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PorterShed officially launches the AI Venture Forge Accelerator, a rigorous 12-week programme designed to bring Ireland's AI-first startups and corporate innovation teams towards real commercial traction and investor readiness. Adapted from the globally proven Disciplined Entrepreneurship model, AI Venture Forge is geared towards startups and innovation teams where AI is not simply an add-on, but the beating heart of the product. In a market increasingly saturated with superficial AI applications, this programme sets a higher bar, backing companies that are building transformative technologies rather than riding the latest hype wave. Speaking on the launch, Mary Rodgers, CEO of PorterShed, said: "The noise around AI is deafening, however, very few companies are truly innovating at a deep technical level. AI Venture Forge is about cutting through the noise and backing teams with the technical ability and vision to redefine industries." Delivered both onsite in Galway City and virtually by the experienced PorterShed Programmes team and led by Programme Manager Dushyant Singh, AI Venture Forge is designed with an international focus from the outset. During the programme, participating teams will travel to either London or Paris - two cities currently vying for the title of Europe's AI Capital - to deepen market understanding, build networks, and develop a "born global" mindset. Following the programme, during the three-month post-programme off-ramp phase, companies will travel to San Francisco to focus on fundraising, sales pipeline building, and US expansion. The launch of the AI Venture Forge follows PorterShed's year-long strategic investment into AI innovation capacity-building in the West of Ireland. Beginning with the GenAI Hackathon in June 2024, through to its regional partnership role in the National AI Challenge (led by TechIreland) and the introduction of an AI stream in the NDRC Founder Weekend in September, PorterShed has spent the past year foregrounding AI innovation not as a tech trend, but as a driver of Ireland's future economic competitiveness. Reflecting on the learnings from this foundational work, Programme Manager Dushyant Singh commented: "We saw a clear distinction between teams using AI for real product innovation and those applying AI superficially. The Programme is designed to work with technical teams building infrastructure and applications that will define industries in five years' time, not just bolt-on features. This programme will be supported by AI experts and founders, who will be on site to give mentorship, feedback and provide supports". The search for participants will be nationwide, assisting with the 'talent search' and programme will be the RDI Hub in Kerry, Republic of Work in Cork and Dogpatch Labs in Dublin. Applications to the AI Venture Forge are now open. Successful applicants will receive six months' membership at PorterShed and direct access to a network of industry experts, investors, and peers driving the future of AI-first innovation. For more information and to apply, visit: https://portershed.com/ai-venture-forge/ More about Irish Tech News Irish Tech News are Ireland's No. 1 Online Tech Publication and often Ireland's No.1 Tech Podcast too. You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: https://anchor.fm/irish-tech-news If you'd like to be featured in an upcoming Podcast email us at Simon@IrishTechNews.ie now to discuss. Irish Tech News have a range of services available to help promote your business. Why not drop us a line at Info@IrishTechNews.ie now to find out more about how we can help you reach our audience. You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.
€283 Million was invested into 103 Irish Tech Companies in Q3, up 79% compared to the same quarter last year. The period also saw 103 companies raise investment, up from 67 companies in the same quarter last year. These promising results follow the record Q2 when companies raised a total of €383M. Overall, Irish tech funding to date is very promising. However, as always, the large outliers dominate the numbers. In the last quarter it was Lets'GetChecked, the Dublin and New York-based company that raised €138 M in debt, accounting for more than half the total raised. If we exclude Let'sGetChecked, the overall funding in Q3 dropped to €144M, down 10% from the amount raised in Q3 last year. It is encouraging that one Irish company has made it to the top of the funding tables globally, but the drop in funding, when we exclude the outlier, tempers any temptation to be complacent. Funding for late seed and Series A (€1M to €4M) was similar to the same period last year and was up in quarter 2. It is encouraging to report that investments at this critical stage have picked up, suggesting that support for early-stage tech projects continues to be on track. For larger rounds, Q3 2024 was one of the best third quarters in many years (other than 2021, the year that broke all records!). In terms of regional spread, 2024 is shaping up to be one of the best years ever. For the first time, Q3 saw Dublin sinking from the number one spot (if you ignore Let'sGetChecked). Galway continues to shine as a real tech hot spot. Data compiled on the regions and sectors does not include some undisclosed rounds and rounds with undisclosed amounts. It was a great quarter for tech companies with women founders. Women-founded startups accounted for over 30% of the total funding excluding the outlier, largely due to two sizable rounds by Croivalve (€14.6 M) and Luminate Medical (€13.6 M). One quarter in itself doesn't change the tide. While Q1 2024 saw a poor start, the following two quarters have provided us with reason to believe that the year will end on a positive note. TechIreland's annual startup funding report is due early in 2025, with a detailed analysis of the number of rounds by sector, region, founder diversity, and emerging technologies.
