SEED AND VENTURE CAPITAL PROGRAMME 2013 REPORT
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
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.
2
Seed & Venture Capital Programme 2013 Report
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
Seed & Venture Capital Programme 2013 Report
3
SEED AND VENTURE CAPITAL PROGRAMME 2007–2012
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 2007-2013 2007-2013 €’000s €’000s €’000s
SEED FUNDS AIB Seed Capital Fund Limited Partnership
53,000
32
5,039
135
26,398
AIB Start-Up Accelerator Fund
22,000
20
3,394
41
8,762
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 Partnership
75,000
15
17,549
24
37,975
27,111
5
2,817
19
10,472
The Bank of Ireland Kernel Capital Growth Fund (ROI)
35,000
1
2,000
1
2,000
Delta Equity Fund III Limited Partnership
104,879
26
10,026
95
56,515
Fountain Healthcare Partners Fund I Limited Partnership
73,000
16
7,226
50
42,756
The Seroba Kernel Life Sciences Fund II Limited Partnership
75,070
14
6,228
44
35,255
The Ulster Bank Diageo Venture Fund Limited Partnership
75,000 12 11,253 37
40,624
SOSventures Ireland Fund Limited Partnership
20,000
4
850
4
850
The Frontline Venture Fund I Limited Partnership
20,202
10
4,171
11
4,362
Bank of Ireland Kernel Capital Partners Private Equity Fund II
Total
Seed & Venture Capital Programme 2013 Report
629,262
176
74,681
539
286,504
5
Analysis of Investments by Stage of Development – Cumulative to December 2013 TYPE
NUMBER OF TOTAL INVESTED % OF TOTAL AMOUNT INVESTMENTS €’000s INVESTED
SEED FUNDS Start Up Early Stage Development Total
TYPE
68
15,571
27.96%
186
40,124
72.04%
0
0
0.00%
254
55,695
100.00%
NUMBER OF TOTAL INVESTED % OF TOTAL AMOUNT INVESTMENTS €’000s INVESTED
VENTURE CAPITAL FUNDS Start Up Early Stage Development Total
116
69,445
30.09%
108
83,586
36.21%
61
77,778
33.70%
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)
Start Up 27.96%
Start Up 30.09%
Early Stage 72.04%
Early Stage 36.21% Development 33.70%
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Seed & Venture Capital Programme 2013 Report
Regional Breakdown of Investments – Cumulative to December 2013 REGION
Border
NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
2
600
0.21%
293
145,088
50.64%
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%
Dublin & County Mid East
Total
539
286,504
100.00%
Regional Breakdown of Investments – Cumulative to December 2013 (% by invested amount) Border 0.21%
Other 29.75%
Dublin & County 50.64%
West 10.24%
South West 3.59% South East 2.46%
Seed & Venture Capital Programme 2013 Report
Mid East 0.33% Mid West 2.79%
7
Sectoral Breakdown of Investments – Cumulative to December 2013 SECTOR
Communications
66
23,791
8.30%
Cleantech
20
6,623
2.31%
148
99,975
34.89%
5
3,359
1.17%
290
142,234
49.64%
10
10,522
3.69%
Life Sciences Manufacturing Software Miscellaneous Total
Sectoral Breakdown of Investments – Cumulative to December 2013 (by number)
8
NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
539
286,504
100%
Sectoral Breakdown of Investments – Cumulative to December 2013 (% by value)
Cleantech 20
Cleantech 2.31%
Communications 66
Communications 8.30%
Miscellaneous 10
Miscellaneous 3.69%
Software 290
Software 49.64%
Manufacturing 5
Manufacturing 1.17%
Life Sciences 148
Life Sciences 34.89%
Seed & Venture Capital Programme 2013 Report
Investments Per Year – Cumulative to December 2013
YEAR
INITIAL INVESTMENT
FOLLOW-ON INVESTMENTS
NUMBER €’000s
NUMBER
TOTAL
€’000s
CUMULATIVE
€’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%
€m
Value of Investments Per Year – Cumulative to December 2013 (by value)
300 270 240 210 180 150 120 90 60 30 0 Year
2007
2008
Initial Investment
Seed & Venture Capital Programme 2013 Report
2009
2010
Follow-on-Investment
2011 Total
2012
2013
Cumulative
9
Seed Funds 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 Des Fahey/Alex Hobbs AIB Seed Capital Fund Dublin BIC NovaUCD TCD Enterprise Centre University College Dublin Pearse Street Belfield Campus, Dublin 4 Dublin 2
Tel:
+353 (0)1 2866766
+353 (0)1 4100903
Fax:
+353 (0)1 2866767
+353 (0)1 6713330
E-mail:
[email protected]
[email protected];
[email protected]
Web:
www.aibseedcapitalfund.ie
www.dbic.ie
Contact:
Conor O’Connor Tom Shinkwin Enterprise Equity Venture Capital Enterprise Equity Venture Capital The Media Cube The Media Cube Kill Avenue Kill Avenue, Dun Laoghaire, Co. Dublin Dun Laoghaire, Co. Dublin
Tel:
+353 (0)1 2145606
+353 (0)1 2145606
Fax:
+353 (0)1 2845793
+353 (0)1 2845793
E-mail:
[email protected]
[email protected]
Web:
www.enterpriseequity.ie
www.enterpriseequity.ie
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
Seed & Venture Capital Programme 2013 Report
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] [email protected] Web: www.kernel-capital.com
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: Fax:
+353 (0)1 2940870
