Cork based Security Accelerator Teams raise €5million and create 30 Jobs
Sunday Feb 3rd 2019: In the historic surroundings of the Port of Cork, the second cohort of Ireland’s first International Security Accelerator pitched for investment. For this years Demo Day, CorkBIC welcomed Investors, VCs and Seasoned Entrepreneurs to hear the six Accelerator Teams pitch for investment. These teams, from global locations are looking to employ up to 30 people over the next 12 months and are in the process of raising (some already raised) over €5 million in investment.
This second cohort of the CorkBIC International Security Accelerator began in mid October 2018. The programme invests in early stage deep tech, disruptive companies focused in the wider security industry across Cybersecurity, Artificial Intelligence, Internet of Things (IOT), Blockchain, Health & Bioinformatics, MedTech, Fintech, Regtech, & Logistics. The Accelerator is privately funded and supported by key partners Kernel Capital and Trend Micro.
Following 13 weeks of intensive mentoring and in-depth workshops with a focus on the team, technology, business model, market opportunity and investor readiness, the six teams are currently seeking investment in their businesses. World class mentors such as Julian Costley, Investor & Serial Entrepreneur; Donagh Kiernan,Tenego Partnering; Joe O’Sullivan, Ophir; Paul Hands, Open Innovaion Partners; Declan Fox, Magellan Partners and Ronan Murphy, Smarttech have challenged and advised the teams while sharing their experiences.
The Winner of the Most Investible Company, Conor Lyden founder of Trustap, said “Winning the Most Investible Company is huge validation of the progress we have made over the past 13 weeks. Participating in the Accelerator has helped us with refining our business proposition, getting investor ready and ensuring we have the right ‘go to market’ strategy”.
Run by Entrepreneurs for Entrepreneurial Teams
Key to this Accelerator is the focus on team, the product proposition and the transformational process and change. Each of the teams has made significant progress over the 13 weeks, with Kruzr, closing $1.3 million investment.
Following the successful completion of a second cohort the programme is open for applications for a third round via isa.corkbic.com.
William Dalton, Director EMEA IS & Corporate Technology, Trend Micro added: “It has been really interesting to watch these teams grow over the 13 week Accelerator and to watch the change taking place. The technologies involved are crucial in today’s connected world and there is no doubt there are some real rising stars in the group.”
Commenting on the Accelerator programme, Ger Goold, COO & Partner at Kernel Capital, said: “Cork is developing a reputation for Ireland’s growing Security Cluster. This Accelerator is a unique opportunity for startups to tap into the experience and resources of the strong network of Cork’s multinationals, such as Trend Micro, helping these startups grow, succeed, and in turn contribute to the Cluster.”
Partners for the International Security Accelerator are Kernel Capital, Bank of Ireland, Trend Micro, CorkBIC and Cork City Council.
Participating in the Accelerator were a number of Irish based companies;
Trustap a transaction platform, acts as a safety net for customers when they want to buy or sell online with strangers. Participants: Conor Lyden,CEO, Sean Kelleher and Dino Zorovic
Noppera Bo Technologies Ltd develops AI-enabled privacy enhancing tools to unlock the value in video, meeting growing data privacy requirements. Participants: Daragh O’Brien, CEO and Allan Beechinor, CTO
As well as a number of international startups;
NNOVA an AI based automated documentation system replaces manual documentation of implants used during surgical operations – for the patient record and for re-ordering. Participants: Dr. Heiko Baumgartner, and Alex Babanin, COO
Rammer.ai an AI Platform that adds real time conversational
intelligence to online communications, - video conferencing, business conversations, voice calls etc. Participants: Surbhi Rathore, CEO, and Toshish Jawale, CTO
Seclabs & Systems predict and prevent incidents in cyber and real world using ethical hacking, big data analytics and machine learning. Participants: Shesh Sarangdhar, CEO.
Kruzr a plug & play solution for preventive motor insurance. Participants: Pallav Singh, CEO and Ayan, CPO.
CorkBIC is a private-sector led organisation, specifically set up to identify and build knowledge intensive companies based on promising technology and capable innovative people. It plays a hands-on role helping entrepreneurs navigate the minefield of raising finance, sorting out business propositions, arranging agreements with shareholders and investors, and, perhaps most important of all, finding customers. Over the past 30 years CorkBIC has worked with nearly 500 startups and is part of a network of 200+ BICs throughout Europe, called The European Business & Innovation Centre Network (EBN). CorkBIC is also a very active member of EBAN - The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players.
Kernel Capital is the independent manager of The Bank of Ireland Kernel Capital Funds, one of the largest and most active sources of equity finance for technology companies on the Island of Ireland. Kernel leverage their extensive network to enable portfolio companies recruit the highest calibre people, to break into new international markets and to generate revenues of scale. Kernel Capital is the only investment firm with venture capital Funds dedicated to each jurisdiction on the Island. Investors include strategic partner Bank of Ireland; Enterprise Ireland; Invest NI; Galway University Foundation; The University of Limerick Foundation; The New York State Common Retirement Fund; and undisclosed Family Offices. Kernel Capital Funds are industry performance leaders, having delivered Gross IRRs in excess of 20% per annum. Consistently delivering strong financial returns for investors Kernel have led more than 20 substantial trade sales to NASDAQ, NYSE and LSE listed corporations.
The Accelerator Programme is designed to provide funding and support to internationally focussed early stage companies in the Republic of Ireland enabling an acceleration of their growth and development. This Accelerator Programme has the potential to provide support to up to 14 early stage companies based out of Cork region from 2017 to 2019. The Bank of Ireland Seed and Early stage Equity Fund has committed €300,000 of funding to this Accelerator Programme.
About Trend Micro
155 million endpoints. 500,000+ companies worldwide. One security software company. For nearly 30 years, Trend Micro’s unwavering vision has been to make the world safe for exchanging digital information. Security is our entire focus, and it shows. This single-minded passion has inspired our innovations that keep up with the bad guys despite a changing IT landscape, riskier user behaviour, and constantly evolving threats.
The depth of our experience remains unmatched. From the endpoint to the network to the cloud, we’ve got you covered with a connected threat defence recognized by analysts, customers, and industry gurus of all kinds. Trend Micro is quoted on the Tokyo Stock Exchange, has over 5700 employees worldwide and annual revenue of over $1.2bn.