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Transcript of SEED AND VENTURE CAPITAL PROGRAMME … Introduction 2 The Irish Venture Capital Sector 3 Seed and...
Contents
Introduction 2
The Irish Venture Capital Sector 3
Seed and Venture Capital Programme 2007 – 2012 4
Summary of Investments from Commencement of Programme 5
Analysis of Investments by Stage of Development 6
Regional Breakdown of Investments 7
Sectoral Breakdown of Investments 8
Details of Investments Per Year 9
Fund Details 10
Investee Companies 17
Seed and Venture Capital Programme 2000 – 2006 22
Summary of Investments from Commencement of Programme 23
Analysis of Investments by Stage of Development 24
Regional Breakdown of Investments 25
Sectoral Breakdown of Investments 26
Details of Investments Per Year 27
Fund Details 28
Investee Companies 33
Seed and Venture Capital Measure of the Operational Programme 1994 – 1999 38
Overview and Regional/Sectoral Breakdown of Investments 39
Summary of Investments from Commencement of Programme 40
Seed and Venture Capital Funds Committee 41
Seed & Venture Capital Programme 2013 Report2
Introduction
This 2013 Report comprises three venture capital initiatives undertaken by Enterprise Ireland in partnership with the private sector.
• Seed and Venture Capital Programme 2007 – 2012.
• Seed and Venture Capital Programme 2000 – 2006, under the National Development Plan.
• The EU Seed and Venture Capital Measure 1994 – 1999, under the Operational Programme.
The 2007–2012 Seed and Venture Capital Scheme was launched to improve access to finance for small and medium sized enterprises and to further develop the Seed and Venture Capital Industry in Ireland. Enterprise Ireland has committed to investing €175 million under this programme. Up to December 2013 twelve new funds were launched with an Enterprise Ireland commitment of €171 million.
Under the 2000–2006 Programme, Enterprise Ireland committed €98 million to continue to develop the venture capital market for SMEs in Ireland. This Programme committed to fifteen funds.
The EU Seed and Venture Capital Measure under the Operational Programme for Industrial Development 1994–1999 was set up with the objective of establishing Venture Capital Funds to provide early stage small and medium-sized enterprises in Ireland with equity capital. Fifteen separate venture capital initiatives were established with €68 million committed under this Programme, the first of which was launched in May 1996.
All funds are independently managed by private sector fund managers who make all decisions regarding investments.
Notes:
1. For reporting purposes, each tranche of money paid to a company is counted as an investment.
2. Some investee companies have secured funding from more than one Fund.
3. Regional breakdown of data for the Seed and Venture Capital Programme is in accordance with EU regional guidelines.
4. Investments continue to be classed in this report as per the development status when the first investment was made in the company.
5. Start up investments includes seed investments.
6. Stage of Development interpretation in Seed Funds can differ from that of other Venture Capital Funds.
7. Disclaimer
Enterprise Ireland has endeavored to ensure the reliability of the data included in this Report and does not assume any responsibility for any inaccuracy in the data. In addition Enterprise Ireland does not assume any responsibility as regards the use of the data contained in this Report by any third parties. The collective data as presented in this Report has not been subjected to independent audit.
Seed & Venture Capital Programme 2013 Report 3
The Irish Venture Capital Sector Improving access to finance for high growth companies is a key action under the Government’s Action Plan for Jobs and Enterprise Ireland has continued to support and develop the Venture Capital Sector in Ireland. In 2013, the sector continued to develop with Enterprise Ireland making additional capital commitments and the establishment of a number of new funds, successfully leveraging significant private capital.
In 2013 venture capital funds in receipt of commitments under the Enterprise Ireland Seed and Venture Capital Programmes made 153 investments in Irish based companies, with a total investment value of €59 million. This is an increase of €5 million compared to the total amount invested in 2012. The capital under management through Enterprise Ireland’s Seed and Venture Capital Programme 2007-2012 has reached nearly €700 million.
Last year and indeed the first half of 2014 was an exciting period for this sector. We saw Frontline Venture and SOSventures establish new funds to invest in exciting early stage opportunities and the opening of local offices by a number of international venture capital funds under the Innovation Fund Ireland Scheme.
Furthermore, Enterprise Ireland has worked to transform the funding landscape by making a total commitment of €75 million to three fund managers, MML Growth Capital Partners Ireland, the BDO Development Capital Fund and the Carlyle Cardinal Ireland Fund under the Development Capital Scheme. This will significantly increase the availability for funding for Irish growth SMEs over the coming years.
Enterprise Ireland has also committed €99.5 million to a number of venture capital funds under the Seed and Venture Capital Scheme 2013-2018. These funds are currently fundraising and will target investment in the wider information and communications technologies and life sciences sectors of the economy. Other targeted competitive calls for expressions of interest will also be issued under this scheme to further the range of funding options for Irish companies.
Business Angels and Angel Syndicates increasingly play an important role in the start-up ecosystem as a valuable source of capital and expertise for entrepreneurs. Enterprise Ireland will continue to support the development of this sector. The recent European Business Angel Network (EBAN) Congress in Ireland saw over 350 delegates from around Europe, the US and Ireland and this is a testament to the development of the sector.
Under the Action Plan for Jobs 2013 Enterprise Ireland supported 103 new high-potential start-up (HPSU) companies, the highest number of new High Potential Start-ups supported during a single year, launched a number of competitive start funds and continued to support and invest in our scaling and established clients across key sectors of the economy. I have no doubt that the funds established under the various schemes will also invest and drive export and employment growth in Irish companies.
We look forward to continuing to working with all stakeholders to further increase the availability and variety of non bank funding in Ireland with a view to funding companies to drive increased job creation.
