Tech investment firm Cosimo Ventures, which is co-led by two Irish entrepreneurs and has an office in Dublin, has committed $3 million for a seed investment in a newly-founded blockchain and cryptocurrency-related technology.
Following the investment Oneiro is to base part of its core technology team in Dublin. It will also establish its headquarters in Boston, where Cosimo also has an office.
The start-up, which was only established by chief executive Chris Quirk four months ago, is focused on developing technologies around decentralised, secure, and dependable cryptocurrency. It describes itself as "currently in stealth mode," with plans to officially launch by the summer.
The latest investment comes a month after Cosimo invested $1 million in Dundalk-based Gecko Governance, which has created software for the financial services sector based on blockchain that allows fund managers to meet regulatory and compliance requirements.
Other companies it has backed include Nova Leah, a hotly-tipped Irish start-up led by Anita Finnegan which is developing cybersecurity risk management systems especially for medical devices.
Accelerate and grow
Cosimo is active in deeptech, blockchain, cryptocurrencies and initial coin offerings (ICOs).The company seeks to partner with promising early stage Irish and UK technology companies to help them accelerate and grow into the US market.
The firm is co-led by Connor Cantwell, the chairman of An Post's GeoDirectory and chief executive at Dublin-based Centauri Tech, Prior to this, Mr Cantwell founded 20-20 Insights a company acquired by Swiss Post in 2013. He was also previously European marketing director and country manager for Ireland for the research firm Nielsen.
"We are actively targeting blockchain and crypto projects and expect to announce further investments in early stage companies during the year," Mr Cantwell told The Irish Times.
Among Cosimo's other partners is Ciarán Hynes, founder and managing director of Ovation, the events group that was acquired by MCI in 2003.
“We believe that Oneiro will bring the potential of the cryptocurrency market into a completely new realm as the acceptance, and use, of digital currencies becomes more mainstream,” said My Hynes.
“We are impressed by the experience and forward thinking of the team at Oneiro. This is one of the most exciting projects we’ve seen, and we’re pleased to support them as part of Cosimo’s investment strategy to offer unique technology solutions for the commercial markets,” he added.