+353 (0)1 2940877
E-mail:
[email protected]
Web:
www.deltapartners.com
Seed & Venture Capital Programme 2013 Report
11
Venture Capital Funds 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
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Seed & 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]
[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
Seed & Venture Capital Programme 2013 Report
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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
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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
Seed & Venture Capital Programme 2013 Report
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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
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Seed & Venture Capital Programme 2013 Report
Investee Companies Name of Company
Nature of Business
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 Cappella Inc
Managed futures & fixed income funds
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
Seed & Venture Capital Programme 2013 Report
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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 (formerly Optigen Technologies Ltd)
Gene Therapy
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
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Seed & Venture Capital Programme 2013 Report
Name of Company
Nature of Business
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
Seed & Venture Capital Programme 2013 Report
19
Name Name of of Company 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
20
Seed & Venture Capital Programme 2013 Report
Name Name of of Company 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 Vivasure Medical Ltd
Online Accounting Software
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
Seed & Venture Capital Programme 2013 Report
21
SEED AND VENTURE CAPITAL PROGRAMME 2000–2006
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* Atlantic Bridge Ventures Limited Partnership**
0
0
0
3 807
98,500
3
820
75
84,296
27,325
8
1,081
59
19,034
7,960
0
0
14
7,960
Delta Equity Fund II Limited 90,000 Partnership
3
935
210
79,939
Enterprise Equity Investment Fund Ltd
15,000
0
0
52
10,750
7,000
0
0
51
7,133
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 BioScience Venture Capital Fund)
20,000
1
350
45
15,166
The Guinness Ireland Ulster Bank Equity Fund Limited Partnership
19,000
0
0
38
11,831
The HotOrigin Fund 1*
2,100
0
0
3
660
Trinity Venture Fund 2*
138,700
0
0
59
80,038
17,180
0
0
71
14,005
473,085
15
Bank of Ireland Kernel Capital Partners Private Equity Fund BOI Venture Capital Ltd
Enterprise Equity Seed Capital Investment Fund
4th Level Ventures University Seed Fund Limited Partnership Total
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
23
Analysis of Investments by Stage of Development – Cumulative to December 2013 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%
90
90,576
25.32%
Development Total
765 357,752 100.00%
NUMBER OF INVESTMENTS
AMOUNT OF INVESTMENT
Breakdown of Investments – Cumulative to December 2013 (by number)
Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Early Stage 374
Early Stage 49.82%
Start Up 301
Development 90
24
Start Up 24.86%
Development 25.32%
Seed & Venture Capital Programme 2013 Report
Regional Breakdown of Investments – Cumulative to December 2013 REGION
Border
NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
8
1,688
0.47%
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
Dublin & County
100.00%
Regional Breakdown of Investments – Cumulative to December 2013 (% by invested amount) Border 0.47%
Other 20.90%
Dublin & County 50.23% West 7.22%
South West 13.39%
South East 1.63% Midlands 1.98% Mid West 2.55%
Seed & Venture Capital Programme 2013 Report
Mid East 1.64%
25
Sectoral Breakdown of Investments – Cumulative to December 2013 SECTOR
Communications Food Life Sciences Manufacturing Software Miscellaneous Total
Sectoral Breakdown of Investments – Cumulative to December 2013 (by number)
26
NUMBER OF TOTAL INVESTED % OF TOTAL INVESTMENTS €’000s INVESTED
182
108,229
30.25%
4
781
0.22%
223
65,379
18.27%
4
1,598
0.45%
324
170,075
47.61%
28
11,650
3.26%
765
357,752
100%
Sectoral Breakdown of Investments – Cumulative to December 2013 (% by invested amount)
Communications 182
Communications 30.25%
Miscellaneous 28
Miscellaneous 3.26%
Software 324
Software 47.61%
Manufacturing 4
Manufacturing 0.45%
Life Sciences 223
Life Sciences 18.27%
Food 4
Food 0.22%
Seed & Venture Capital Programme 2013 Report
Investments Per Year – Cumulative to December 2013
YEAR
INITIAL INVESTMENT
FOLLOW-ON INVESTMENTS
NUMBER €’000s
NUMBER
TOTAL
€’000s
€’000s
CUMULATIVE %
€’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%
€m
Investments Per Year – Cumulative to December 2013 (by invested amount) 360 330 300 270 240 210 180 150 120 90 60 30 0 Year
