Irish start-up Tr3dent raises nearly C$1m, eyes going public in CanadaVish Gainon February 23, 2022 at 05:01 Silicon RepublicSilicon Republic


Tr3dent, an Irish digital transformation start-up based in Galway, has announced today (23 February) that it raised a funding of C$942,500 in December through secured convertible debentures institutional and individual investors in Canada.

This comes ahead of the start-up aiming to go public by seeking a listing on a Canadian stock-exchange later this year following a subsequent financing round, when the debentures will automatically convert to ordinary shares.

Founded by CEO Kevin McCaffrey and headquartered in Galway, Tr3dent spun out of Galway-Mayo Institute of Technology (GMIT) and was a previous Start-up of the Week.

The start-up produces innovative 3D data visualisation software that helps organisations see their data in a natural three-dimensional environment, leading to better decision-making.

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 is a result of Tr3dent’s “commitment to pioneering cutting-edge, collaborative technology” that 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, said that the start-up’s success can be attributed to its “seasoned executive team” and “innovative technology that meets a critical demand in the marke”.

“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.

Founded in 2014, 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. It has a head office in GMIT iHub and manages operations in Toronto.

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