Dublin start-up Enverian, which has come up with a software solution for the energy sector, particularly focusing on renewables, has obtained a €1m equity investment from the AIB Seed Capital Fund. The start-up is now aiming to create 18 high-level IT jobs.
The €1m investment in the start-up was made in a first fundraising round by the AIB Seed Capital Fund, Enverian company directors and Enterprise Ireland. The AIB Seed Capital Fund is co-managed by Enterprise Equity Venture Capital.
The €1m investment will be directed towards funding the commercialisation of a cloud-based ‘Portfolio Manager’ solution that has been designed and developed by Enverian. The solution will specifically target the growing IT and management needs of the global renewable energy sector.
Just set up in 2011, Enverian already has offices in Dublin, London and New York. Up to now it has been working with Irish-based energy companies, helping them manage a portfolio of pre-construction/development projects, either locally in Ireland or on a global basis. For 2012, however, Enverian is aiming to further expand into the US and European markets.
Bringing clean-tech to the boardroom agenda
Colin Rogan, chief executive of Enverian, said the company’s Portfolio Manager product will allow energy companies to maximise their investments by capturing real-time project progress and bring them into the boardroom agenda.
"We provide the answer to many of the biggest management challenges facing renewable energy-development companies," he said. "Our product will allow them to track progress across their portfolio of projects from the earliest stage, rank opportunities in multiple jurisdictions across multiple energy types as potential investments, and ultimately to value them as long-term assets."
Greg Treston, the head of high-potential start-ups at Enterprise Ireland, spoke about how the Enverian team has already built up a strong reputation in the renewables area.
"They have focused on identifying specific customer needs and developing a competitive solution that supports business-critical decision making for their clients," said Teston.
He said Enterprise Ireland would be working closely with the company on its international growth strategy.