2023
UCC spin-out company Exceedence launches €500K crowdfunding campaign
- Irish fintech company Exceedence Ltd aims to raise €500K to advance their innovative new software solution, exfin.
- The software speeds up the rollout of offshore wind, wave and tidal energy projects.
- Financial modelling for renewable energy projects can be costly and no current solution gives a proper ‘big picture’ view.
Exceedence Ltd has launched an €500K crowdfunding campaign to advance its new software designed to accelerate the development of offshore wind, wave and tidal projects. Specialists in the renewable energy sector, the Irish software and advisory company is seeking funding to support exfin, the first complete renewable energy financial platform.
The company’s cloud-based software exfin assimilates technical and cost data to produce robust financial digital twins of wave, tidal, fixed and floating offshore wind projects and combined technologies.
The solution allows users to optimise levelized 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.
Through the Seedrs Crowdfunding platform, the crowdfunding campaign offers the chance to buy equity in the company.
Exceedence will use the funding to expand their team to grow their software sales and customer support functions, develop pilot projects in new sectors such as solar energy, and create partnerships for software integrations.
Launching the exfin crowdfunding campaign, Dr Ray Alcorn said: “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.”
Dr Sally Cudmore, Director of UCC Innovation, said: “With sustainability and the climate crisis at the forefront of everyone’s minds, it is great to see a UCC spin-out company working to innovate the renewable energy sector The funding raised in this campaign will enable Exceedence to develop pilot projects in new sectors such as solar energy, as well as grow their software sales and customer support functions and create partnerships for software integrations.”
“This will allow the company to grow its product offering into the renewable sector, and increase its customer base,” Dr Cudmore said.
Headquartered in the Environmental Research Institute in University College Cork (UCC), Exceedence develop and out license financial modelling software, providing techno-financial modelling and analysis that supports design optimisation, identifies cost reduction pathways, and drives levelized cost of energy (LCOE) reductions via project innovation.
Founded by UCC Research Manager Dr Ray Alcorn and commercial champion John Keating, Exceedence evolved from a deep research legacy, established over many years of successful Irish and European funding awards. The team was successful in securing an Enterprise Ireland Commercialisation Fund in 2011, which started their commercialisation journey.
Since spinning out from UCC in 2015, Exceedence Ltd has focused on engaging with its customers and on continuously refining its financial modelling software platform, taking part in the 2016 National Digital Research Centre Accelerator as a selected Catalyser company.
The company has also participated in several European projects including the Flagship Green Deal project EU-SCORES (European Scalable Offshore Renewable Energy Source) where, using their newly launched exfin software, Exceedence is leading the business plan development for large scale offshore parks.
Following on from being an Enterprise Ireland High Potential Start-Up (HPSU) company, Exceedence is now an established SME, that employs 10 people in Ireland.
The company previously raised €480K in funding and have also 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.