InterTradeIreland has announced that the big winners of the island’s premier business competition, Seedcorn, are AventaMed from Cork and TruePivot Ltd from Dublin, who were named the Best Early Stage and Best New Start respectively.
Best Early Stage Company
AventaMed, which is based in Cork, was named Best Early Stage company, taking home the night’s top prize of €100,000. The company develops a novel medical device which allows grommets (ear vents) to be placed safely and quickly in a doctor’s surgery setting, eliminating the need for general anaesthesia and costly operating room time. With two million children worldwide requiring grommet surgery each year, it is the number one reason why children undergo surgery and have a general anaesthetic.
Best New Start Company
TruePivot Ltd from Dublin, which designs and develops software that allows engineers to store and search for engineering designs in the cloud won the Best New Start Company award, taking home €50,000. The company extracts and indexes useful information from engineers’ design files and as an engineer begins to model a new design, TruePivot’s software analyses the design in real-time and automatically alerts the engineer to previous designs that are more efficient and further developed, therefore cutting down design time.
Northern Ireland regional winners, each pocketing a €20,000 share of the prize fund, were Jenarron Therapeutics in the Early Stage category and System Ready Ltd, trading as PT Dock, in the New Start category. Both companies are based in Belfast.
Southern regional winners were Nearfield Communications, taking home €20,000 in the Early Stage category for Connacht & Leinster with Stayhold Ltd earning the same accolade and prize for Dublin. SonarSim from Munster and EVB Sports Shorts for Connacht & Leinster also took home the regional prizes of €20,000 in the New Start category. eMedia Interactive from Galway was named the winner in the Special category, earning the company funding of €10,000.
Positive Environment for New Starts
Margaret Hearty, Acting CEO for InterTradeIreland, said: “The environment for start-ups is exceptionally buoyant in Northern Ireland and we are seeing the results of this with the emergence of a new wave of young companies with strong potential for future growth.
“The Seedcorn competition helps to foster an entrepreneurial mindset and provides these young winning companies with funding and support at a crucial stage in their development. That is why the Seedcorn Competition is of such importance to InterTradeIreland and the wider economy despite constrained budgets under which it is delivered.
“To date £155m in new equity funding has been leveraged by 2,150 companies that have reached the regional finals of the competition and it is through this type of entrepreneurship and innovation that indigenous local companies will continue to play a vital role in our economy.”
InterTradeIreland’s all-island Seedcorn Investor Readiness Competition aims to recognise and promote the best early stage and new start companies across the island and to help them become more ‘investor ready’ with the ability to raise further equity investment. Companies are selected following an intense competition designed to emulate a real life investment process.
In addition, companies reap the benefits of being part of the Seedcorn network – an extensive business and investment community that will help to boost their profile, contacts and create future potential investment opportunities.
Further details are available on www.intertradeireland.com/seedcorn. Follow the Seedcorn Competition on Twitter (@ITI_seedcorn #Seedcorn) or on LinkedIn (Seedcorn Network).