EquiTrace – a new 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 for €1m euros.
The deal is backed by a syndicate of HBAN angel investors led by Brendan Nevin, CEO of Code Institute, and 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 focusing on global expansion.
EquiTrace is already in use in five countries, including Ireland, the US, Canada, Italy and Sweden. The international horse authority, FEI, which covers many sports including dressage, driving and eventing, licenses EquiTrace’s software. Merck USA recently signed a deal with EquiTrace covering 13 countries.
‘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,’ said Jennifer Corley, CEO, EquiTrace.
An integral part of EquiTrace is its ability to eliminate human error around administering medication. The app recognises more than 1,000 products by barcode. By scanning the horses microchip staff can ensure the correct drug is given to the correct horse.
Brendan Nevin, director, of Code Institute, said he was happy to lead his first syndicate of angel investors with HBAN for EquiTrace.
“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. EquiTrace works, that’s the beauty of it.”