Heystaks raises €800k funding
HEYSTAKS Technologies, a Dublin-based social-search internet engine, has raised €800,000 in fresh funding, the Irish Independent has learnt.
The company had raised €1m in equity in 2010 from the Ulster Bank Diageo Venture Fund. It has also invested in the new funding round along with the AIB Seed Capital Fund and Enterprise Ireland.
Heystaks in based in UCD's Nova innovation centre. It was established in 2007 by Professor Barry Smith, Dr Peter Briggs and Dr Maurice Coyle as a spin-out company from the Clarity Centre for Sensor Web Technologies at the university. Mr Barry is chairman of Heystaks.
The firm's technology uses community and search engine recommendations to provide more personalised and relevant internet search results for users.
The venture fund, managed by NCB Ventures, has invested €411,000 in the latest funding round. AIB Seed Capital Fund has also invested €411,000 in the new fundraising round. Enterprise Ireland has separately injected €493,000.
Mr Barry was a co-founder of another UCD spin-out firm – ChangingWorlds. The company is a provider of software that helps users find information on the internet quickly over their phones. US firm Amdocs agreed in 2008 to pay $60m (€46m) to buy ChangingWorlds.