UL Spin-Out Company Secures €600k in Seed Funding
published on Apr 01st, 2010
Pictured from left to right: David Cronin, CEO of UL Foundation, Orla Rimmington, Operations Manager, Kernel Capital, Professor Don Barry, President of University of Limerick and Frank Casey, CEO Resourcekraft
ResourceKraft, a UL spin out company specialising in energy cost control technology has secured €600,000 in investment from the Bank of Ireland Seed and Early Stage Equity Fund. The Fund, which is supported by the University of Limerick Foundation and managed by Kernel Capital, committed €500k and the remainder of the funds were raised through Enterprise Ireland.
Resourcekraft, founded by UL Post Graduate Liam Relihan and Frank Casey in April 2007, delivers dynamic energy management software that enables their clients to maximise the efficient usage of electricity and other energy resources such as oil, gas, water and heat. To date, the ResourceKraft’s technology has been deployed in over 40 customer sites resulting in substantial customer savings.
Commenting on the announcement, CEO of Resourcekraft, Frank Casey said: “Our unique approach focuses on managing energy as a cost, providing smart decision making tools for companies. The funding from the Bank of Ireland Seed Fund will be used to expand our market coverage beyond Ireland and the UK and to recruit additional software developers to join our team.”
Don Barry, President University of Limerick said: “This investment in ResourceKraft epitomizes the type of innovation-based start ups that the University of Limerick Foundation is keen to support through our investment in the Bank of Ireland Seed Fund. ResourceKraft was born out of scientific research carried out in UL in 2007 and creating success from university spin-outs like this one is crucial if we’re to spark new growth and job creation opportunities in Ireland.”
David Cronin, CEO of UL Foundation added, “The potential of transformational research ideas and IP at third and fourth levels is exciting and holds tremendous promise. Our contribution to this fund underlines the University of Limerick’s commitment to ensure that Ireland maintains its reputation as a world-class hub for transformational technology and scientific excellence.”