€2.5m secured for ground-breaking projects in Louth

Two technology companies in Dundalk have secured €2.5 million in funding for ground-breaking projects in Louth. 

Nova Leah, based at the Regional Development Centre at Dundalk IT has secured €1.5 million and Blueacre Technology at Coes Road in Dundalk has secured €1 million, through the government's Disruptive Technologies Innovation funding, part of the Project Ireland 2040 Fund.

This project will see the use of Artificial Intelligence, Data Analytics and Blockchain techniques to provide a real-time platform for the two-way communication of safety-critical security information (i.e. vulnerabilities, threats) between Medical Device Manufacturers and Hospitals. 

The funding secured by Nova Leah is earmarked for a project that will see the use of Artificial Intelligence, Data Analytics and Blockchain techniques to provide a real-time platform for the two-way communication of safety-critical security information (i.e. vulnerabilities, threats) between Medical Device Manufacturers and Hospitals.

Blueacre Technology in conjunction with TCD has been awarded €1 million to develop disruptive finishing using electrochemical machining.

Commenting on the funding, Louth TD Fergus O'Dowd said yesterday:

“This Disruptive Technologies Innovation funding, part of the Project Ireland 2040 Fund, is a key part of the Government’s Future Jobs initiative, a new whole-of Government plan to secure Ireland’s economic success.

“This Fund is about ensuring that Ireland  - and Louth as key cog in the National Development Plan - can stay ahead of the game to secure the jobs of the future.

“Disruptive technologies will significantly change the way that we work and live, and we need to embrace the changes coming our way. 

“This Fund is one of the first funds of its type in the world. It is targeted towards tackling national and global challenges to future-proof our economy.

“The Government already has plenty of support programmes through SFI, the IDA, Enterprise Ireland and InterTrade Ireland. But never before have we had a Fund to support company-to-company collaborations working with public research bodies.

“I am delighted that Louth will benefit from such an excellent initiative.”

Minister for Business, Enterprise, and Innovation Heather Humphreys said: “All projects involve at least one SME and many are led by an SME.

“Disruptive technologies will significantly change the way that we work and live and we need to embrace the changes coming our way. 

“A recent OECD study estimated that the average Irish worker faced a 46 per cent probability of being automated by the 2030s so we cannot afford to stand still.

“We are lucky in this country to have amazing companies that are doing amazing things in technology, both indigenous and multinational. We also have world-class researchers so there is a lot we can achieve by working together.”