2023 saw a Significant Drop in Tech Funding, but Ireland Still Outperforms Most Other European Regions in Support for Women-led Startups in this report launched for International Women's Day. Data from TechIreland's recent report shows that a record number of 77 Irish women-founded startups fundraised last year, up from 72 in 2022. However, the total amount raised dropped to €93 million, down from a record €234 million raised the previous year. 2023's total was also the lowest in the last four years. This can be attributable to the global slowdown in startup funding, and headwinds Irish tech companies are facing. Overall funding for Irish startups dropped last year, with average deal size falling 50%, similar to the drop in average seen among women-founded startups. International Women's Day, and the situation in Ireland However, there's reason to be optimistic about female founded startups. The numbers for early stage rounds including pre-seed, seed and Series A have held up well and the average deal sizes in these early rounds has increased. Early stage support by Enterprise Ireland, LEOs and other programmes including NDRC's Accelerator and Pre-Accelerators deserve credit for nurturing a strong pipeline of new startups. This year's report also compares female founders' funding in Ireland with other European countries. In per capita terms, Ireland gets the top spot for the number of rounds reported by women-founded startups. Furthermore, even in absolute terms, we rank among the top 10 European countries for total investments raised as well as the number of deals. However, total investments that went into our women-founded startups seriously lags behind countries like the UK, Germany and France. A deep-dive into the numbers shows that the overall drop in funding among women-founded startups came from a drop in the number of large rounds above €10 million. In previous years, such large outliers had inflated total funding numbers whereas in 2023 there were only two such large outliers. Tipperary based Shorla Oncology raised €31 million and Dublin's ProVerum Medical raised €15 million. As in most previous years, nearly half of all the funding raised in 2023 were made by the top two outliers. In 2022, the outliers made up 66% of the total, so 2023 totals were less skewed in that sense. In terms of sectors, HealthTech continues to top the table with 37 companies raising a total €77 million, although the total raised dropped from €166 million in 2022. Consistent with startup funding overall, Enterprise Solutions startups saw a sharp fall in funding with 9 startups raised just €2.9 million, down from €43 million by 16 the previous year. With no large outliers, FinTech also saw a drop in funding from €72 million (2022) to €3.9 million (2023). In 2022, TransferMate Global Payments had raised €66 million. Most other sectors held up but from an already low baseline. In terms of the regions, about 50% of the total funding went into the regions outside Dublin, but a large share of the regions funding is made by one outlier as Tipperary's Shorla Oncology raised €31.8 million. Of the 77 women-founded companies that fundraised, 35 were based in the regions outside Dublin. Again, the seeding of new startups in the regions is promising, and it is encouraging that the pipeline of young startups founded by women entrepreneurs is strong and growing in the regions. Northern Ireland based startups raised less than a million, however of the 4 to 5 rounds reported, most did not disclose the amounts raised. Responding to the report; Chief Executive of TechIreland, John O'Dea said, "This year for the first time, TechIreland's report includes European benchmarking. While it's encouraging to see Ireland rank among the top European countries, there is a sharp drop in total funding. Global startup funding slowed last year and we are not immune to such macroeconomic headwinds, but that said, there is clearly more work to be done to support our female fo...
