THREE technology firms in Northern Ireland have received a substantial funding injection to support their growth.
Optik AI Ltd in Derry, farmdrive in Antrim and Foresight in Belfast have received investment totalling £1.8m through Invest NI's Access to Finance programme Techstart Ventures.
“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,” Economy Minister Dr Caoimhe Archibald said as she announced the funding during a visit to the Optik AI Ltd office.
The firm, which has developed a software platform to help B2B businesses optimise their sales strategies, has received £600k from the fund.
Pictured (l-r) Steven Scullion, Director of Corporate Finance at Invest NI, Economy Minister Dr Caoimhe Archibald and Ciaran Ryan, CEO at Optik AI at Optik’s offices at The Amp in DerryThey will use the money to develop their human-assisted AI platform and reach new export markets, Optik AI CEO Ciaran Ryan confirmed.
“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,” he said.
“Invest NI is also supporting us to create five new jobs, so that we can build our team in tandem with our business growth.”
A further £690k has been given to the Antrim-founded start up Farmdrive.
The technology firm will use the funds to develop its livestock management solution to help farmers save time on compliance and record keeping.
The support will also allow the firm to grow sales in Britain and increase exports in Europe, while creating eight new roles at the company - including four software engineer roles, a data scientist and a digital marketing manager.
Belfast-based Foresight has received a £500k Techstart Ventures grant.
The money will allow the tech firm, which has developed software to help businesses respond to regulatory change in chemical policy, to accelerate its product development with a view to increasing 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.”
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