Bizstartup.ie - NewsRisk-specialist start-up in Dublin BIC raises €600,000

Onformonics, which was founded in 2008 by Conor McGoveran and Martin Petrov, has already built a strong customer base in Europe and it plans to expand into the Middle East, Africa and the US by the end of the year. 

To support this growth, the company is currently recruiting 22 additional employees for its European headquarters in Dublin by 2013, bringing the total to 35.

Onformonics provides innovative risk-management solutions to companies faced with the regulatory and industry compliance requirements of the financial services sector.

Customers include credit-card processing companies, technology service providers, retail outlets and other organisations that process payments or hold sensitive and private customer information.

“Consumers and policy-makers are now expecting increasing accountability and transparency from financial institutions and other businesses that hold confidential information and rightly so,” said McGoveran.

Opportunity to innovate new products and services

“This renewed vigour for compliance and governance presents an opportunity for Onformonics to continue to innovate new products and services which achieve the end goal of protecting valuable data.”

Backing innovative entrepreneurs in Ireland

Alex Hobbs, funds portfolio manager, Dublin BIC, said: “Onformonics is a great example of the innovative entrepreneurs we need to back in Ireland. 

Despite the economic hardships of 2009, it proves that young Irish businesses that focus on solving real customer needs in global markets can attract equity investment backing,” said Hobbs.

Click here for further information about the AIB Seed Capital Fund.

Photo: Alex Hobbs, funds portfolio manager, Dublin BIC; Patricia Shields, head of operations, Onformonics; and Conor McGoveran, founder and director, Onformonics