The Western Development Commission (WDC) plays a significant role in driving the growth of innovative businesses in Ireland’s Western region. An integral part of this is the Western Investment Fund which provides equity finance to start-up and scaling companies.
One shining example of the Western Investment Fund’s impact is Mayo-based company Peroptyx, who provide machine learning (ML) data solutions for geospatial and location-based applications. With support from the WDC, the company has experienced remarkable growth since its establishment in 2018, positioning itself as an emerging innovator in the technology sector.
The WDC’s initial investment of €300,000 in 2019 as part of the company’s seed round laid the groundwork for a partnership that has yielded outstanding results. Recognizing the company’s potential, the WDC has contributed an additional €500,000 towards its recent €1.6M raise bringing the total investment raised by Peroptyx to date at €3.4M.
The financial boost provided by the WDC and other investors will enable Peroptyx to double its workforce in the West, creating new job opportunities and contributing to the region’s economic well-being. Expanding its market reach to 25 countries, the company is leveraging its cutting-edge technology platform to address the need for high-quality, location-based ‘training data’ and evaluation solutions used to improve maps-based applications.
The success of Peroptyx and the transformative power of the Western Investment Fund exemplify the WDC’s steadfast dedication to fostering innovation and driving economic growth in Ireland’s Western region.
Gillian Buckley, Western Investment Fund manager said:
With its HQ in Castlebar, Co. Mayo, Peroptyx demonstrates that deeptech companies can be based and prosper in regional locations, retaining and attracting exceptional talent balanced with a great quality of life.
Under the leadership of co-founders Maeve Bleahene, Head of Operations and Managing Director Paul McBride, Peroptyx is gaining recognition for its disruptive approach to improving the performance of ML-driven applications and services for global technology companies. With unique security and identity innovations that mitigate the harmful effects of bias in data, Peroptyx is helping customers shape the next generation of Artificial Intelligence (AI) services that are both locally relevant and certified to meet the highest standards of safety and integrity in each market.
Paul McBride said:
WDC has been instrumental in helping us grow and scale our business from the West of Ireland. The WDC’s investment team have been with us since the beginning of our journey and it is a source of immense pride for Maeve and myself to repay their faith in our proposition with the doubling of our headcount to support revenue growth in 2023.
The founder’s previous collaborations with industry giants such as Google, Microsoft, Apple, and Baidu further underscore the company’s global focus, with the company on track to generate revenues from 25 countries this year alone. Looking ahead, Peroptyx has set its sights on expanding its reach to 50 countries by 2026, solidifying its position as a prominent global player.