While in general Irish venture capital levels have been in decline, a number of high-impact scale-ups bucked this trend in 2026 and warped otherwise tough numbers with strong funding rounds.
In its most recent quarterly review, the VenturePulse survey from the Irish Venture Capital Association in association with William Fry made for a sobering read. The report showed a 58% decline in Irish venture capital levels in the opening months of 2026.
The Association pointed out that the €221.7 million raised in the first quarter had taken in context with an unusually strong comparative period that saw abnormal capital amounts raised. It pointed to how Neurent Medical led the field with a €62.5 million raise in the medtech sector, followed by Aerska, which secured €33 million in biotech funding.
Another sobering factoid was that international investors continued to play a dominant role in the market, accounting for 85% of the capital raised during the quarter.
KPMG’s similarly named VenturePulse report into the same period showed how this abnormality was played out. During the first quarter of the year, 19 deals raised a total of $212.3 million. However, just three deals formed the lion’s share of investment activity.
The largest transaction of the quarter was the $110 million investment secured by Dublin-based AI tax operating system provider Fonoa. Other significant deals included a $56 million raise by AI-powered video telematics and fleet intelligence platform CameraMatics and a $50 million funding round for drone delivery company Manna.
So, in an environment where a few mega-rounds are defining the landscape, who are these companies and why should we know more about them?
LetsGetChecked
Peter Foley CEO of LetsGetChecked. Pic. Bryan Meade
In 2025 LetsGetChecked secured €150 million, representing the single largest funding round of the year in Ireland.
The massive infusion of capital supports the company’s continued expansion into clinical diagnostics, expanding its automated laboratory networks and deepening integration with major enterprise health plan partners across North America and Europe.
From a start-up in 2018 to one of the fastest growing companies in Ireland, the trajectory of Irish medtech company LetsGetChecked is compelling to watch.
Founded by Peter Foley, LetsGetChecked tests cover general health, men’s health, women’s health, and sexual health, and are available in Ireland and other European countries, as well as nationwide in the United States. By combining health data and diagnostic results, LetsGetChecked provides rich health insights to enable better healthcare decision making.
XOCEAN
Ocean data robotics innovator XOCEAN raised €115 million in 2025 to accelerate the global deployment of its uncrewed surface vessel fleet.
The Louth-based business provides ocean data collection as a service, supporting offshore renewable energy, subsea infrastructure and marine environmental monitoring. Its uncrewed turnkey robotic vessels operate remotely using satellite control, reducing carbon emissions by over 99% compared with traditional crewed survey ships.
XOCEAN is a Carlingford-based Irish marine technology company founded in 2017 by engineer James Ives.
The company’s core product is data, and it has completed over 100 projects across 14 countries, including surveys for 16 offshore wind farms for clients like SSE Renewables and Ørsted. XOCEAN’s technology is helping to close the knowledge gap in ocean exploration, with 95% of the world’s oceans still unmapped.
Tines
Dublin-founded cybersecurity automation leader Tines achieved unicorn status following a €114 million Series C round in 2025, valuing the company at more than $1.1 billion.
Tines offers a powerful workflow automation platform designed specifically for Security Operations Centres (SOCs) and IT teams. By enabling analysts to automate complex security responses, incident investigations and system integrations without writing custom code, Tines significantly reduces manual workload and operational friction.
Founded in 2018 by Eoin Hinchy and Thomas Kinsella – both former senior security operators – the company was born out of a need to reduce the burden of repetitive, manual tasks in security operations. Tines empowers security and IT teams to build, run, and monitor complex workflows without writing code, enabling faster incident response, improved efficiency, and reduced burnout.
Fonoa
Tax technology disruptor Fonoa closed a landmark $110 million funding round in Q2 2026, marking the period’s largest venture deal.
Fonoa provides an automated global tax compliance operating system built explicitly for digital-first enterprises, gig economy platforms and e-commerce giants. Its platform automates complex cross-border indirect tax calculations, real-time e-invoicing, tax ID verification and tax filing across more than 190 tax jurisdictions globally.
Fonoa was founded in 2019 by three former Uber employees David Tremac, Filip Sturman and Ivan Ivankovic.