Supported by Technology Ireland, InterTradeIreland and Skillnet Ireland, TechIreland has launched a new initiative called the RestartBizMap. It’s an interactive map featuring innovative technology solutions to enable businesses to operate in these disruptive Covid times. The project aims to encourage technology adoption by the industry, promote homegrown tech innovation and connect technology providers to industry sectors: retail, manufacturing and services. A hundred tech companies on the island have already added their ‘restart solutions’ to the Map. To encourage technology adoption, a directory of restart solutions will be promoted widely. TechIreland is also reaching out to the industry to identify their ‘restart requirements’, these requirements will be shared with relevant tech providers. RestartBizMap listing is a free service to bring tech providers and tech seekers closer. The map focuses on 10 categories including remote working, new supply chains, reskilling/training, employee engagement, selling online etc. John O’Dea, CEO of TechIreland explains: We are aiming to connect Irish technology providers to adopters. Irish tech companies have a range of innovations to help industry adapt to the new post-covid requirements. At the same time, many companies are looking for new solutions, whether they are in construction or healthcare or the hospitality sector. Until now there hasn’t been an easy way for the two sides to connect. We hope this new directory will go some way towards helping them create new opportunities for the economy. Irish industry is keenly aware that innovation will be key to thrive in the new economy. Una Fitzpatrick, Director of Technology Ireland the technology trade association within Ibec notes that Ireland’s technology sector is the engine that will drive Ireland’s recovery. Industry in Ireland must continue to adapt to the ever-changing business environment. There are new innovative solutions being created every day to help companies shift their operations online while remaining productive and working remotely. Irish business is changing, and the Covid crisis has accelerated the change dramatically. While this is painful for many, it has the potential to raise the productivity of SMEs here and incentivise them to modernise and prepare for challenges such as the digital revolution and entry into export markets”. This is something that was needed anyway, as recommended in the recent DBEI / OECD report on entrepreneurship policy in Ireland. The #RestartBizMap is an all-island initiative that aims to foster cross-border collaboration. “These are challenging times for businesses in both Ireland and Northern Ireland,” said Aidan Gough, Chief Executive of InterTradeIreland. “Every sector is having to adapt to new realities and adopt different ways of working. But this is also a time of great opportunity for new technologies and solutions that can enable more sustainable and efficient ways of working. InterTradeIreland supports the RestartBizMap project and its potential to facilitate businesses on both sides of the border to connect and collaborate, through homegrown innovation-driven solutions.” In these times of dramatic change, employers recognise that they need to equip their staff with the tools and education needed to remain productive and optimistic when facing the new challenges. Mark Jordan, Chief Technologist of Skillnet Ireland, emphasises the importance of ongoing training of staff during these unprecedented times and notes that as business continues to evolve in this digital age, it is imperative for companies to prioritise talent and skills development more than ever, and ensure they are firmly aligned to transformational change strategies. At Skillnet Ireland, and in conjunction with our industry partners, we respond to the national skills needs by developing technology focussed learning programmes which will ensure the efficient integration of these innovative sol...
Last week, the HSE did a call-out for businesses who might be able to help them with the new challenges they’re facing at this time. They had a huge response, Intertrade Ireland and TechIreland have pulled together a map of many of the companies involved. We spoke to some of those businesses to find out how they’re helping.
TechIreland - John Beckett Forestry Partners by TechIreland
TechIreland - Brian Caulfield 2019 Year Review by TechIreland
John Beckett - Channelsight by TechIreland
TechIreland Tony Corrigan - Orbidal by TechIreland
H1 Funding 2019 - Brian Caulfield by TechIreland
Innovation Nation Edition 2019 - Cork Review with DC Cahalane by TechIreland
Innovation Nation Edition 2019 - AR/VR Review with Camille Donegan by TechIreland
Innovation Nation Edition 2019 - AI Review with Ken Finnegan by TechIreland
Innovation Nation Edition 2019 - Blockchain Review with Brendan Bonner by TechIreland
Innovation Nation Edition 2019 - Galway Review with Mary Rodgers by TechIreland
Innovation Nation Edition 2019 - Waterford Review with Elaine Fennelly by TechIreland
Innovation Nation Edition 2019 - Limerick Review with Mihai Bilauca by TechIreland
Innovation Nation Edition 2019 - Louth Review with Breanndan Casey by TechIreland
Innovation Nation Edition 2019 - Health Review with Dr. Helen McBreen by TechIreland
Innovation Nation Edition 2019 - Fintech Review with Anna Scally by TechIreland
Innovation Nation Edition 2019 - SaaS Review with Philipp Maucher by TechIreland
Innovation Nation Edition 2019 - IoT Review with Ronan Furlong by TechIreland
Innovation Nation Edition 2019 - CleanTech Review with Aideen O'Hora by TechIreland
Innovation Nation Edition 2019 - Dublin Review with Shay Garvey by TechIreland
100 Million Campaign discussion with Patricia Scanlon by TechIreland
Funding Review Edition 2019 discussion with Brian Caulfield by TechIreland
Female Founder Fridays - Ann Marie McSorley by TechIreland
Female Founder Fridays - Rena Maycock by TechIreland
Female Founder Fridays - Leonora O'Brien by TechIreland
Female Founder Fridays - Andreea Wade, Opening.io by TechIreland
Female Founder Fridays - Alison Stroh - Dr. Coy's by TechIreland
H1 2018 Funding Review with Brian Caulfield by TechIreland
Melanie Travis - Andie Swim by TechIreland
Ronan Perceval - Evergreen Man by TechIreland
CEO and founder of TechIreland Niamh Bushnell discusses why she set up TechIreland, how they gather the data for the TechIreland platform, the recent addition of 40 new Data Hubs to their search engine and much more
On Fundraising with Jules Coleman by TechIreland
Niamh Bushnell joins the show to talk about TechIreland, her journey to the US and home...and the art of storytelling!
Entertainment/Sports Innovation by TechIreland
Niamh Bushnell on the next steps for TechIreland
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