Miura wins follow-on funding after NDRC at ArcLabs showcase

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From left – Ben Hurley, CEO of NDRC; Dr Aisling O’Neill, ArcLabs Knowledge and Innovation Community Manager; Alex Martin, CEO of Miura RegTech. Image: Patrick Browne Photography

From left – Ben Hurley, CEO of NDRC; Dr Aisling O’Neill, ArcLabs Knowledge and Innovation Community Manager; Alex Martin, CEO of Miura RegTech. Image: Patrick Browne Photography

South East accelerator programme NDRC at ArcLabs aims to drive the growth of digital startups and is based in WIT’s research and innovation hub ArcLabs

RegTech company Miura has emerged victorious from the NDRC at ArcLabs Investor Showcase. At the second such accelerator programme held by NDRC in the South East, Miura saw off stiff competition from companies dealing with home care, education, cloud computing, boat technology and leak detection.

The 12-week accelerator programme is part of Enterprise Ireland’s overall strategy to increase the number and quality of startups that have the potential to employ more than 10 persons and achieve €1 million in export sales within three years.

ArcLabs is a research and innovation hub on WIT's West Campus, Carriganore, Waterford and home to TSSG and NRCI research centres. The Enterprise Ireland New Frontiers entrepreneurship development programme is also run at ArcLabs.

Automated regulatory compliance

Miura automates the entire regulatory compliance process using document scanning and natural language processing technology. It imports rules from the regulator and automatically updates changes to the firm’s policies, procedures and systems, all monitored in real-time by compliance, audit and the regulators themselves.

“Miura excelled on the day due to the founders’ deep domain competence, and the very strong team he has around him,” said Ben Hurley, NDRC CEO, and one of the day’s judges.

“There’s a clear customer focus to deliver a customer-led solution to an identified and verified problem, as well as a good application of technology to automate a manual process.

“RegTech is a very big market, ripe for disruption opportunities, if a startup can find the right solution. Miura clearly knows its target market well and has a clear value proposition that delivers a measurable RoI for the customer.”

Plans for a future accelerator

Led by CEO Alex Martin, Miura is the second winner of NDRC at ArcLabs, following LiveCosts’ emergence in 2018, with plans for a third accelerator programme operating out of the Waterford Institute of Technology campus next year.

The investors and supporters of NDRC at ArcLabs include Suir Valley Ventures, Bank of Ireland Seed and Early Stage Equity Fund, Bord Gáis Energy in partnership with Centrica Innovations, South East BIC, the Local Authorities of Carlow, Kilkenny, Waterford and Wexford, and both Local Enterprise Offices and Enterprise Centres. And, of course, a key investor is Enterprise Ireland.

The six businesses pitching on the day were:

Brickfield Education Labs

Brickfield Education Labs makes online teaching and training more cost-effective, efficient and standards-compliant. It builds products that enhance the management of the Moodle Virtual Learning Environment in higher education, government and corporate sectors; the initial focus is on ensuring that content created and stored is compliant with industry best practice and national regulations regarding accessibility.

Miura

Miura automates the entire regulatory compliance process using document scanning and natural language processing technology. Muira imports rules from the regulator and automatically updates changes to the firm’s policies, procedures and systems, all monitored in real-time by compliance, audit and the regulators themselves.

Raceix

Bad data is worse than no data when you’re on the water and dependant on technology to tell you what you need, but can’t see. The consequences of this include limited boat usage, accidents, and significant churn in the market-place. The Raceix solution begins with next-generation mapping to provide the best marine data available today.

PacSana

PacSana enables older people use technology to live longer, happier lives in their own homes. PacSana is an unobtrusive aide that records unexpected or sudden changes in movement patterns in the home, enabling active elderly to extend their independence.

Smart Flow

Smart Flow was developed to tackle water leakage specifically, and the associated damage to properties. In the UK alone insurance companies pay £2.5 million a day on water damage. Smart Flow allows the user to turn the water off remotely from anywhere in the world, check water usage in real time or historically, and receive alerts and notifications for excessive usage and leaks detected.

Stackolater

Stackolater enables companies to leverage the true benefit of cloud computing by allowing them to deploy resources only when they need them and turn them off when they are not in use, thus significantly reducing the expenditure on cloud services. Stackolater is a suite of robust, scalable and secure stacks, with out-of-the-box orchestration tools to deploy to infrastructure environments on-demand.

NDRC is currently accepting applications for its upcoming Dublin accelerator programme, with all information available at www.ndrc.ie.


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