Evercam, a company that supplies time-lapse and project-management cameras to the construction sector, is to create 50 new roles after securing €600,000 in funding.
The Dublin-based company is the first to receive funding from DBIC Ventures’ multimillion-euro Smart Tech fund, with Elkstone also investing.
The venture arm of the Dublin Business Innovation Centre, DBIC Ventures announced a first €23 million close of its new fund last year with Enterprise Ireland investing €16 million.
The Smart Tech fund is focused on investing in local software and medical-device companies. The initiative is intended to address a chronic shortage of funding options for early-stage entrepreneurs by backing up to 30 Irish start-ups over a five-year period.
Founded by Marco Herbst and Vinnie Quinn, Evercam uses machine learning and artificial intelligence (AI) to help clients capture information from video time-lapses to ascertain real-time project status and site activity. The company currently has 50 employees in offices in Ireland, Britain, Australia, the United States, Pakistan, Algeria, Poland and Canada.
The new investment is to be used by the company to expand its range of analytical services, add to its US sales team and establish operations in the Middle East.
“Having doubled revenue year on year, and coming off our strongest quarter to date, Evercam is enjoying strong growth that is set to continue,” said Mr Herbst, the company’s chief executive.
“With this funding we look forward to broadening our AI and machine-learning capabilities, expanding our global team and continuing to help our clients work smarter, save money and control costs,” he added.