2001
2002
2003
2004
Initial Investment Seed & Venture Capital Programme 2013 Report
2005
2006
2007
Follow-on-Investment
2008
2009
Total
2010
2011
2012
2013
Cumulative 27
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
28
Seed & Venture Capital Programme 2013 Report
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]
Seed & Venture Capital Programme 2013 Report
29
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 Tom Shinkwin The Media Cube The Media Cube Kill Avenue, Dun Laoghaire Kill Avenue, Dun Laoghaire Co. Dublin Co. Dulbin
Tel:
+353 (0)1 2145606
+353 (0)1 2145606
Fax:
+353 (0)1 2845793
+353 (0)1 2845793
E-mail:
[email protected]
[email protected]
Web: www.enterpriseequity.ie
www.enterpriseequity.ie
Galway Office
Cork Office
Contact:
Rory Hynes Frank Walsh Corporate House Hoffmann Park Ballybrit Business Park Little Island Galway Co. Cork
Tel:
+353 (0)91 747512
Fax:
+353 (0)91 764615
E-mail:
[email protected]
Web: www.enterpriseequity.ie
30
+353 (0)21 4510225
[email protected] www.enterpriseequity.ie
Seed & Venture Capital Programme 2013 Report
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
Seed & Venture Capital Programme 2013 Report
31
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] / d
[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]
32
Seed & Venture Capital Programme 2013 Report
Investee Companies Name of Company
Nature of Business
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
Seed & Venture Capital Programme 2013 Report
33
Name of Company
Nature of Business
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
34
Seed & Venture Capital Programme 2013 Report
Name of Company
Nature of Business
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. (formerly Allergo Technologies Ltd.) t/a Deerac Fluidics Technologies
A nanotechnology company developing innovative technologies for dispensing minute droplets of liquid
LeCayla Technologies Ltd.
Utility priced billing solutions
LeT Systems Ltd. (formerly Lakefield eTechnologies Ltd.)
Network management software for electrical utilities
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
Seed & Venture Capital Programme 2013 Report
35
Name of Company
Nature of Business
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. t/a Similarity Systems
Data quality software products and professional services, primarily for the data management sector
36
Seed & Venture Capital Programme 2013 Report
Name of Company
Nature of Business
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 Services Ireland Ltd. (TCSI)
Computer network solutions to corporate customers 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
Seed & Venture Capital Programme 2013 Report
37
SEED AND VENTURE CAPITAL PROGRAMME 1994–1999
Overview 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%).
Regional Breakdown of Investment 1996-2013 REGION TOTAL INVESTED €’000S
Sectoral Breakdown of Investment 1996-2013 % OF TOTAL INVESTED
REGION TOTAL INVESTED €’000S
Border
2,868
2.22%
Dublin
91,193
70.55%
Mid East
6,646
5.14%
Manufacturing
Mid West
4,567
3.53%
Software
South East
4,063
3.14%
South West
13,853
West Midlands Total
Life Science
% OF TOTAL INVESTED
7,702
5.96%
16,837
13.03%
7,186
5.56%
91,998
71.17%
Miscellaneous
3,497
2.71%
10.72%
Food
2,044
1.57%
4,916
3.80%
Total
129,264
100.00%
1,158
0.90%
129,264
100.00%
Communications
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.
Seed & Venture Capital Programme 2013 Report
39
Summary of Investments from Commencement of Programme to December 2013 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 Limited Partnership
12,697
102
10,909
Campus Companies Venture Capital Fund Limited Partnership
7,618
47
4,800
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
254
3
77
Smurfit Venture Investments Ltd *
3,809
16
3,087
The Guinness Ulster Bank Equity Fund Limited Partnership *
7,618
29
6,602
The ICC Software Fund Limited Partnership (1) *
12,697
18
13,729
The ICC Software Fund Limited Partnership (2)
30,558
35
30,553
Trinity Venture Fund 1 *
24,125
66
19,137
147,880
516
129,264
Shannon Ventures Ltd *
Total
*
40
Fund closed
Seed & Venture Capital Programme 2013 Report
Seed and Venture Capital Funds Committee Julie Sinnamon (Chairperson) Director Global Business Development Enterprise Ireland Niall O’Donnellan Divisional Manager Policy, HRD & Investment Enterprise Ireland Eamonn May Department Manager Banking Relationships and Growth Capital Enterprise Ireland Lisa Vaughan Divisional Manager Scaling & HPSU Enterprise Ireland Don Harrington Director Corporate Finance Goodbody Stockbrokers Tony Haslam Consultant Páraig Hennessy Department of Jobs, Enterprise & Innovation Eileen McGoldrick Secretary to the Committee
Seed & Venture Capital Programme 2013 Report
41
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