Julie Sinnamon Chief Executive Officer
Investments for Year 2013 – Cumulative from Commencement of Programme to December 2013
5Seed & Venture Capital Programme 2013 Report
NAME OF FUND FUND SIZE NUMBER OF TOTAL NUMBER OF TOTAL INVESTMENTS INVESTED INVESTMENTS INVESTED 2013 2013 2007-2013 2007-2013 €’000s €’000s €’000s
SEED FUNDS
AIB Seed Capital Fund Limited 53,000 32 5,039 135 26,398 Partnership
AIB Start-Up Accelerator 22,000 20 3,394 41 8,762 Fund
Bank of Ireland Seed and 32,000 11 2,100 49 12,585 Early Stage Equity Fund 2009 Limited Partnership
Bank of Ireland Start-Up 17,000 10 2,028 29 7,950 and Emerging Sectors Equity Fund 2010
VENTURE CAPITAL FUNDS
Atlantic Bridge II Limited 75,000 15 17,549 24 37,975 Partnership
Bank of Ireland Kernel Capital 27,111 5 2,817 19 10,472 Partners Private Equity Fund II
The Bank of Ireland Kernel 35,000 1 2,000 1 2,000 Capital Growth Fund (ROI)
Delta Equity Fund III Limited 104,879 26 10,026 95 56,515 Partnership
Fountain Healthcare Partners 73,000 16 7,226 50 42,756 Fund I Limited Partnership
The Seroba Kernel Life Sciences 75,070 14 6,228 44 35,255 Fund II Limited Partnership
The Ulster Bank Diageo Venture 75,000 12 11,253 37 40,624 Fund Limited Partnership
SOSventures Ireland 20,000 4 850 4 850 Fund Limited Partnership
The Frontline Venture Fund I 20,202 10 4,171 11 4,362 Limited Partnership
Total 629,262 176 74,681 539 286,504
TYPE NUMBER OF TOTAL INVESTED % OF TOTAL AMOUNT INVESTMENTS €’000s INVESTED
SEED FUNDS
Start Up 68 15,571 27.96%
Early Stage 186 40,124 72.04%
Development 0 0 0.00%
Total 254 55,695 100.00%
Analysis of Investments by Stage of Development – Cumulative to December 2013
6
TYPE NUMBER OF TOTAL INVESTED % OF TOTAL AMOUNT INVESTMENTS €’000s INVESTED
VENTURE CAPITAL FUNDS
Start Up 116 69,445 30.09%
Early Stage 108 83,586 36.21%
Development 61 77,778 33.70%
Total 285 230,809 100.00%
SEED FUNDS Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
VENTURE CAPITAL FUNDS Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Seed & Venture Capital Programme 2013 Report
Early Stage 72.04%
Start Up 27.96%
Development 33.70%
Early Stage 36.21%
Start Up 30.09%
Regional Breakdown of Investments – Cumulative to December 2013
7
REGION NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
Border 2 600 0.21%
Dublin & County 293 145,088 50.64%
Mid East 3 950 0.33%
Mid West 26 8,002 2.79%
South East 13 7,050 2.46%
South West 44 10,276 3.59%
West 61 29,342 10.24%
Other 97 85,195 29.75%
Total 539 286,504 100.00%
Regional Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Seed & Venture Capital Programme 2013 Report
South West 3.59%
South East 2.46%
Mid East 0.33%
Mid West 2.79%
West 10.24%
Dublin & County 50.64%
Other 29.75%
Border 0.21%
Sectoral Breakdown of Investments – Cumulative to December 2013
SECTOR NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
Communications 66 23,791 8.30%
Cleantech 20 6,623 2.31%
Life Sciences 148 99,975 34.89%
Manufacturing 5 3,359 1.17%
Software 290 142,234 49.64%
Miscellaneous 10 10,522 3.69%
Total 539 286,504 100%
8
Sectoral Breakdown of Investments – Cumulative to December 2013 (by number)
Sectoral Breakdown of Investments – Cumulative to December 2013 (% by value)
Seed & Venture Capital Programme 2013 Report
Life Sciences 148
Manufacturing 5
Software 290
Communications 66
Cleantech 20
Miscellaneous 10
Life Sciences 34.89%
Manufacturing 1.17%
Software 49.64%
Communications 8.30%
Cleantech 2.31%
Miscellaneous 3.69%
Investments Per Year – Cumulative to December 2013
9
YEAR INITIAL INVESTMENT FOLLOW-ON INVESTMENTS TOTAL CUMULATIVE NUMBER €’000s NUMBER €’000s €’000s % €’000s
2007 2 2,007 0 0 2,007 0.70% 2,007
2008 16 7,785 2 350 8,135 2.84% 10,142
2009 27 31,649 15 9,639 41,288 14.41% 51,430
2010 24 14,540 30 14,300 28,840 10.07% 80,270
2011 51 29,000 55 23,832 52,832 18.44% 133,102
2012 53 46,757 88 31,964 78,721 27.48% 211,823
2013 68 44,394 108 30,287 74,681 26.06% 286,504
Total 241 176,132 298 110,372 286,504 100.00%
Value of Investments Per Year – Cumulative to December 2013 (by value)
€m 300
270
240
210
180
150
120
90
60
30
0
Initial Investment Follow-on-Investment Total Cumulative
Year 2007 20092008 2010 2011 2012 2013
Seed & Venture Capital Programme 2013 Report
AIB Start–Up Accelerator Fund
The AIB Start-Up Accelerator Fund, managed by ACT Venture Capital, was established in 2011 as a €22m Seed Capital Fund. Investments made by the fund focus on developing high-growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The fund investment range is €100,000 to €650,000. This fund is open to new investments.
Fund Size: €22m
Fund Manager: ACT Venture Capital
Contact: John Flynn ACT Venture Capital Ltd. 6 Richview Office Park Clonskeagh Dublin 14
Tel: +353 (0)1 2600966
Fax: +353 (0)1 2600538
E-mail: [email protected]
Web: www.actventure.com
10
AIB Seed Capital Fund Limited Partnership
This €53m fund has an investment policy to invest in companies at the seed and early stages of development, across a range of sectors throughout the Republic of Ireland. The fund makes seed investments up to approximately €500,000. The fund is open to new investments. Furthermore, the fund has the capacity to make investments in later rounds to support the continued growth of investee companies.
Fund Size: €53 million
Fund Managers: Enterprise Equity Venture Capital Group and Dublin Business Innovation Centre
Contact: Éanna Dáibhis AIB Seed Capital Fund NovaUCD University College Dublin Belfield Campus, Dublin 4
Tel: +353 (0)1 2866766
Fax: +353 (0)1 2866767
E-mail: [email protected]
Web: www.aibseedcapitalfund.ie
Contact: Conor O’Connor Enterprise Equity Venture Capital The Media Cube Kill Avenue Dun Laoghaire, Co. Dublin
Tel: +353 (0)1 2145606
Fax: +353 (0)1 2845793
E-mail: [email protected]
Web: www.enterpriseequity.ie
Des Fahey/Alex Hobbs Dublin BIC TCD Enterprise Centre Pearse Street Dublin 2
+353 (0)1 4100903
+353 (0)1 6713330
[email protected]; [email protected]
www.dbic.ie
Tom Shinkwin Enterprise Equity Venture Capital The Media Cube Kill Avenue, Dun Laoghaire, Co. Dublin
+353 (0)1 2145606
+353 (0)1 2845793
www.enterpriseequity.ie
Seed Funds
Seed & Venture Capital Programme 2013 Report
11
Bank of Ireland Seed and Early Stage Equity Fund 2009
This €32m fund incorporates the €10m Bank of Ireland MedTech Accelerator Fund. Investments are made in the range of €100,000 to €500,000. The primary focus is on high potential start-up companies operating in Big Data, ICT, Energy Efficiency and ICT related Healthcare sectors. This fund is open for new investments.
Fund Size: €32 million
Fund Manager: Kernel Capital
Contact: Orla Rimmington, Partner Ger Goold, Partner Rubicon Centre, Rossa Avenue Bishopstown, Co. Cork
Tel: +353 (0)21 4928974
E-mail: [email protected]
Web: www.kernel-capital.com
Seed & Venture Capital Programme 2013 Report
Bank of Ireland Start-Up and Emerging Sectors Equity Fund 2010
The Bank of Ireland Start up and Emerging Sectors Equity Fund 2010, managed by Delta Partners was established in 2010. This €17m fund has an investment focus on technology-based businesses and medtech which are headquartered in Ireland. It seeks to invest in companies with disruptive business models and the potential for fast growth. The investment range is €100,000 to €500,000. The Fund is open to new investments.
