TyreCheck to Invest in Sales and R&D Following Windfall

“I am delighted to announce this 2.4 million euro investment and the creation of eleven new high–value jobs at TyreCheck in Ennis, County Clare,” said Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan T.D. “The company is an excellent example of the ability of innovative Irish firms to develop market leading technologies for sale internationally. As it grows it will benefit not only the new employees, but the local economy and add to the already dynamic enterprise base in the Mid-West region.”

Commenting at the announcement Jerry Moloney, regional director, Enterprise Ireland said: “Enterprise Ireland currently supports over two hundred companies in the Mid West region who employ over 15,400 people full time. TyreCheck represents the type of innovative export-oriented company that Enterprise Ireland is keen to support. The company, guided by a strong management team, has already made significant progress, having secured sales from six of the world’s top several tyre companies. Enterprise Ireland is working with TyreCheck to develop international sales and the imminent appointment of sales managers in Germany and the US will enable them to capitalise on the significant opportunities in these markets.”

The tyre management technology solution produced by TyreCheck is said to extend tyre life by up to thirty per cent. Commenting on the company’s future plans, CEO Michael O’Dwyer said: “Our products are currently being used by tyre manufacturers, tyre dealers and transport fleets worldwide. We have installations in seventeen countries and provide the product in thirteen languages. Given our current and future product portfolio we are well positioned to capitalise on increasing global demand for our products which reduce fuel and tyre costs for our customers. With the backing of EI and the AIBSCF we are ready now to increase our efforts in opening larger markets in Europe, the USA and Asia.”

The investment in TyreCheck was led by the AIB Seed Capital Fund, which is co-managed by Enterprise Equity Venture Capital Group. The AIB Seed Capital Fund is a 30 million euro fund established by AIB and Enterprise Ireland to support the development of Irish based early-stage technology companies. Rory Hynes of Enterprise Equity is reported to have said the AIB Seed Capital Fund is pleased to have the opportunity to work with the experienced and ambitious management team at TyreCheck and support them in building aggressively on the success they have already achieved in Europe and North America.