Limerick University spin-out ResourceKraft raises €600K

Funding

ResourceKraft, a Limerick University spin-out company specialising in energy cost control technology, has secured €600,000 in investment from the Bank of Ireland Seed and Early Stage Equity Fund. The Fund, which is supported by the University of Limerick Foundation and managed by Kernel Capital, committed €500,000, with the remainder of the funds being raised through Enterprise Ireland.

ResourceKraft was founded by Liam Relihan and Frank Casey in April 2007 to commercialise dynamic energy management software that enables users to maximise the efficient usage of electricity and other energy resources such as oil, gas, water and heat.

To date, the technology has been deployed in over 40 customer sites. With this investment ResourceKraft is moving its headquarters to Limerick University’s campus.

ResourceKraft CEO Frank Casey said ResourceKraft’s approach “focuses on managing energy as a cost, providing smart decision making tools for companies. The funding from the Bank of Ireland Seed Fund will be to recruit additional software developers to join our team and expand our market coverage beyond Ireland and the UK.”

Don Barry, President of the University of Limerick, said the investment in ResourceKraft epitomises the type of innovation-based start-ups the University of Limerick Foundation is keen to support through their investment in the Bank of Ireland Seed Fund. “ResourceKraft was born out of scientific research carried out in [the university] in 2007 and creating success from university spin-outs like this one is crucial if we’re to spark new growth and job creation opportunities in Ireland.”