Limerick AI company receives €1.3m boost to drive international expansion

A FIRM which specialises in artificial intelligence (AI) has received a €1.3m boost to drive its international expansion.

Mavarick which is based at the Engine Building, Cecil Street in the Limerick city centre, has raised the funding from private investors.

The firm’s software is designed to enable manufacturers accurately track its emissions, identify issues in real-time, speed up production and anticipate supply issues with equipment in advance.

Using AI, the reduction of waste is also  a target as well as improving overall effectiveness of equipment in the manufacturing sector.

ACT Venture Capital led the funding round which saw Mavarick receive the boost.

It’s the first fundraise for the firm, which was established in early 2022.

Prior to this, it was given €100,000 funding as part of the InterTrade Seedcorn competition last year.

The company was founded by Dr Paul Byrnes and Koen Jasper.

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Last year, the firm announced an expansion into Germany.

Staff there are currently building an AI analyst for the factory floor.

 It’s €1.3m in funding will be used to further develop its product and grow Mavarick’s team from the current seven staff to 12 by the end of July.

Technical  roles such as developers and data scientists, along with marketing roles are on offer.

Co-founder Dr Byrnes said: “As a whole Ireland has a really good talent pool. The hardest part is trying to get people that take the technical skill sets, that click with us personality wise, but that are ready for the race when it comes to a start-up.”

Mr Jaspar highlighted the opportunity at the company which he argued outweighs the benefits of larger salaries offered by multinationals, many of which have shed jobs in the past two years as the tech sector cooled.