The 15 successful life sciences, clean tech and industrial companies to be awarded funding through the latest round of Enterprise Ireland’s Competitive Start Fund have been announced.
They include Full Health Medical in Claremorris, Co Mayo, which has developed a software system for preventative health reporting; ODG Technologies in Bishopstown, Co Cork, which is an innovative developer of accessories for the public safety industry; and Eyebuild in Blackrock, Co Cork, which manufactures a patented training device for water sports.
Started last year, there are four rounds in total for the fund, which provides young companies with the critical early-stage funding to test the market for their products and services and progress their business plans for the global marketplace.
Under the terms of the fund, start-ups will receive an equity investment of up to €50,000 for a 10pc ordinary equity stake. In addition to funding, each start-up will be provided with an experienced business mentor to support them.
Four more rounds of the Competitive Start Fund are planned for 2012, the first of which is being launched today with a closing date of 9 February.
This call is open to start-ups from both ICT and industrial sectors including sub-sectors such as Internet, Games, SaaS, Cloud Computing, Enterprise Software, Telecoms, Lifesciences, Cleantech and Industrial Products.
“We see this fund as a strategic investment in these young companies. They represent some of Ireland’s newest and most exciting entrepreneurs and this fund gives a vital injection of funding and support when they most need it,” said John O’Dea, Enterprise Ireland manager Industrial High Potential Start Up