Letterkenny company secures €20,000 and spot in prestigious competition final

A Letterkenny-based firm has been named the Best New Start company at the Connacht and Leinster regional final of the 2022 InterTradeIreland Seedcorn Investor Readiness Competition.

Itus Secure Technologies presented its investment proposal to a panel of judges that included active investors and fought off tough competition to walk away with €20,000 and a place in the overall Seedcorn final later this month.

Seedcorn is the biggest investor readiness competition in Ireland for an innovative new start and early-stage businesses, with an overall prize fund of €300,000. The winners from each of the four regions will go head-to-head in Belfast on the 24th of November.

Itus Secure Technologies from Letterkenny picked up the Best New Start regional trophy. The company developed a machine learning-driven platform called CYBRISC, which can quantify the level of cyber risk within SMEs. The assessment can then be shared with insurers and underwriters to tailor cyber insurance.

Dr Clare Ryan, chief executive and co-founder of Itus Secure Technologies said: “We are thrilled to be recognised at the Connacht and Leinster regional final. We’ve followed the Seedcorn competition for several years and have been impressed by the growth of those companies who have been shortlisted in the past.

"The competition has been a great way to get constructive feedback on our business plan and benefit from expert advice and networking. We look forward to applying all that we have learned and competing at the all-island final.”

Established in 2003, Seedcorn has helped in excess of 6,900 companies, giving entrants the opportunity to become investor ready, with expert feedback on business plans and pitches, and exposure to real-life investors.

Congratulating Itus Secure Technologies, Shane O’Hanlon, Funding for Growth Manager at InterTradeIreland said: “As always, the standard of entrants to this year’s Seedcorn competition was extremely high, with the firm standing out with its innovative ideas, great pitches, and drive to succeed.

"This is what the Seedcorn competition is all about – uncovering fresh businesses with great potential. Everyone at InterTradeIreland wishes both firms the best of luck at the overall final on November 24.”