Derry’s Optik AI receives £600k as part of £1.8m cash injection for tech start ups
A Derry-based software firm is to share in a £1.8m cash injection from the Department for the Economy to help technology start-ups to accelerate growth.
Optik AI Ltd. is a SaaS (software as a service) company that has developed a software platform to help B2B (business-to-business) businesses optimise their sales strategies.
The Ebringon-based company has received £600k from Invest NI’s Techstart Ventures fund, which will be used to develop its human-assisted AI platform and reach new export markets.
Ciaran Ryan, CEO at Optik AI, said: “The demand for AI-driven sales technology is rapidly increasing and Techstart Ventures funding is helping us to accelerate the development of our software in line with this, optimising our product to target new global markets across Europe and the US.
"Invest NI is also supporting us to create five new jobs, so that we can build our team in tandem with our business growth.”
Economy Minister Dr. Caoimhe Archibald announced Optik is one of three technology companies who are receiving over £1.8m in equity investment to accelerate product development, increase exports and create new jobs.
farmdrive in Antrim and Foresight in Belfast have also received investment through Techstart Ventures, part of Invest NI's Access to Finance programme.
Visiting Optik AI’s facility in the North West, the Minister said: “Access to finance for start-ups is crucial, and the Techstart Ventures fund is delivering essential support to early-stage tech companies so that they can accelerate innovation and growth in their business.
“It is excellent to see innovative businesses across the north already benefitting from the fund since its launch last year.
"I’m delighted to visit Optik AI to see how it has developed its software into a new cutting-edge AI platform to reach new markets, contributing towards our economic development.”
Steven Scullion, Director of Corporate Finance at Invest NI, said: “Techstart Ventures provides equity investment to innovative early-stage technology companies seeking to commercialise their ideas. It’s great to see Optik AI, farmdrive and Foresight beginning to grow their businesses by investing in product development and R&D.
“Founders who have global ambitions and a need for investment monies can engage with Techstart Ventures to explore potential funding options for their business innovation journey.”
Optik AI is based at The Amp in Derry.