Fund Size: €17 million
Fund Manager: Delta Partners
Contact: Dermot Berkery / Maurice Roche Media House South County Business Park Leopardstown Dublin 18
Tel: +353 (0)1 2940870
Fax: +353 (0)1 2940877
E-mail: [email protected]
Web: www.deltapartners.com
Atlantic Bridge II Limited Partnership (ABVEN II)
Atlantic Bridge II Limited Partnership (ABVEN II) is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. ABVEN II has been actively investing since July 2010 and is open to new investments. Investments are typically between €1,000,000 to €10,000,000 depending on the stage of development of the company and the sector.
Fund Size: €75 million
Fund Manager: Atlantic Bridge II GP Limited
Contact: Elaine Coughlan 31 Kildare Street Dublin 2
Tel: +353 (0)1 6034450
Fax: +353 (0)1 6425661
E-mail: [email protected]
Web: www.abven.com
Bank of Ireland Kernel Capital Partners Private Equity Fund II
This €27m fund has an investment policy to invest in Irish companies in ICT, Environmental Technologies, Engineering, Finance and General Industry. Investments are made in the range of €1,000,000 to €5,000,000. This fund is now fully allocated with remaining funds reserved for the existing portfolio of investee companies.
Fund Size: €27 million
Fund Manager: Kernel Capital
Contact: Denise Sidhu Partner Rubicon Centre, Rossa Avenue Bishopstown, Co. Cork
Tel: +353 (0)21 4928974
E-mail: [email protected]
Web: www.kernel-capital.com
12
Venture Capital Funds
Seed & Venture Capital Programme 2013 Report
13Seed & Venture Capital Programme 2013 Report
The Bank of Ireland Kernel Capital Growth Fund (ROI)
The Bank of Ireland Kernel Capital Growth Fund had its first close in 2013. The fund invests in the Republic of Ireland in the range €1,000,000 to €3,000,000 and in Northern Ireland in the range €450,000 to €2,000,000. The Funds sectoral focus is high growth, export focused, revenue generating companies in General ICT, Telecoms, Big Data, ICT Related Healthcare & Engineering. This fund is open for new investments.
Fund Size: €35 million
Fund Manager: Kernel Capital
Contact: Jayne Brady, Partner Ger Goold, Partner Rubicon Centre, Rossa Avenue, Bishopstown, Co. Cork
Tel: +353 (0)21 4928974
E-mail: [email protected]
Web: www.kernel-capital.com
Delta Equity Fund III Limited Partnership
Delta Partners, the early stage technology venture capital firm based in Dublin, is investing its fourth fund, the €105m Delta Equity Fund III Limited Partnership.
Delta’s funds have focused on start-up and early stage technology investments in Communications Technologies, Software and Life Sciences. Delta Partners is often the first institutional investor in a company, typically investing €500,000 to €3,000,000 and taking a minority shareholding.
Fund Size: €105 million
Fund Manager: Delta Partners
Contact: Dermot Berkery or Maurice Roche Media House South County Business Park Leopardstown, Dublin 18
Tel: +353 (0)1 2940870
Fax: +353 (0)1 2940877
E-mail: [email protected]
Web: www.deltapartners.com
Fountain Healthcare Partners Fund I Limited Partnership
Fountain Healthcare Partners is a €73m Life Science focused venture capital fund headquartered in Dublin, Ireland with a second office in New York, USA. The fund specialises in making investments in Biotechnology, Medical Device, Specialty Pharma and Diagnostic Companies. Fountain Healthcare Partners launched its inaugural fund (Fountain Healthcare Partners I) in May 2008. The fund invests between €500,000 and €7,000,000 per company over the life of the investment. This fund is closed to new investments but continues to make follow on investments in existing portfolio companies.
Fund Size: €73 million
Fund Manager: Fountain Healthcare Partners
Contact: Manus Rogan Guild House, 4th Floor Guild Street IFSC Dublin 1
Tel: +353 (0)1 5225100
Fax: +353 (0)1 6366230
E-mail: [email protected]
Web: www.fh-partners.com
SOSventures Ireland Fund Limited Partnership
SOSventures Ireland Fund Limited Partnership was established in August 2013 as a €20m fund primarily focussing on the technology, software, systems biology, synthetic biology, bio-coding and telecommunications fields. The SOSventures Ireland Fund will run a number of accelerator programs in Ireland to assist in finding suitable SMEs.
The fund will invest between €50,000 to €2,000,000 per company over the life of the investment. The Fund is open for new investments.
Fund Size: €20 million
Fund Manager: SOSventures Investments Limited
Contact: Bill Liao, SOSventures Investments Limited 2nd Floor, Penrose Wharf Alfred Street Cork
Tel: +353 (0)21 4700991
Fax: +353 (0)21 4580431
E-mail: [email protected]
Web: www.sosventures.com
14 Seed & Venture Capital Programme 2013 Report
The Frontline Venture Fund I Limited Partnership
The Frontline Venture Fund I Limited Partnership was established in December 2013 as a €20m Fund primarily investing in early stage IT companies. In 2014 the Fund intends to increase to a €45m fund. The fund will invest between €250,000 to €4,000,000 per company over the life of the investment. The fund is open for new investments.
Fund Size: €20 million
Fund Manager: Frontline Ventures
Contact: Shay Garvey National College of Ireland Mayor Street Dublin 2
Tel: +353 (0)1 4498717
E-mail: [email protected]
Web: www.frontline.vc
The Seroba Kernel Life Sciences Fund II Limited Partnership
Seroba Kernel Life Sciences Fund II is a venture capital fund investing in early-stage start-ups to more mature Bioscience and Medical Device companies. The fund typically invests €2,500,000 to €7,000,000 over the life of each investment and is managed from its offices in Dublin. The fund closed to new investments in late 2013 but continues to make follow on investments in existing portfolio companies.
Fund Size: €75 million
Fund Manager: Seroba Kernel Life Sciences
Contact: Peter Sandys 15 Molesworth Street Dublin 2 Ireland
Tel: +353 (0)1 6334028
Fax: +353 (0)1 6779388
E-mail: [email protected]
Web: www.seroba-kernel.com
15Seed & Venture Capital Programme 2013 Report
The Ulster Bank Diageo Venture Fund Limited Partnership
Ulster Bank Diageo Venture Fund Limited Partnership – a €75m fund is managed by Investec Ventures Ireland. The Fund will invest in companies at early and expansion stages of development across a broad range of industrial sectors.
