration with Enterprise Ireland. This programme enabled InishTech to acquire and successfully build on Microsoft’s intellectual property in return for a significant minority stake in InishTech.
WAVEBREAK
In August, the fund led a €350,000 investment in Cork-based Wavebreak Media. Wavebreak produces broadcast quality high definition (HD) royalty-free film footage and animation, servicing a global customer base. Founded in 2006, the InterTradeIreland Seedcorn Competition national finalist boasts a catalogue of over 13,000 high quality HD stock videos and 25,000 animations and photographs. Wavebreak’s stock media is currently experiencing average customer downloads of 15,000 per month. The company sells its media through an extensive global distribution network that includes some of the industrys largest distributors such as Getty Images and Corbis Motion.
SONRU
In June, the fund closed a €100,000 investment in Wexford-based Sonru. Sonru provides a web-based tool for remote interviewing and won the national final of t Bank of Ireland’s Bright Ideas Challenge competition (pictured above: Edward Hendrick and Fergal O’Byrne of Sonru). Sonru’s secure, shareable, automated online video tool has applications within the recruitment, education, training and CRM sectors and has enabled irishjobs.ie to become the first service of its kind in Ireland to offer online video interviewing. Sonru was named Best High Growth Company in the Connacht and Leinster regional final of the InterTradeIreland Seedcorn All-island Business Competition and took part in the all-island finals earlier this week.
RESOURCEKRAFT
The fund led a €600,000 investment in Limerick-based energy cost control technology specialist Resourcekraft in April. Resourcekraft was founded by University of Limerick postgraduate, Liam Relihan and Frank Casey in April 2007. The company delivers dynamic energy management software that enables clients to maximise the efficient usage of electricity and other energy resources such as oil, gas, water and heat. To date, Resourcekraft’s technology has been deployed in over 80 customer sites resulting in substantial customer savings. Clients include Thermo King Ingersoll Rand and Bank of Ireland.
TEAMER
A €500,000 investment in Dublin-based sports team management company Teamer (pictured above: Niall McEvoy and Ken Moulton of Teamer) was led by the fund in February. Teamer, which launched in September 2008, is a leading sports social network enabling players, managers and coaches to communicate and organise. Membership has grown rapidly and the company recently signed up its 500,000th team member. The company was also nominated for the Techcrunch Best Sport or Leisure Start Up 2010 award.
BANK OF IRELAND KERNEL CAPITAL FUND II INVESTMENTS
INTUNE NETWORKS
In October 2009, the fund co-led a €22 million investment in Dublin-based Intune Networks (pictured above: chief executive Tim Fritzley). Intune Networks was chosen to lead the Government’s programme to build Ireland’s Exemplar Smart Network in July 2009, the first step in creating a next generation smart and green communications infrastructure for the country. Telecomms networks are multi-megawatt energy consumers – but Intune Networks is a totally new kind, which brings new energy-efficient optical switching technology into the networks delivering energy savings of up to 75 per cent.
BIOATLANTIS
The fund invested €750,000 in BioAtlantis in June, 2010. Based in the Kerry Technology Park in Tralee and Kanturk, Co Cork, this innovative Irish biotechnology company is involved in the research, development and manufacture of plant biostimulants and animal prebiotics using molecules derived from seaweeds, with scope for future development of human nutraceuticals. The company’s lead products are biostimulants and GutCare. Biostimulants are used for promoting plant health and growth. These products are sold in 22 countries. An EU-wide ban on the use of growth-promoting antibiotics in animal feed has created a market for the new GutCare product which has been developed as an alternative to antibiotics in intensively farmed post-weaned piglets.
DECAWAVE
Earlier this month the fund confirmed a €2 million investment in Dublin-based DecaWave (pictured above: Ciaran Connell, chief executive of DecaWave). The investment in the early stage semiconductor company was co-led with International Investment and Underwriting (IIU). An Enterprise Ireland supported company, DecaWave provides real-time location and wireless sensor solutions. DecaWaves flagship product, ScenSor, is gaining significant interest in the market. The ScenSor chip solves a wide range of problems including how to identify and accurately track the specific location of any object or person, using very low power, low cost wireless-enabled sensors. Based on its novel, patented ultra wideband (UWB) technology, there are many applications for the companys products, including health, manufacturing, safety and security. International recognition has come early and the company has signed a partnership agreement with leading Korean telecommunications company, LG Innotek which will manufacture modules based on DecaWaves ScenSor chips.
