Cork analytics start-up Over-C reaches £10m funding goal

1 Jul 2019864 Views

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Over-C CEO and founder Michael Elliott. Image: Clare Keogh

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Over-C has raised an additional £5.5m in equity funding, bringing the total that the company has raised to £10m.

In 2011, CEO Michael Elliott founded Over-C, an analytics company focused on operational performance in the workforce management market.

A few years later, the company took part in Bank of Ireland’s 2015 accelerator programme, which led to Over-C being fast-tracked to Enterprise Ireland’s high-potential start-up (HPSU) programme.

At present, Over-C is operating across Ireland, the UK and the Netherlands to provide solutions for industry sectors ranging from transport operators to shopping centres, stadiums and manufacturers.

Over-C’s software uses artificial intelligence, data and analytics to provide industry professionals with key insights for time-critical decision-making. The company’s software focuses on driving behaviours that allow companies to rethink their business and operating models, quantify risk, and uncover new opportunities.

After eight years in business, Over-C has now raised an additional £5.5m in equity funding, bringing the total that the company has raised to £10m. The latest round of funding was led by Ingenious and represents the second investment from the Infrastructure Ventures EIS Service.

Pleased with the investment, Elliott said: “As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base.”

Guy Ranawake, investment director at Ingenious, also commented on the investment: “Over-C has created and developed a management tool designed to improve mobile and field-based business processes, and remote workforce operations. As an active investor and manager, we are delighted to support Over-C, setting new standards by providing customers with the tools to operationally perform at a higher level.”

On top of Over-C’s good financial news, the company also proudly announced that its UK partner O2 (the mobile operator and communications company), recently won the IOT Award at the annual Connected Britain Awards 2019 for O2 Smart Compliance, which is powered by Over-C.

Over-C said: “The IOT Award for 2019 was given to O2 thanks to our joint work with ScotRail in helping to ensure the security of workers in potentially hazardous situations. ScotRail, Scotland’s national rail service provider, needed a digital solution to help them align with the Department for Transport’s requirements and standards for security and safety.”

Listed on Siliconrepublic.com’s 30 superb Irish tech start-ups to watch in 2019, Over-C received contracts worth more than €20m with KPN and Facilicom Group in 2018, and has a list of clients that includes Thomond Park, Eli Lilly, GSK and Savills UK. The company’s chair is Sir Robert Bone, former chair of Boeing UK.

Ingenious, the company that invested in Over-C, is an FCA-regulated alternative investment manager, specialising in media, infrastructure, real estate and education. Since Ingenious was founded in 1998, it has raised and deployed more than £9bn of capital on behalf of clients.

Updated, 5.09pm, 1 July 2019: This article was amended to clarify that Over-C has raised £10m in total funding.

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com