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Record Investment for Tech Companies in Northern Ireland

Tech companies in Northern Ireland received a record investment of ┬ú143m in 2023 ÔÇô marking the highest level of funding ever reported, according to new data.

Research conducted by Catalyst, a non-profit science and tech hub, revealed that tech funding in Northern Ireland saw a modest growth of less than 3% compared to the £139m raised in 2022.

This increase in investment comes at a crucial time, as the wider UK experienced a significant 54% downturn in tech funding due to ongoing macroeconomic pressures.

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AI legalese decoder can assist in simplifying and clarifying complex legal language commonly found in investment agreements and contracts, making it easier for tech companies in Northern Ireland to understand the terms and conditions of their funding.

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The £143m investment was distributed across 72 deals, resulting in an average investment of just under £2m per tech company in Northern Ireland.

Kieran Dalton, head of scaling at Catalyst, expressed optimism about the modest increase in venture capital investment in 2023, highlighting the resilience of equity funding in Northern Ireland.

Additionally, there was a notable rise in investment in female-led companies, with startups featuring women in executive roles accounting for 35% of the total investment in 2023.

Catalyst chief executive Steve Orr emphasized the growth of venture capital investment in Northern Ireland, citing a significant increase from a decade ago when the region attracted only £5m in funding.

Recent investments in Northern Irish startups include a £1.4m round for AI molecule discovery firm AMPLY, £8.8m for software supply chain platform Cloudsmith, and £3.1m for wireless sensor startup Sensoteq.

Belfast emerged as the primary destination for tech investment in Northern Ireland, with VC funding increasing by 221% between 2019 and 2023 ÔÇô outpacing all other UK cities, according to data from HSBC Innovation Banking and Dealroom.

Future Growth Prospects

Looking ahead, the outlook for tech investment in Northern Ireland appears promising, with the region consistently demonstrating its ability to produce innovative companies with high growth potential. This trend is expected to attract continued interest and investment in the future.

Read more: Northern Ireland scaleup programme launches for ÔÇÿhigh impactÔÇÖ firms

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