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AIB invests €1.3m in five technology firm start-ups

AIB has invested more than €1m in seed capital for technology start-ups, the bank said yesterday. The lender said it put €1.3m into five firms during the fist quarter of the year as part of the bank's seed capital funds.

Limerick-based environmental software firm ManageCO2 Software Ltd, networking firm SkillPages, and Dublin businesses, Pilot Photonics, data mining firm Polecat, and Redeem & Get Ltd, all received payments under the scheme.

Two follow-on investments were also made with companies AIB had already invested in; Maravo Medical Devices, in Galway, and Movidius, a technology company with offices in Dublin, Hong Kong and Romania. AIB is the largest provider of seed capital funding in Ireland with funds worth €75m.

The AIB Seed Capital Fund has a total of €53m under management by Enterprise Equity Venture Capital and Dublin Business Innovation Centre.

Since it was launched in 2008, this fund has made some 75 venture capital investments in 48 early stage businesses, supporting an estimated 300 jobs, according to the bank.

Separately, the AIB Start-up Accelerator Fund has a total of €22m, of which Enterprise Ireland put in €2m.

That fund is managed by ACT Venture Capital. It has made a total of eight investments and supported approximately 108 jobs since its launch last year, AIB say.

Indo Business