Based in the GMIT iHub in Galway, Tr3dent will use the funding to expand its team and operations in North America.
Tr3dent, a Galway-based Irish digital transformation start-up, announced today (23 February) that it had raised CA$942,500 in funding in December through secured convertible debentures from institutional investors and individuals in Canada.
This comes ahead of the start-up’s goal of going public by seeking to list on a Canadian stock exchange later this year following a subsequent funding round, when the debentures will be automatically converted into common stock.
Founded by CEO Kevin McCaffrey and based in Galway, Tr3dent spun out of the Galway-Mayo Institute of Technology (GMIT) and was a former SiliconRepublic.com Startup of the Week.
The start-up produces innovative 3D data visualization software that helps organizations see their data in a natural three-dimensional environment, leading to better decision-making.
The funding, facilitated by Toronto-based investment and merchant bank Foundation Markets, will be used to expand the startup’s sales and business development teams as well as strengthen its presence in the North American market. .
It should also allow Tr3dent to significantly increase its product development team and accelerate the development and global adoption of its flagship platform, Transformation Accelerator.
McCaffrey said the new funding is the result of “Tr3dent’s commitment to cutting-edge collaborative technology,” which aims to streamline the strategic planning process and help organizations of all sizes intelligently transform their business ecosystems.
“As we move towards a digital world, it becomes increasingly important to have an intelligent tool that can reduce noise, visualize complex data, gain stakeholder buy-in in record time. and to propel the evolution of a business – even in the most tumultuous of times,” he said in a statement announcing the funding.
Mike Durance, head of business development at Tr3dent, said the start-up’s success can be attributed to its “seasoned management team” and “innovative technology that addresses critical market demand”.
“Tr3Dent has a unique perspective and a clear vision of how to effectively cross different ecosystems and bring all types of development plans to life,” said Durance, who is also CEO and Managing Director of the venture capital firm. technology xiVentures Fund.
Founded in 2014, Tr3Dent serves more than 500 organizations and partners around the world in the fields of management and IT consulting, technology, education, telecommunications, insurance, health, chain supply and retail. It is headquartered at GMIT iHub and manages operations in Toronto.
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