NovaUCD based company, Wattics, has been named Best Emerging Company in the Dublin final of the 2012 InterTradeIreland Seedcorn all-island business competition. Wattics beat competition from two other Dublin finalists in their category to win €20,000 to help finance the innovative young venture.
Now in its 10th year, Seedcorn is the island’s biggest business competition for early stage/high growth companies in any sector, from any part of the island. The competition, aimed at companies who have a new equity funding requirement, has a record prize fund of €280,000. To date, InterTradeIreland has supported over 1,600 enterprising companies through the Seedcorn process and previous finalists have gone on to leverage around €159 million worth of equity since taking part. The Seedcorn competition is considered an important barometer for new and emerging companies among the investment and business communities.
Wattics has engineered a software solution that connects to off-the-shelf smart meters and discreetly decode energy patterns of individual electrical loads demonstrating energy savings for businesses.
The solution works with electrical, gas, water and heat meters used in industrial and commercial sites and deliver pioneering insights to deeply diagnose power use and alert in real-time if a machinery or set of appliances are experiencing energy inefficiency. The system demonstrated to significantly reduce energy cost in industrial and commercial settings and to provide a very quick return on investment for the customer. Wattics was founded by Dr Antonio Ruzzelli, Anthony Schoofs and Alex Sintoni as a spin-out company from UCD’s School of Computer Science and Informatics and the CLARITY Centre for Sensor Web Technologies.
Dr Antonio Ruzzelli, CEO, Wattics said: "The Seedcorn competition is the best platform in the country to get in touch with investors, prove our business proposition and increase company visibility and respectability. We have learnt hugely about what an investor is expecting from a high potential start-up, about providing scalability for our proposition and how to pitch clearly and effectively our competitive advantage to a large audience."
The all-island finals will take place at the Titanic Belfast building on the 28 November, where companies are in with a chance to compete for the overall ‘Best Emerging Company’ prize worth €50,000 or the overall ‘Best High Growth Company’ prize worth €100,000.
TechCentral Reporters
Subscribers 0
Fans 0
Followers 0
Followers