Spire Wins €30,000 Follow-On Investment at NDRC Investor Showcase

Spire is a critical incident management system, built in modules to ultimately expand across the insurance claims handling sector. 10 startups competed in a pitch-off at NDRC’s Dublin offices, with €30,000 follow-on investment awarded to the winner. NDRC is currently looking for startups for its first investment programme of 2020.

Motor insurance startup, Spire came out on top at NDRC Investor Showcase this afternoon, Tuesday, 17 December with the Dublin-based business seeing off nine other high-quality startups to win the event and €30,000 in follow-on investment.

More than 330 million roadside incidents and call-outs every year make the vehicle recovery market worth more than €7 billion, but one that needs modern technology to optimise service delivery by small and medium operators.

Founded by Ken Morgan and Kim McKayed, Spire is a critical incident management system, built in modules to ultimately expand across the insurance claims handling sector.

At NDRC’s final Investor Showcase of 2019, ten companies pitched to a panel of investors in sectors ranging from productivity-improvement software to horse health sensors, each looking to secure next stage investment and continue their path to growth.

The judges on the day were Ben Hurley, CEO NDRC; Barry Brennan of CapF9; Edel Coen, Draper Esprit; Isabelle O’Keeffe, Sure Valley; Mike Brennan, Finch Capital; and Richard Watson, DBIC Ventures.

NDRC has a mandate from the State (Department of Communications, Climate Action and Environment) to make these investments; ensuring digital entrepreneurship is a vibrant and growing part of the Irish economy and helping position the country to compete internationally.

Ben Hurley, CEO NDRC said: “We saw a cohort of highly successful companies today. Their progression throughout the last year was impressive.

“Spire is addressing a problem which we can see right now. Everybody in the audience can see it. The hidden market was perhaps bigger than many of us thought at first, and it’s a market the founders know very well.

“Spire impressed the judges for a number of reasons, but some of those included its potential to scale, the fact that the barriers to market are quite high, and contract values are high and could go higher still. Also, although it’s addressing one problem now, the opportunity to automate this space means greater opportunities are possible.”

NDRC is currently seeking startups for its next investment programme, with further information at www.ndrc.ie

The 10 startups that took part in today’s NDRC Investor Showcase are:

RideShair: RideShair is a software platform connecting passengers so they can share taxis to or from 3,000 airports globally. This greatly reduces passengers’ transaction costs and creates lucrative new revenue streams for our partners.

Equimetrics: The health of horses is more fragile than you think and, in this multi-billion industry, more than 200,000 horses die every year from colic alone. This health sensor can identify and action key biometric data 24/7, year-round.

Opoplan: Opoplan is an automated platform for the design of new houses and produces personalised architect-quality designs that are delivered as immersive 3D experiences with construction-ready building information.

Spire: More than 330 million roadside incidents and call-outs every year make the vehicle recovery market worth more than €7 billion, but one that needs modern technology to optimise the small and medium operators.

Head Diagnostics: Head Diagnostics’ device iTremor provides an objective concussion diagnosis in 10 seconds, radically improving the slow and subjective methods currently used.

Sproose: Professionals are currently working excessively long hours. They now value the little free-time they have more than ever. Sproosehas already won more than 20,000 hours of that time back for them; and we’re just getting started.

FeelTect: FeelTect has developed Tight Alright - a connected health device that delivers gold-standard compression therapy, dramatically improving healing times and reducing treatment costs of venous leg ulcers, which affect 2.2 million people in the US & Europe each year.

Voxxify: Voxxify improves employees’ productivity and reduces wasteful IT spend by understanding their needs and those of CIOs in the largest global corporate companies.

DX Compliance: DX Compliance is protecting B2B Fintech companies against multibillion-dollar fines by reinventing how anti-money laundering is done.

MEG: With more than 40 customers, MEG is driving a culture of quality improvement in healthcare through a world-class quality management system.