Cork company, Unified Computing t/a Rendicity, was today named the Best Early Stage company at the Munster final of the 2015 InterTradeIreland all-island Seedcorn Investor Readiness competition.
Rendicity, which is based in Bishopstown, Cork, overcame tough competition from two other Munster finalists to win €20,000 to help finance the early stages of its ventures. The company will now go on to compete against 3 other businesses in the all-island final of the competition, which will take place on Wednesday 25th November at Clontarf Castle, Dublin.
Rendicity has developed a novel patent-pending solution that makes the immense power of public cloud service providers available to users of compute-intensive applications at the click of a button. Rendicity’s initial services offers cloud-based image rendering services. Rendering is the process of converting a 3D model in to a 2D image and is compute-intensive, time-consuming, hard to predict and prone to failure. Rendering is a key process in animation, visual FX, architecture and industrial design projects. In deadline-driven industries such as animation and architecture, rendering results in fluctuating schedules and unpredictable deadlines. As an animation or architecture project nears completion, rendering times take longer and use up more machine capacity. For smaller firms, this can result in rendering-related employee downtime as staff cannot use the machines for other jobs. For these firms, missing deadlines means loss of reputation and financial penalties. Previously, high performance computing has not been considered for these firms due to cost, access to specialised knowledge or limited access. Rendicity makes it easier, quicker, more scalable and cost effective for thousands of small to medium sized businesses to harness high performance computing in the cloud for the first time and for larger users to meet their pent up demand and overflow capacity.
Now in its 13th year, Seedcorn is the island’s biggest business competition for new start and early stage companies in any sector, from any part of the island. The competition, aimed at companies who have a new equity funding requirement, has an overall cash prize fund of €280,000, with no equity stake. To date, InterTradeIreland has supported over 2,151 enterprising companies through the Seedcorn process. With €197 million in new equity being raised by the companies who have reached the regional finals stage of the Seedcorn competition over the past 12 years, the competition has a strong track record of supporting early business start-ups to become investor ready.
Theo Lynn, CEO, Rendicity said; “I am absolutely delighted that Rendicity has won Best Early Stage Company. We believe that the Seedcorn competition is a good way to get additional mentoring and support while providing specific timelines for getting key milestones complete. It exposes our company to potential investors and obviously there is a financial incentive. The feedback from the business plan submissions was instructive and helps reposition key elements. If we win the national competition we will be investing the money in sales and marketing. An important part of this will involve hiring full-time sales executives and driving our digital customer acquisition model.”
Connor Sweeney, Seedcorn Project Manager, InterTradeIreland added; “Seedcorn is the largest all-island business competition with a total cash prize fund of €280k and considered the most important barometer for new and emerging companies among the investment and business communities in Ireland. Not only does the competition deliver a cash prize for the winners, but it also allows businesses to experience the competitive investor pitch process and equips them with the skills for future pitches. Since the competition inception over 12 years ago, the standard of the companies taking part has risen year on year and I sincerely congratulate Rendicity on their win today against very tough competition.
“The Seedcorn Competition reaches out to businesses early in their development and it’s exciting for InterTradeIreland to work with these companies at such a crucial stage in their journey. I look forward to seeing the business grow from strength to strength.”
The all-island final will take place at Clontarf Castle Hotel in Dublin on the 25th November, where Rendicity will go head-to-head with the winners of the Northern Ireland, Dublin, and Connacht & Leinster finals for the title of overall ‘Best Early Stage Company’ with a cash prize worth €50,000 and ultimately the ‘Overall Winner’ title worth €100,000.
Companies can follow the Competition on Twitter (@ITI_seedcorn) #itiseedcorn or on LinkedIn (Seedcorn Network) where they can get valuable information and advice from experts.
Further details are also available on the Seedcorn website at www.intertradeireland.com/seedcorn
Rendicity website – www.rendicity.com