Three tech startups receive over £1.8m to accelerate growth
Pictured (L-R) are Steven Scullion, Director of Corporate Finance, Invest NI; Dr Caoimhe Archibald, Minister for the Economy; Ciaran Ryan, CEO, Optik AI
Economy Minister Dr Caoimhe Archibald has announced that three technology companies are receiving over £1.8m in equity investment to accelerate product development, increase exports and create new jobs.
Optik AI Ltd in Derry, farmdrive in Antrim and Foresight in Belfast have received investment through Techstart Ventures, part of Invest NI's Access to Finance programme.
Visiting Optik AI’s facility in the North West, the Minister said: “Access to finance for start-ups is crucial, and the Techstart Ventures fund is delivering essential support to early-stage tech companies so that they can accelerate innovation and growth in their business.
Access to finance for start-ups is crucial, and the Techstart Ventures fund is delivering essential support to early-stage tech companies so that they can accelerate innovation and growth in their business.
Dr Caoimhe Archibald, Minister for the Economy
“It is excellent to see innovative businesses across the north already benefitting from the fund since its launch last year. I’m delighted to visit Optik AI to see how it has developed its software into a new cutting-edge AI platform to reach new markets, contributing towards our economic development.”
Optik AI is a SaaS company that has developed a software platform to help B2B businesses optimise their sales strategies. The company has received £600k from Invest NI’s Techstart Ventures fund, which will be used to develop its human-assisted AI platform and reach new export markets.
Ciaran Ryan, CEO at Optik AI, said: “The demand for AI-driven sales technology is rapidly increasing and Techstart Ventures funding is helping us to accelerate the development of our software in line with this, optimising our product to target new global markets across Europe and the US. Invest NI is also supporting us to create five new jobs, so that we can build our team in tandem with our business growth.”
It’s great to see Optik AI, farmdrive and Foresight beginning to grow their businesses by investing in product development and R&D.
Steven Scullion, Director of Corporate Finance, Invest NI
farmdrive in Antrim has received £690k of Techstart Ventures funding to develop its livestock management solution to help farmers save time on compliance and record keeping. The support will assist Farmdrive to grow sales in Britain and increase exports in Europe. Invest NI is also supporting Farmdrive to create eight new roles, including four software engineer roles, a data scientist and a digital marketing manager.
Foresight, based in Belfast, has developed software to help businesses respond to regulatory change in chemical policy. The £500k Techstart Ventures funding that it secured will help it to accelerate product development which aims to increase exports to the US and Europe.
Steven Scullion, Director of Corporate Finance at Invest NI, said: “Techstart Ventures provides equity investment to innovative early-stage technology companies seeking to commercialise their ideas. It’s great to see Optik AI, farmdrive and Foresight beginning to grow their businesses by investing in product development and R&D.
“Founders who have global ambitions and a need for investment monies can engage with Techstart Ventures to explore potential funding options for their business innovation journey.”
Invest Northern Ireland is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Funding is provided by independent fund managers/providers who set terms and eligibility.
