Limerick security firm secures investment to aid growth

A UNIVERSITY of Limerick-based firm has secured $36m in backing to boost its expansion plans in the USA.

Protex AI, which provides backing to existing closed circuit television infrastructure, has secured the finance from private equity investors and venture capitalists.

It will allow it to build its footprint into North America.

Currently, the firm, based in University of Limerick’s Tierney Building, has a footprint in 20 countries, across North America, Europe, Asia and Latin America.

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It is North America which for the last two years has been its most significant market, though.

Protex AI offers a platform, powered by artificial intelligence which plugs into existing closed circuit television devices to capture unsafe events autonomously.

The firm says its technology in effect acts as a “third eye”.

Dan Hobbs, the chief executive of Protex AI said the investment will see his company create more jobs.

“As global industries grapple with tighter regulations and increasing operational complexities, safety has emerged as a critical lever for growth and resilience,” he said.

“The safety market is evolving rapidly, with organisations prioritising automation, efficiency, and employee wellbeing. We’re at the forefront of this transformation, integrating cutting-edge computer vision and AI technologies to not only enhance safety but also drive measurable improvements in workplace operations.”

Protex was founded in 2021 by Mr Hobbs and chief technology officer Ciaran O’Mara, who is from Ahane and was educated at Castletroy College, .

The pair first met at the BT Young Scientist and Technology Exhibition when they were both 12.

Two years ago, they were included in the 2023 Forbes 30 under 30 list for Europe.