We track the ones to watch... Ciaran Hynes
Published 02/12/2012 | 05:00
CIARAN Hynes's new business epiphany came after watching Oprah. 10n2 Technologies, now valued at €23m by current funding, makes software that stops 'distracted driving'.
While in the States, Hynes saw an Oprah Winfrey show dealing with the dangers of people using their mobiles while driving, a problem which has come to match drink driving there.
"With smart phones now being mini computers, it's just going to get worse and worse. I thought, there has to be a solution," explains Hynes.
Its core target markets are corporates and institutions that want to ensure safe driving practice in employees. The software kicks in once a driver reaches over 15km an hour and stops a phone being used to text, email or surf the net, while passengers still have full phone access. Standard of driving – speeding, swerving and hard braking – can also be monitored, something that has caught the attention of insurance companies.
10n2 is backed by Cranberry Capital, a VC owned by wealthy American Arunas Chesonis, who sold his company for €1.8bn last year. It has offices in Dublin, Boston and Dubai.
The firm is seeking to raise further funding of €5m, with Enterprise Ireland committing €1m to that.
Sunday Indo Business