A NUMBER of Irish tech startups have announced multimillion euro funding deals at Dublin’s web Summit today.
Cork-based online security firm TrustEv announced a $3m (€2.2m) seed funding round to finance the further development of its online fraud protection technology. The company, run by ex-Cubic Telecom executives Pat Phelan and Chris Kennedy, is being financially backed by US venture capital fund Greycroft Partners and by Irish investors ACT Venture Capital.
“We’re thrilled to have such a strong pedigree of investors who believe in our technology,” said Trustev co-founder Pat Phelan. “Our focus is on pushing the complexity of fraud into the background, allowing online retailers to concentrate on servicing their honest customers while we identify and eliminate the troublemakers.”
Phelan said that by the end of 2013, Trustev will be processing 10 million transactions per week for e-commerce companies.
Meanwhile, a Dublin-based firm, CurrencyFair, has announced €1m in funding from US investment firm Frontline Ventures and another €1m from private angel investors.
“That brings us to over €3m in funding,” said CurrencyFair co-founder Brett Meyers. “We’ve now transacted through the platform over €600m. We’re going from a startup stage to a growth stage. We’ve gone from six staff nine months ago to 24 staff now.”
The Web Summit wasn’t the only place where Irish companies were announcing funding wins. Dublin-based Oneview Healthcare announced a new funding round of €5.2m which, the company says, values it at €26m.
10,000 people are attending the Web Summit, according to organisers, 8,000 of whom have flown in to the city for the occasion. The event's star attraction today is expected to be the arrival of Tesla Motors and PayPal founder Elon Musk.
Independent.ie talked to the crew from a startup called Fanfootage who have just released their updated app.
Fanfootage enables music fans to send their own recorded footage from a particular concert, and have it matched to a professional sound quality, completely free of charge.
Dubliner Eoin O'Driscoll, 30, said this morning: "At a gig, people can get great footage on their phones or camera, but the sound is really bad. But now fans can choose a song they like from the gig and they can upload it to our site or on our app, and we can match their video against perfect sound from our engineer. If someone records even 30 seconds of a song, we can match it."
Fanfootage has already secured funding from a private investor, and they're ready to launch their business on a global stage. They're working with Bon Jovi to release fan footage from a gig at Hyde Park, whichwill be included in a 'Live at Hyde Park' special.
"We're now going towards sport as well so it won't be just concert footage that fans can send us," said Mr O'Driscoll.
The Irish company, which has been two years in development, is also cracking South America by working with musician Marc Anthony on exclusive fan footage.