Tech entrepreneur Pearse Coyle has set up a new investment fund focusing on so-called ‘deeptech’ – big innovations in the area of science and technology.
Coyle revealed he has secured the backing of a number of wealthy tech entrepreneurs who will fund projects as they emerge.
He is about to embark on an institutional fundraising process where he will look to secure as much as an additional €40m.
Coyle left his role as chief executive of Limerick company NVMdurance – focused on extending the life of flash memory on data-storage devices – at the end of last year after selling the company’s intellectual property.
“At NVMdurance we had deep technology created by two Limerick academics that was highly significant to about 10 huge companies, but which investors struggled to understand.
“After we sold the IP of NVMdurance in 2017, myself and Tom Burniece [who worked alongside Coyle at NVMdurance as commercial director] decided there must be a better way to get tech from colleges into viable funded spin-out companies.
“We’ve set up this fund with a novel process to identify and fund spin-outs.”
Deeptech has been an area of focus for the European Investment Fund (an arm of the European Investment Bank), which is centred “particularly on disruptive early-stage technology enterprises which typically face financing challenges but also provide outstanding investment opportunities”.
It has a number of initiatives to provide wholesale funds to venture capital investors.
In tandem with the European Commission, it has also funded other wholesale providers of funds like Isomer Capital and Axon Partners Group.
“We hope to raise funds from some these entities in the next year or so, once we’ve completed some early investments,” Coyle said.