An AI start-up located in Limerick, Mavarick, recently secured funding of €1.3 million to facilitate its plan to grow globally. The funding round was spearheaded by ACT Venture Capital and received contributions from private investors. Notably, it’s the first time the company has raised funds as it operated primarily on bootstrapping methods. Additionally, Mavarick received a €100,000 fund as part of last year’s InterTrade Seedcorn competition.
Founded by Dr Paul Byrnes and Koen Jasper in 2022, the tech firm focuses on empowering manufacturers to improve sustainability and efficiency. They develop technological solutions for manufacturers that provide them with the ability to monitor the flow of sustainability data within their operations, chiefly centred on carbon and energy. Through their software, businesses can access detailed data and AI insights to make informed decisions regarding sustainability. Currently, Mavarick is creating an AI analyst for factory floors and has recently extended its operations to Germany.
The raised funds will aid in improving the product and expanding Mavarick’s team from seven to twelve staff members by the end of July. The recruitment drive will include roles such as developers, data scientists, and marketing positions.
Dr Byrnes praised Ireland’s wealth of talent and proceeded to share the challenges of finding individuals who not only had the necessary technical skills but also aligned with the company culture and start-up vibe. Koen also drew attention to the growth and opportunities within the start-up as opposed to multinational corporations, despite their higher salary offerings, many of which have seen a dip in employment in recent years due to a slowdown in the tech industry.
According to Dr Byrnes, while regulations largely drive the focus on sustainability, another traditional factor is starting to take centre stage: profitability. He concluded that for widespread adoption, manufacturers should find financial merit in the sustainability venture.