The Fund investment range is €1,000,000 to €5,000,000. The fund is open to new investments
Fund Size: €75 million
Fund Manager: Investec Ventures Ireland
Contact: Michael Murphy / Leo Hamill / Derek Crawley The Harcourt Building Harcourt Street Dublin 2 Ireland
Tel: +353 (0)1 4210000
Fax: +353 (0)1 4210500
E-mail: [email protected] / [email protected] / [email protected]
Web: www.investec.ie
16 Seed & Venture Capital Programme 2013 Report
17Seed & Venture Capital Programme 2013 Report
Investee Companies
Accunostics Ltd Medical Devices
Aceno Mobile Services Ltd Tourism Multimedia
Active Mind Technology Ltd eLearning Technology
AER Sustainable Energy Ltd International Biofuels Production and Supply
Algae Health Ltd Production of high value compounds for food and cosmetics
Almotech Ltd Digital Juke Boxes
Alpha Wireless Ltd Design and manufacture of Base Station Antennas
Altratech Ltd Providing real time, onsite DNA diagnostics for the food industry
Amarin Corporation Plc Developing Products for Cardiovascular and CNS Disorders
Amartus Ltd Telecommunication Software
Amcs Ltd Waste Management Solutions
Apica Cardiovascular Ltd Medical Devices
Arann Healthcare Ltd Healthcare Company
Assembly Point Ltd Online HR Tools
Async Technologies Ltd IT Solutions for Global Tyre Industry
Averian Energy Solutions Ltd Business Software for Energy Sector
Barracuda FX Ltd Financial Software
Beamax Ltd Online Team-Management System
Benetel Ltd Test Automation and Components for RF / Wireless
Betapond Ltd Digital Marketing
Bio Atlantis Ltd Biotechnology Solutions
BioCroi Ltd Lab Devices
Biosensia Ltd Supplier of Integrated Polymer Enabled Products
Blikbook Ltd Course engagement platform for students and academics
Bluedata Software Inc Data Management Services
Boxever Ltd Software to analyse customer/client profiles for companies
Branded Payment Solutions Ltd Gift Card Company
Brite Bill Ltd Electronic Billing Software
Callsign Ltd Authentication and authorisation platform for mobile
Cambus Teoranta Ltd Medical Devices
Capella Securities Ltd Managed futures & fixed income funds
Cappella Inc Medical Devices
Civitas Therapeutics Ltd Medical Devices
Clavis Technology Ltd Data Quality Software
Cloudium Systems Ltd Design & supply of cloud-based desktops products
Cluey Ltd Electronic Point of Sale System
Coolnagour Ltd Taxi Dispatch Systems
Covagen AG Drug-Development Company
Crean Solutions Ltd Online Car Parts
Crescent Diagnostics Ltd Medical Devices
Crowd Process Ltd Browser powered distributed computing
Name of Company Nature of Business
Cubic Telecom Ltd Prepaid Call Cards
Currencyfair Ltd Online peer to peer currency exchange
Davra Networks Ltd Energy Management Solutions
Dcisions (formerly Pension Dcisions) Ltd Financial Software
Decawave Ltd Fabless Semiconductor Company
Digit Game Studios Ltd Video Games Developer & Publisher
Digital Minds Ltd Web based financial services network
Digital Mines Ltd Cloud Computing Infrastructure
Diona Technologies Ltd Business Consulting
Directebooks Ltd eBook Distribution Software
Donseed Ltd Workplace Management Systems
Electronic Compliance Audit Tools Ltd Development of electronic compliance auditing tools
Electroroute Holdings Ltd Energy trading
Enimai Inc Mobile Devices
EpiSensor Ltd Wireless Sensors
Eventovate Ltd Event Booking Technology
Eveo Solutions Ltd Electrical vehicle charging
Feedhenry Ltd Enterprise Cloud Computing
Fenergo Ltd ICT Software
Ferfics Ltd Radio Frequency Applications
Fieldaware Group Ltd Software for Schedulng & Recording field work
Fishtree Ltd Educational platform to facilitate delivery of personalised learning material
Footbridge Learning Ltd eLearning
Frankleyweb Ltd Online Retail
Genable Technologies Ltd Gene Therapy (formerly Optigen Technologies Ltd)
Global Medical Treatment Ltd Personal health directory
Gridstore Ltd Data Storage
Handy Baby Products Ltd Babycare Products
Hedvig Inc Software Defined Storage
Helix Health Ltd Healthcare Software Solutions
HeyStaks Technologies Ltd Web Software Company
Homestay Technologies Ltd Provision of software application for language schools & leisure travellers to access homestay accommodation
Huggity Ltd Post event marketing tools
Hybrid Energy Solutions Ltd Telecommunications Energy Solutions
ICAP Global Media Ltd Communications Software
Ideal Binary Ltd 3D Ebooks
Ikon Semiconductors Ltd LED Lighting Technology
In Hand Guides Ltd Embedded audio products
Incereb Ltd Neonatal Brain Monitoring
Inish Technology Ventures Ltd Cloud-Technology Company
Innovapeak Ltd Development of online compliance management software
Name of Company Nature of Business
18 Seed & Venture Capital Programme 2013 Report
19Seed & Venture Capital Programme 2013 Report
Innovation Zed Ltd Insulin Dosed Timer
Intune Networks Ltd Telecoms Equipment
Invi Labs Inc Ltd Smartphone apps
i360. Medical Ltd Medical Devices
J Lefebvre Ltd Software Platform for Rapid Application Development
J Lizard Ltd Cloud based service for managing log data
Jolt Online Gaming Ltd Information Technology
Keelvar Systems Ltd Industrial Waste Purification
Kemartek Technologies Ltd Technology to clean industrial aqueous waste streams
KidStart Ltd Online Savings Company
Kinesense Ltd Development and commercialisation of video analytic software
KPTRS Investments Ltd Online Print and Design
Lightkeeper Media Ltd Trading Card Games
Lion Semiconductor Inc Semiconductors
Luzern Technology Solutions Ltd Online Sales Solutions
M2M Telematics Ltd Cleantech Solutions for Waste Management and Recycling
Madme Technologies Ltd Software for mobile marketing
Maginatics Inc Cloud Computing
Mainstay Medical Ltd Medical Devices
ManageC02 Software Ltd Carbon management software
Marvao Medical Devices Ltd Medical Devices
Meaningmine Ltd Intelligence application software tool for brand management
Metabolomic Diagnostics Ltd Pre-eclampsia test
Metaio Gmbh Software products for visual interactive solutions
Mingoa Ltd Online Detection of Network Faults and Performance
Miracor Gmbh Pressure Controlled Medical Devices
Mixaroo Inc Discovery software for live TV
