Tr3Dent, an Irish tech start-up based in Galway, has announced today (23 February) that it secured funding of C$942,500 in December through a private placement of secured convertible debentures led by institutional and individual investors in Canada.
This comes as the start-up aims to go public with a listing on a Canadian stock exchange later this year. The debt instruments will automatically convert to ordinary shares upon the closing of subsequent financing related to the listing.
With previous investment including a funding round led by Enterprise Ireland in 2017, this brings the total capital raised by the company to date to more than C$2.5m
Founded by CEO Kevin McCaffrey in 2014 and headquartered at the Galway-Mayo Institute of Technology (GMIT) Innovation Hub, Tr3Dent was a previous SiliconRepublic.com Start-up of the Week.
The start-up produces 3D data visualisation software that helps organisations see their data in a natural three-dimensional environment, with the aim of leading to better decision-making and enabling digital transformation.
The funding, facilitated by Toronto-based investment and merchant bank Foundation Markets, will be used to expand the start-up’s sales and business development teams as well as strengthen its presence in the North American market.
It is also expected to allow Tr3Dent to significantly increase its product development team and accelerate the development and global adoption of its flagship platform, Transformation Accelerator.
McCaffrey said that the new financing validates Tr3Dent’s “commitment to pioneering cutting-edge, collaborative technology”, which aims to streamline the strategic planning process and help organisations of all sizes intelligently transform their business ecosystems.
“As we move toward a digital-everything world, it’s becoming increasingly more important to have an intelligent tool that can cut through the noise, visualise complex data, achieve stakeholder buy-in in record time and power the evolution of a business – even in the most tumultuous of times,” he said in a statement announcing the funding.
Mike Durance, head of corporate development at Tr3Dent, added that the start-up’s success can be attributed to its “seasoned executive team” and “innovative technology that meets a critical demand in the market”.
“Tr3Dent has a unique perspective and clear vision for how to effectively cut across different ecosystems and bring all types of development plans to life,” said Durance, who is also the CEO and managing director of technology venture capital firm xiVentures Fund.
Tr3Dent serves more than 500 organisations and partners around the world across management and IT consulting, technology, education, telecoms, insurance, healthcare, supply chain and retail. Its head office is in Galway and it also has operations in Toronto.
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