Cilter Technologies, a parental control software company that makes internet safer for children by filtering data on devices for objectionable content and notifying parents when threats are found, is raising €1.5 million to accelerate its product development.
he company, founded in 2017 by technology entrepreneur Rena Maycock, recently secured €2.8 million under the Disruptive Technology Innovation Fund (DTIF). To unlock the funding, Cilter would need to raise an additional €1.1m from private donors and is on track to secure €1.5m. She hopes to complete the round in January.
“We have been on a continuous funding path for four years since the company’s inception,” Maycock said. “We knew that it would cost us around 4 million euros to develop our market-ready product. All over the world this is considered fruity for a seed grow, but in Ireland it is practically impossible. So we knew we had to reduce the risk.
Cilter recently secured €2.8 million under the Disruptive Technology Innovation Fund (DTIF).
“This now means that investors can get around €4.4 million worth of R&D for just €1.5 million. This €4.4 million gives us a runway and takes us to the commercialized product, including the pilot.”
As part of the DTIF funding, Cilter needed at least three consortium partners. It has partnered with DCU and its Anti-Bullying Research Center and Amárach Research.
“To be fair, all the stars have finally aligned,” she said. “Without people like DTIF, any R&D intensive Irish start-up with high intellectual ownership would really struggle.”
Maycock said the private backers are all angel investors, some of whom have already had large successful exits.
“We’re very close to nailing that. We are very confident about that.”
Although many established players in the tech sector are currently facing challenges and are shedding jobs, Maycock said many in Ireland’s start-up scene are optimistic.
“The general consensus is that 2023 will be the year of indigenous technology,” she said. “There are possibilities. The multinationals arguably had to step out of the way to allow the native tech to take off a bit, largely due to the talent shortage. That loosens up very easily now.”
https://www.independent.ie/business/irish/2023-is-going-to-be-the-year-for-indigenous-tech-irish-child-online-safety-firm-cilter-to-raise-15m-42192981.html ‘2023 will be the year for homegrown technology’ – Irish child online safety company Cilter raises €1.5million