Monford Ag Systems Ltd Hardware & software product to assist farmers in grass measurement & grassland management
Motobuykers Ltd Motorbike outlet store
Movidius Ltd Semiconductors
Mulabee Ltd Integrated Financial Supply Chain Services
Mypp Media Ltd Database of planning & building permit data
Ndevor Systems Ltd Customer Relationship Management Software
NeoSurgical Ltd Medical Devices
Neuravi Ltd Medical Devices
New Games Technologies Ltd Gaming Technology
New Life Learning Ltd eLearning Courses
Newswhip Media Ltd Technology to identify emerging news trends
Nomoséire Ltd Financial Software Solutions
Nortev Ltd Veterinary Medical Device
Name of Company Nature of Business
20 Seed & Venture Capital Programme 2013 Report
Name of Company Nature of Business
Nova Language Solutions Ltd Provider of quality translation services
Novate Medical Ltd Medical Devices
Omnimotion Technology Ltd Creation of motion control simulations, services & games
Oncircle Inc Electronic Currency System
Onformonics Ltd Compliance Management Solutions for Payment Cards
Onlinetradesmen.com Ltd Online Marketplace for Qualified Trade Professionals
Openplain Ltd Software
Opsona Therapeutics Ltd Medical Devices
Orchestrate Inc Databases as a service
Ozmo Devices Ltd Low power WiFi solutions
Palyon Medical Corp Ltd Medical Devices
Pharmatrin Ltd Drug-Development Company
Picturk Ltd Web portal for camera clubs
Pilot Photonics Ltd Optical communications hardware
PQ Bypass Irl Ltd Medical Devices
PR Slides Ltd International Image hub & press office connecting brands to the media
Profitero Ltd ICT Sales Analytics
Provesica Ltd Biopharmaceutical Company
Qstream Inc Enterprise eLearning
Quanta Fluid Solutions Ltd Home Haemodialysis System
Quixey Ltd Search engine for apps
Radisens Diagnostics Ltd Medical Diagnostics
Rainmaker Business Technologies Ltd Realtime operations support platform for airlines
Rapt Holdings Ltd Development of optical multi-touch technologies
Renewable Energy Dynamics Holdings Ltd Development of VRB batteries
ResourceKraft Ltd Energy Management Software
Restored Hearing Ltd Hearing research & development
San Central Ltd Child Tracking system
Sarsol Ltd Service to enable group offer merchants to manage customers online
Scurri Web Services Ltd Internet based web services
Sensipass Ltd Authentication As A Service
Sensl Technologies Ltd Low Light Detector Solutions
Senubo Ltd Software design and software provider
Serviceframe Value Management Ltd Automated Management Software
Sillicon Blue Ltd Mobile Devices
Silvercloud Health Ltd Web based platformfor mental healthcare
Sim Travel Ltd Mobile Devices
Sixminute Studios Ltd Casual Games Studio
Skillpages Holdings Ltd Web based platform for service providers
Socrates Healthcare Ltd Provider of practice management software to GPs and Hospital Consultants
Name of Company Nature of Business
21Seed & Venture Capital Programme 2013 Report
Name of Company Nature of Business
Solarprint Ltd Development of novel 3rd generation printable flexible solar cell technology
Sonex Metrology Ltd Semiconductor Defect Metrology
Sonru Ltd Online Video Technology
Sophia Search Ltd Text analytics solutions for metadata generation
Sota Orthopaedics Ltd Mobile Devices
Soundwave Analytics Ltd Smartphone music analytics app
Spineguard Ltd Medical Devices
Sport Authority Ltd Premium video content with top sports tips and expert betting analysis
Storyful Ltd Media
Surgacoll Technologies Ltd Medical Devices
Swwbp Ltd Manufacture of innovative whiteboard paint
Syncrophi Systems Ltd Wireless patient moitoring technology
Tapastreet Ltd Social Network Search Engine
TCAS Online Ltd software for managing student accommodation
Terminalfour Solutions Ltd Corporate Software
The Semantic Search Company Ltd Cloud hosted solution that manages digital B2B catalogue information with semantic search capability
The Turning Institute Ltd Online programmes for mental health specifically eating disorders
Trustev Ltd Fraud management for online payments
Ultra High Vacuum Solutions Ltd Equipment & tooling design for thin film nanotech application
Veryan Endovascular Ltd Solutions for Vascular Disease
Video Elephant Ltd Online B2B marketplace for audio-visual content
Vigill Alerts Ltd Web service & integrated smartphone app to help combat payment card fraud
Visible Thread Ltd Document Intelligence Tooling for IT Initiatives
Visor Ltd Online Accounting Software
Vivasure Medical Ltd Medical Devices
Wave Break Media Ltd Stock-Video Footage
Weshop Ltd Internet Service Company
Whipcar Ltd Car Rental Company
Wire-Lite Sensors Ltd Energy Management Solutions
Worldnettps Ltd Payment Software
Xcelerator Ltd Machine Translation Service
Xention Ltd Biopharmaceutical Company
Xi (Research & Development) Ltd Revenue assurance & fraud detection software for telecom sector
Xtra-Vision Ltd Consumer Products & Services
Zamano Plc Interactive Mobile Applications
Zapa Technology Ltd Payments Technology Company
Zinc Software Ltd Developer of hardware/software for health & wellbeing lifestyle solutions
Name of Company Nature of Business
23
Investments for Year 2013 – Cumulative from Commencement of Programme to December 2013
NAME OF FUND FUND SIZE NUMBER OF TOTAL NUMBER OF TOTAL INVESTMENTS INVESTED INVESTMENTS INVESTED 2013 2013 2001-2013 2001-2013 €’000s €’000s €’000s
AIB Equity Fund 2002* 0 0 0 3 807
Atlantic Bridge Ventures 98,500 3 820 75 84,296 Limited Partnership**
Bank of Ireland Kernel Capital 27,325 8 1,081 59 19,034 Partners Private Equity Fund
BOI Venture Capital Ltd 7,960 0 0 14 7,960
Delta Equity Fund II Limited 90,000 3 935 210 79,939 Partnership
Enterprise Equity Investment 15,000 0 0 52 10,750 Fund Ltd
Enterprise Equity Seed Capital 7,000 0 0 51 7,133 Investment Fund
European BioScience Fund I 12,700 0 0 43 9,966
EVP Early Stage Technology Fund 10,000 0 0 25 8,549
ICC Regional Venture Capital Fund 7,620 0 0 17 7,618
Seroba BioVentures (Irish 20,000 1 350 45 15,166 BioScience Venture Capital Fund)
The Guinness Ireland Ulster Bank 19,000 0 0 38 11,831 Equity Fund Limited Partnership
