29 August 2023
Exceedence has launched a €500,000 crowdfunding campaign to advance its new software designed to accelerate the development of offshore wind, wave and tidal projects.
The Cork company’s cloud-based software exfin product assimilates technical and cost data to produce financial digital twins of wave, tidal, fixed and floating offshore wind projects and combined technologies.
Based at the Environmental Research Institute in University College Cork, Exceedence develops and licenses financial modelling software.
According to the firm, its solution enables users to optimise cost of electricity, bid prices and margins, and provides a like-for-like comparison across devices, projects and locations with the bottom line being financial viability.
Founded by UCC research manager Dr Ray Alcorn and commercial champion John Keating, Exceedence secured Enterprise Ireland funding in 2011, which started their commercialisation journey.
The venture spun out from UCC in 2015.
Exceedence is seeking to raise funds on Seedrs to expand software sales and customer support functions, develop pilot projects in new sectors such as solar energy, and create partnerships for software integrations.
The company previously used Crowdcube to raise £247000 from 354 investors in September 2018.
The company booked a loss of €145,000 in 2021. The company’s equity funding at end 2021 amounted to €550,000 and net worth was €313,000. Period end liabilities include €264,000 in payroll tax debt.
Ray Alcorn commented: “At Exceedence we are fortunate to have the support of a fantastic team of inhouse experts and exfin is the embodiment of this expertise. exfin is the result of years of working with developers and financial analysts to understand their workflows and challenges and cultivate a best-fit solution. It is designed for teams and enables them to collaborate in real-time to gain actionable insights about their renewable energy projects.”
Exceedence has been selected for the Microsoft Founders Hub, opening the team’s access to high level Microsoft mentorship and guidance, along with providing access to the Azure Marketplace, where exfin is now promoted for commercial use.