Fire1
Fire1 is a medtech business focused on developing a remote monitoring solution for heart failure patients. Led by CEO Conor Hanley, the business specialises in connected medical device solutions and has an experienced medical devices team that works with clinicians and patients to reduce the impact of heart failure.
Fire1 raised $120 million in a financing round in January 2025 led by Polaris Ventures, Elevage Medical Technologies, Sands Capital and Longitude Capital. This coincided with the US FDA granting Breakthrough Device Designation to Fire1’s Norm system.
ProVerum
ProVerum is a Dublin-based medtech company developing the ProVee System, a minimally invasive treatment for benign prostatic hyperplasia (BPH). Founded in 2016 by Dr Conor Harkin and Dr Ríona Ní Ghriallais as a Trinity College Dublin spin-out, the company has become one of Ireland’s leading medical device ventures. ProVerum raised €30m in Series A funding in 2022 and a further €68.6m Series B round in 2025 to support commercialisation and international growth.
Equal1
Equal1 is a Dublin-based quantum computing company and UCD spin-out founded in 2018 by Dr Dirk Leipold, Dr George Maxim, Prof Bogdan Staszewski and Mike Asker, developing silicon-based quantum processors designed to make quantum computing more scalable and energy efficient. Led by CEO Jason Lynch, Equal1 has raised significant backing from investors including Atlantic Bridge, Enterprise Ireland and the EIC Fund, with total funding exceeding $85 million following a $60 million round announced in January 2026.
Manna Air Delivery
Bobby Healy’s drone logistics business Manna Air Delivery is planning 400 new jobs across Ireland and the US after closing a $50m Series B funding round in April.
This latest investment brings total investment in the Irish drone business to $110m.
Manna designs, builds and operates its drones and software in Ireland, making it one of the country’s most significant homegrown aviation and autonomous technology companies. The company holds a Gold Standard Light UAS Operator Certificate (LUC) under the European Union Aviation Safety Agency (EASA) framework and has completed more than 250,000 regulated drone flights.
CameraMatics
CameraMatics is a Dublin-founded AI-powered fleet safety and video telematics company established in 2016 by Mervyn O’Callaghan and Simon Murray. Its platform combines AI, cameras, telematics and driver monitoring technology to improve fleet safety, compliance and operational efficiency. The company raised €4 million in Series A funding in 2021 from Puma Private Equity, Sure Valley Ventures and Enterprise Ireland, and secured up to €49 million in growth funding in 2026 led by Blume Equity, alongside ISIF and Goodbody Capital Partners.
Nuitée
Nuitée is a Dublin-headquartered travel technology company that provides API-driven hotel connectivity and distribution infrastructure for travel brands, fintechs and super-apps. Founded in 2017 by Med Benmansour alongside Said Rkaibi and founding team member Olivier Dheur, the company positions itself as the “Stripe for travel.” In December 2024, Nuitée raised $48 million in Series A funding led by Accel, with backing from leading travel and technology executives, to accelerate global expansion and product development.
Nuritas
Nora Khaldi’s biotech firm Nuritas plans to scale globally in a drive to deliver plant-based peptides after raising $45m (€39m) in a Series B funding round last year. Nuritas has established the world’s largest peptide knowledge base. Peptides are smaller versions of proteins with the same nutritional power, but with added highly specific benefits. The new funding will accelerate Nuritas’ global expansion and support its mission to unlock the power of nature to make many of the products we consume daily healthier, safer and more sustainable. Last October, Khaldi Nuritas founder and CEO Nora Khaldi was among 17 recipients at the Diversity in Tech Awards, which shone a light on individuals and organisations striving to create a more diverse and inclusive workplace.
NomuPay
NomuPay is a Dublin-based fintech founded in 2021, led by CEO Peter Burridge, that provides cross-border payment infrastructure and unified payment services across Europe, MENA and Asia. It raised $53.6m in Series A funding in 2023, followed by a $37m round in January 2025, and a further $40m investment from SoftBank-backed SB Payment Service in June 2025, bringing total funding to about $120m and valuing the company at approximately $290m. It serves global merchants efficiently.
👉 No tech background needed to bring your business into the AI age! Secure your scholarship to complete the certification at no cost. Apply now and get started!
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
For support in challenging times, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