The HotOrigin Fund 1* 2,100 0 0 3 660
Trinity Venture Fund 2* 138,700 0 0 59 80,038
4th Level Ventures University 17,180 0 0 71 14,005 Seed Fund Limited Partnership
Total 473,085 15 3,186 765 357,752
* Fund closed
** €67.5 million of the Atlantic Bridge Ventures Fund relates to the Seed and Venture Capital Programme 2007 - 2012.
Seed & Venture Capital Programme 2013 Report
24
TYPE NUMBER OF TOTAL INVESTED % OF TOTAL AMOUNT INVESTMENTS €’000s INVESTED
VENTURE CAPITAL FUNDS
Start Up 301 88,928 24.86%
Early Stage 374 178,248 49.82%
Development 90 90,576 25.32%
Total 765 357,752 100.00%
Analysis of Investments by Stage of Development – Cumulative to December 2013
NUMBER OF INVESTMENTS Breakdown of Investments – Cumulative to December 2013 (by number)
AMOUNT OF INVESTMENT Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Seed & Venture Capital Programme 2013 Report
Development 90
Early Stage 374Start Up 301
Development 25.32%
Early Stage 49.82% Start Up
24.86%
Regional Breakdown of Investments – Cumulative to December 2013
25
REGION NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
Border 8 1,688 0.47%
Dublin & County 335 179,696 50.23%
Mid East 16 5,843 1.64%
Mid West 35 9,115 2.55%
Midlands 8 7,070 1.98%
South East 11 5,832 1.63%
South West 146 47,912 13.39%
West 107 25,833 7.22%
Other 99 74,763 20.90%
Total 765 357,752 100.00%
Regional Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Seed & Venture Capital Programme 2013 Report
Dublin & County 50.23%
Border 0.47%
Mid East 1.64%Midlands 1.98%
South East 1.63%
Mid West 2.55%
West 7.22%
South West 13.39%
Other 20.90%
Sectoral Breakdown of Investments – Cumulative to December 2013
SECTOR NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
Communications 182 108,229 30.25%
Food 4 781 0.22%
Life Sciences 223 65,379 18.27%
Manufacturing 4 1,598 0.45%
Software 324 170,075 47.61%
Miscellaneous 28 11,650 3.26%
Total 765 357,752 100%
26
Sectoral Breakdown of Investments – Cumulative to December 2013 (by number)
Sectoral Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Seed & Venture Capital Programme 2013 Report
Food 4
Life Sciences 223
Manufacturing 4
Software 324
Communications 182
Miscellaneous 28
Food 0.22%
Life Sciences 18.27%
Manufacturing 0.45%
Software 47.61%
Communications 30.25%
Miscellaneous 3.26%
Investments Per Year – Cumulative to December 2013
YEAR INITIAL INVESTMENT FOLLOW-ON INVESTMENTS TOTAL CUMULATIVE NUMBER €’000s NUMBER €’000s €’000s % €’000s
2001 19 25,648 9 6,157 31,805 8.90% 31,805
2002 16 17,403 26 11,886 29,289 8.20% 61,094
2003 33 20,146 40 12,574 32,720 9.16% 93,814
2004 27 19,729 56 18,972 38,701 10.83% 132,515
2005 28 17,673 72 32,901 50,574 14.16% 183,089
2006 21 31,713 79 35,348 67,061 18.77% 250,150
2007 6 22,747 81 21,582 44,329 12.41% 294,479
2008 1 4,060 86 21,232 25,292 7.08% 319,771
2009 0 0 50 12,128 12,128 3.40% 331,899
2010 0 0 53 13,225 13,225 3.70% 345,124
2011 0 0 28 6,995 6,995 1.96% 352,119
2012 0 0 19 2,446 2,446 0.68% 354,566
2013 0 0 15 3,186 3,186 0.89% 357,752
Total 151 159,119 614 198,632 357,752 100.00%
Seed & Venture Capital Programme 2013 Report
Investments Per Year – Cumulative to December 2013 (by invested amount)
€m 360
330
300
270
240
210
180
150
120
90
60
30
02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Year
Initial Investment Follow-on-Investment Total Cumulative
27
28
Atlantic Bridge Limited Partnership (ABVEN I)
Atlantic Bridge Limited Partnership (ABVEN I) is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. ABVEN I has been actively investing since 2005. The Fund is closed to new investments but continues to make follow on investments in existing portfolio companies.
Fund Size: €98.5 million
Fund Manager: Atlantic Bridge GP Limited
Contact: Elaine Coughlan 31 Kildare Street Dublin 2
Tel: +353 (0)1 6034450
Fax: +353 (0)1 6425661
E-mail: [email protected]
Web: www.abven.com
Bank of Ireland Kernel Capital Partners Private Equity Fund
This €27 million fund has an investment policy to invest in Irish companies in ICT, Telecoms, Healthcare, Life Sciences and General Industry. Investments are in the range of €250,000 to €3,000,000. This fund is now fully invested.
Fund Size: €27 million
Fund Manager: Kernel Capital
Contact: Denise Sidhu Partner Rubicon Centre, Rossa Avenue Bishopstown Co. Cork
Tel: +353 (0)21 4928974
E-mail: [email protected]
Web: www.kernel-capital.com
Seed & Venture Capital Programme 2013 Report
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Delta Equity Fund II Limited Partnership
Delta Partners, an early stage technology venture capital firm, based in Dublin invested its third fund, the €90m Delta Equity Fund II Limited Partnership. The fund is closed to new investments and continues to make follow-on investments in existing portfolio companies.
To date, the majority of investments from Delta’s funds have focused on start-up and early stage technology investments in Communications Technologies, Software and Life Sciences.
Fund Size: €90 million
Fund Manager: Delta Partners
Contact: Dermot Berkery or Maurice Roche Media House South County Business Park Leopardstown Dublin 18
Tel: +353 (0)1 2940870
Fax: +353 (0)1 2940877
E-mail: [email protected]
Web: www.deltapartners.com
European Bioscience Fund I
The European BioScience Fund I, managed by North Wall General Partners Ltd. was established in 2002. The European BioScience Fund I invests in seed and early stage opportunities in the Bioscience sector. This fund is now closed for new investments.
Fund Size: €12.7 million
Fund Manager: North Wall General Partners Ltd
Contact: Michael Donnelly The Warehouse 34 Barrow St Dublin 4
Tel: +353 (0)1 6392922
E-mail: [email protected]
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Enterprise Equity Venture Capital Group
Enterprise Equity Venture Capital Group manages Enterprise Equity Investment Fund (€15m) and Enterprise Equity Seed Capital Fund (€7m). These two funds are now closed for new investments but continue to make follow-on investments in existing portfolio companies.
Dublin Office
Contact: Conor O’Connor The Media Cube Kill Avenue, Dun Laoghaire Co. Dublin
Tel: +353 (0)1 2145606
Fax: +353 (0)1 2845793
E-mail: [email protected]
Web: www.enterpriseequity.ie
Galway Office
Contact: Rory Hynes Corporate House Ballybrit Business Park Galway
Tel: +353 (0)91 747512
Fax: +353 (0)91 764615
E-mail: [email protected]
Web: www.enterpriseequity.ie
Seed & Venture Capital Programme 2013 Report
Tom Shinkwin The Media Cube Kill Avenue, Dun Laoghaire Co. Dulbin
+353 (0)1 2145606
+353 (0)1 2845793
www.enterpriseequity.ie
Cork Office
Frank Walsh Hoffmann Park Little Island Co. Cork
+353 (0)21 4510225
www.enterpriseequity.ie
31
EVP Early Stage Technology Fund
The EVP Early Stage Technology Fund was established in 2002. The Fund invests in early stage High Potential Start-up (HPSU) companies in the Information, Communications and Technology (ICT) Sector.
This fund is now closed for new investments.
Fund Size: €10 million
Fund Manager: EVP Management Ltd
Contact: Gerry Jones Executive Venture Partners “The Arches” Carpenterstown Road Castleknock Dublin 15 Ireland
Tel: +353 (0)1 6639206
Tel Mobile: +353 (0)86 2429993
E-mail: [email protected]
Web: www.evp.ie
Seroba BioVentures (The Irish BioScience Venture Capital Fund)
The €20 million Irish BioScience Venture Capital Fund is a specialist Life Science fund managed by Seroba BioVentures. The fund focuses on early-stage Life Science companies on the island of Ireland with investments typically in the €200,000 to €2,000,000 range. The fund is now closed for new investments but continues to make follow-on investments in existing portfolio companies.
Fund Size: €20 million
Fund Manager: Seroba BioVentures
Contact: Peter Sandys 15 Molesworth Street Dublin 2
Tel: +353 (0)1 6334028
Fax: +353 (0)1 6779388
E-mail: [email protected]
Web: www.seroba-kernel.com
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The Guinness Ireland Ulster Bank Equity Fund Limited Partnership
The Guinness Ireland Ulster Bank Equity Fund Limited Partnership is a €19 million fund set up in 2001. It is a follow on to the Guinness Ulster Bank Equity Fund Limited Partnership fund set up in 1997. This fund is now fully invested.
Fund Size: €19 million
Fund Manager: Investec Ventures Ireland
Contact: Michael Murphy / Leo Hamill / Derek Crawley The Harcourt Building Harcourt Street Dublin 2 Ireland
Tel: +353 (0)1 4210000
Fax: +353 (0)1 4210500
E-mail: [email protected] / [email protected] / [email protected]
Web: www.investec.ie
4th Level Ventures University Seed Fund Limited Partnership
4th Level Ventures University Seed Fund was established in 2002. Investees are high potential businesses in the seed or early stage of their development arising out of research in Irish third level institutions.
