EquiTrace has secured €1.25m of funding from HBAN and Enterprise Ireland to develop its global ambitions.
EquiTrace, a unique app for horses that combines identity, GPS and medical records data using a scanner, a microchip and a mobile phone, has signed an investment agreement with a syndicate of HBAN angel investors led by Brendan Nevin, CEO of Code Institute for 1million euros. Enterprise Ireland will also be investing in the company, providing €250,000.
EquiTrace will use the investment to grow the company, building a sales and development team as well as investing in marketing, and focus on global expansion.
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EquiTrace is already in use in five countries worldwide, including Ireland, USA, Canada, Italy and Sweden. The international horse authority, FEI, which covers many sports such as dressage and driving as well as eventing, license EquiTrace’s software. USTA, the American trotting association, has a white label version of the product. Merck USA recently signed a deal with EquiTrace covering 13 countries.
Commenting on the app, Jennifer Corley, CEO at EquiTrace said: “The problems that EquiTrace solves – how to gather data in challenging environments, how to keep track of a horse and its welfare throughout its life – are worldwide issues for the horse community.”
An integral part of EquiTrace is its ability to eliminate human error around administering medication. The app recognises over 1000 products by barcode. By scanning the horses microchip staff can ensure the correct drug is given to the correct horse. The app includes a drugs database and suggestions on withdrawal times with complete references to the latest data. The app will automatically adjust withdrawal times according to the route the medication is given and take into consideration factors like the dose used or number of injections given when suggesting a withdrawal time
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Brendan Nevin, director at Code Institute also commented on the funding stating:. ‘As an angel investor, I look at three things: is the product solving a real problem with an addressable market? is it proven with customers? and is there global ambition? EquiTrace ticked all those boxes. quiTrace works, that’s the beauty of it.``
Source: Written from press release.