The fund investments are in the Life Sciences, Material Sciences, Technology and information, Communications and Technology (ICT) sectors. The fund is closed for new investments.
Fund Size: €17.18 million
Fund Manager: 4th Level Ventures Ltd
Contact: Alan Wall / Conor Maguire 75 St. Stephen’s Green Dublin 2
Tel: +353 (0)1 6333838
Fax: +353 (0)1 6333889
E-mail: [email protected] / [email protected]
Seed & Venture Capital Programme 2013 Report
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2PM Technologies Ltd. Telecom Technology
A.E.S. Ltd. Waste management solutions for household and commercial waste
Accuris Ltd. Provider of smart fixed-mobile convergence technology to the global telecommunications market
Acision BV Mobile Software
Advanced Manufacturing Control Systems Ltd. Software and hardware platform for the delivery of weighing and identification solutions for the waste industry
AEP Systems Ltd. Security and acceleration hardware products
AePONA Group Ltd. Standards based telecommunications middleware software
AGI Therapeutics Ltd. Therapeutic products to treat gastroenterological diseases and disorders
Aimware Ltd. Team Collaborative Software
Aircraft Management Technologies Ltd. ASP maintenance operation solutions provider to the aviation industry
Alatto Technologies Ltd. Telecoms Software & Services
Alimentary Health Ltd. Biotechnology development of medical products
Altamedius Ltd. (formerly Artic Web) Secure payment technology platform for both electronic and mobile transactions
AMT3D Ltd. 3D digital computer models of key urban environments using hardware and software technology
Audio Processing Technologies Holdings Ltd. Audio Compression Technology
Beocare Ltd. Development and supply of high value healthcare textiles
Bio Observation Systems Ltd. t/a PixAlert Provider of monitoring software and e-security solutions
Bio-Medical Research Ltd. Personal care & medical products market
Biomonitor Ltd (formerly nEutekBio Ltd.) Medical diagnostic and therapeutic company
Biosensia Ltd (formerly Nanocomms Ltd.) Supplier of integrated polymer enabled products
Bocom International Ltd. Provides content and advertising via large plasma screens located in retail and other premises
Cellix Ltd. Cellix develops and manufactures instrumentation for use in laboratories engaged in drug discovery, diagnostics and medical research
Celtic Catalysts Ltd. Provides products and services to the pharmaceutical and fine chemical industries
Celtrak Ltd. Design, development and marketing of telematics services
Investee Companies
Name of Company Nature of Business
Seed & Venture Capital Programme 2013 Report
Changing Worlds Ltd. Personalisation Software
Channel Six Ltd. TV Broadcaster
Chipsensors Ltd. (formerly Cration Ltd.) Production of wireless semi-conductor temperature/ humidity/gas sensors
Cibenix Ltd. Provides solutions for mobile phone companies
CR2 Ltd. Banking Software Solutions
Crescent Diagnostics Ltd. Medical Devices
Diabetica Ltd. Development of therapeutics for diabetes and obesity
Digisoft.tv Ltd. Provider of Software platform for digital TV
Duolog Holdings Ltd. Silicon design & software services
E Manage IT Ltd. t/a Iquate Network management software manufacturer
eBizz Consulting plc Systems integration consulting company addressing the demand for highly skilled business professionals
Eclipse Clinical Technologies Ltd. e-process contract research organisation
Edonware Ltd. (formerly Headway Software Ltd.) Source code visualisation tools for Java and C++ developers, which simplifies the management of software development
Efitness Holdings Ltd. t/a Therapie Group Medical, beauty and health treatments
EMF Ireland Ltd. Manufacturer of MOCVC reactors
Envivio Inc. Mobile Infrastructure
Farran Technology Ltd. Designs and manufactures a wide range of millimetre-wave components and sub-systems.
Firecomms Ltd. Photonics company developing optical data transmission
Fixnetix Ltd. Delivering stock market data feeds for financial institutions
Fluorocap Ltd. Development of biochip for biotech & life science industries
FMC Tech Ltd. Monitoring of mid-voltage distribution networks remotely for electricity utilities
Gas Sensor Solutions Ltd. Innovative gas senor technologies
Glonav Ltd. Fabless semiconductor company focused on GPS market
Glysure Ltd. Developing a continuous glucose monitoring device for use with patients in intensive care units
H2Hcare Ltd. Developing software for healthcare industry
Heartscape Ltd. Medical Devices
HomeNet Communications Ltd. Provider of video streaming solutions for wireless and telecom networks
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Name of Company Nature of Business
Seed & Venture Capital Programme 2013 Report
IdentiGEN Ltd. Provider of DNA based solutions to the Agri-food Industry
Instinct technology Ltd. (formerly Torc Interactive Ltd.) Games Middleware
It’s TV Licence application to operate wireless digital terrestrial services (multi-channel TV, broadband internet and voice) in Ireland
Jackie Skelly Fitness Ltd. Fitness Centres
Kadius Systems Ltd. Web content management software vendor
Labcyte Europe Ltd. A nanotechnology company developing innovative (formerly Allergo Technologies Ltd.) technologies for dispensing minute droplets of liquid t/a Deerac Fluidics Technologies
LeCayla Technologies Ltd. Utility priced billing solutions
LeT Systems Ltd. Network management software for electrical utilities (formerly Lakefield eTechnologies Ltd.)
Magnetic Solutions Ltd. Tool and process vendor to the semi-conductor and disk drive industries
Medicom Ltd. Practice management systems for medical consultants
Merrion Biopharma Ltd. Pharmaceutical company based upon proprietary technologies for oral drug delivery
Metamusic Ltd. t/a Meiticheol Teo Developing a video-driven soundtrack composition system
Microsol Ltd. Monitoring solutions for the telecoms industry
Mid Media Ltd. Media Publications
Mini Storage Holdings Ltd. Self Storage
MPStor Ltd. IT storage
m-spatial Ltd. Personal navigation using mobile devices
Nanotech Semiconductor Ltd. Supplier of PLC solutions
Neoss Ltd. Designs and manufactures dental implants
Nero AG Portable digital media devices
NeuroCure Ltd. NeuroCure is an pharmaceutical company developing new uses and formulations of known drugs
Newcourt Group Ltd. Provides security and recruitment services
NitroSell Ltd. eCommerce Software
Norkom Technologies plc Analytical applications software
Nova Science Ltd. Medical Devices
Novate Medical Ltd. Medical Devices
Nualight Ltd. Delivers innovate technology and high performance LED lamps
35
Name of Company Nature of Business
Seed & Venture Capital Programme 2013 Report
O’ hEocha Design Ltd. Designs and manufactures wireless speakers and related technology
OpenMind Networks Ltd. Wireless Messaging Products
Opsona Therapeutics Ltd. Development of therapeutics for inflammatory diseases
Optical Metrology Holdings Ltd. Optical Metrology Solutions
Optigen Technologies Ltd. t/a Genable Technologies Gene Therapy
Orakine Ltd. Bio-Medical Company
Orbo Technologies Ltd. Provides data communications and security systems
Panda Security International S. L. Security Software
Pharmatrin Ltd. Biotech involved in the development of novel synthetic compounds
Phonecard Warehouse Ltd. Electronic vending of prepaid mobile airtime
Polarlake Ltd. Development and sale of XML tools for Java developers
Powervation Ltd. Development and supply of power controllers for routers and servers
Prediction Dynamics Ltd. Provides risk management software
Prime Carrier Ltd. Rate/route management, least cost routing and automatic update of telecoms switches for route changes
PXIT Ltd. (formerly Tsunami Photonics Ltd.) Development and sale of software to characterise and control laser transmitters for optical telecommunications networks
Qumas Ltd. Compliance software for regulated industries
RedMereTechnology Ltd. Fabless semiconductor company specializing in high-speed, very low-power products for consumer multimedia applications
Rococo Software Ltd. Wireless Networking Software
Scientific Systems Ltd. t/a Stratum Analytical Semi conductor process software.
SeeWhy Software Ltd. Business activity monitoring software
Selatra Ltd. Distributor of gaming products for mobile phones.
SensL Technologies Ltd. SensL is developing a range of silicon based, solid state, photon counting sensors and modules
Sepro Telecom Int. Ltd. Rating and billing software for the telecommunications industry
Shenick Network Systems Ltd. Telecommunications
SigmaX Ltd. Development and marketing of design software solutions for the structural engineering industry
Similarity Vector Technologies (Sivtech) Ltd. Data quality software products and professional t/a Similarity Systems services, primarily for the data management sector
36
Name of Company Nature of Business
Seed & Venture Capital Programme 2013 Report
Smart Yureo Broadband Ltd. Telecoms Provider
Steeltrace Ltd. Software Engineering Tools
Stokes Bio Ltd. Development of microfluids based diagnostic systems for the genetic diagnosis of cancer
Surfkitchen Inc. (formerly Calaba) Development and sale of operating system platforms and applications to organisations active in the main market portal business
Swift Fine Foods Ltd. Manufacture of meals in volume for catering using a sous vide type manufacturing process
Technology from Ideas Ltd. Commercialisation of technology ideas within Irish Universities
Telecommunications and Computer Computer network solutions to corporate customers Services Ireland Ltd. (TCSI) and web based telephony services
Telekinesys Research Ltd. t/a Havok Computer games and animation software
The TAS Group (formerly Select Selling Ltd.) Sales Methodology Software
Topchem Laboratories Ltd. Contract research laboratory serving the Pharmaceutical Industry
Travelonomy Ltd. (formerly TravelFAT Ltd.) Travel industry software
TreeMetrics Ltd. Development technology solutions for the forestry industry.
TriMed Research Ltd. (TriMed) Development of therapeutics for infective and viral diseases
Two Ten Health Ltd. Administration and clinical management systems for use in dental schools and hospitals.
Valista Ltd. (formerly Network 365 Ltd) Mobile Payment Infrastructure
Visor Ltd. Designing and implementing accounting, management reporting, and ERP systems
Vivasure Medical Ltd. Medical Devices
Voxsurf Ltd. Sale and development of a software platform allowing access to internet content using multiple interfaces (voice, WML, HTML)
Vysera Biomedical Ltd. Medical Devices
Xancom Ltd. t/a Lightstorm Networks Fabless networking semiconductor company
Xiam Ltd. Provides software to mobile operators and mobile data service providers
Zerusa Ltd. Medical Devices
37
Name of Company Nature of Business
Seed & Venture Capital Programme 2013 Report
Overview
REGION TOTAL INVESTED % OF TOTAL €’000S INVESTED
Border 2,868 2.22%
Dublin 91,193 70.55%
Mid East 6,646 5.14%
Mid West 4,567 3.53%
South East 4,063 3.14%
South West 13,853 10.72%
West 4,916 3.80%
Midlands 1,158 0.90%
Total 129,264 100.00%
REGION TOTAL INVESTED % OF TOTAL €’000S INVESTED
Life Science 7,702 5.96%
Communications 16,837 13.03%
Manufacturing 7,186 5.56%
Software 91,998 71.17%
Miscellaneous 3,497 2.71%
Food 2,044 1.57%
Total 129,264 100.00%
39
The EU Seed and Venture Capital Measure, under the Operational Programme for Industrial Development 1994 - 1999, which was co-financed by the European Regional Development Fund (ERDF), was set up with the objective of establishing Venture Capital Funds to provide early stage, small and medium-sized growth oriented enterprises in Ireland with equity capital. Fifteen venture capital funds were established under this Programme.
Under the Programme, €129 million was invested in 146 companies. Investment in regionally located projects outside Dublin totalled €38 million (29%). Investment in software related projects totaled €92 million (71%).
A list of the amount invested by the various funds established under this Programme is set out on the following page
Enterprise Ireland has overall responsibility for the management and reporting of the Programme. All investment decisions are made by private sector Venture Capital Fund Managers. These funds are now closed for new investment but continue to be managed to achieve exits.
Regional Breakdown of Investment 1996-2013
Sectoral Breakdown of Investment 1996-2013
Seed & Venture Capital Programme 2013 Report
40
NAME OF FUND FUND SIZE NUMBER OF TOTAL INVESTED INVESTMENTS 1996 - 2013 1996 - 2013 €’000’s €’000’s €’000’s
ACT Enterprise Limited Partnership 19,046 61 18,630
Alliance Investment Capital Fund * 9,523 14 8,104
Bank of Ireland Entrepreneurs Fund 12,697 102 10,909 Limited Partnership
Campus Companies Venture Capital 7,618 47 4,800 Fund Limited Partnership
Dublin Seed Capital Fund Ltd * 7,618 49 4,159
eircom enterprise fund ltd * 2,539 24 2,686
Glanbia Investment Fund Ltd 6,349 26 4,657
Irish BICs Seed Capital Fund Ltd * 1,905 8 914
Millennium Entrepreneur Fund Ltd * 1,524 18 1,220
Shannon Ventures Ltd * 254 3 77
Smurfit Venture Investments Ltd * 3,809 16 3,087
The Guinness Ulster Bank Equity 7,618 29 6,602 Fund Limited Partnership *
The ICC Software Fund 12,697 18 13,729 Limited Partnership (1) *
The ICC Software Fund 30,558 35 30,553 Limited Partnership (2)
Trinity Venture Fund 1 * 24,125 66 19,137
Total 147,880 516 129,264
* Fund closed
Summary of Investments from Commencement of Programme to December 2013
Seed & Venture Capital Programme 2013 Report
41
Seed and Venture Capital Funds Committee
Julie Sinnamon (Chairperson) DirectorGlobal Business DevelopmentEnterprise Ireland
Niall O’DonnellanDivisional ManagerPolicy, HRD & InvestmentEnterprise Ireland
Eamonn May Department ManagerBanking Relationships and Growth CapitalEnterprise Ireland
Lisa VaughanDivisional ManagerScaling & HPSUEnterprise Ireland
Don Harrington Director Corporate FinanceGoodbody Stockbrokers
Tony HaslamConsultant
Páraig HennessyDepartment of Jobs, Enterprise & Innovation
Eileen McGoldrick Secretary to the Committee
Seed & Venture Capital Programme 2013 Report