Kernel Capital is to invest €500k in Dublin-based Tapastreet, a location-based photo and video discovery platform for mobile devices. The investment comprises of a €250k investment by Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund with the remainder of the funds provided by Enterprise Ireland.
According to a recent eMarketer report, the number of worldwide social network users will climb to 1.73 billion this year and one in three or 2.55 billion people could be using social media networks by 2017.This growth is driving the need for content-filtering solutions that accurately identify specific content in real-time.
Founded in 2012 by ex-Intel engineer Joe Mitchell and ex-Googler Dave Johnson, Tapastreet unveiled its Android and iOS applications at TechCrunch Disrupt 2013 in San Francisco earlier this month. Tapastreet is a photo and video discovery platform that enables users to see and share what is currently happening at any location worldwide by accessing real-time media uploaded to popular social networks.
The company has developed a joint research project with Trinity College Dublin and The Institut National des Sciences Appliquées de Lyon (INSA) under the EU’s Industry-Academia Partnerships and Pathways, Seventh Framework Programme (FP7). The project will develop advanced image synthesis techniques and powerful location-based artificial intelligence machine learning algorithms and integrate them into Tapastreet’s core product offering.
Commenting on the announcement, Joe Mitchell, CEO, Tapastreet, said: “Tapastreet lets you see what is happening anywhere in the world, right now, through the eyes of those who are there. We are excited to partner with Kernel Capital and Enterprise Ireland to bring this technology to a wider audience. When showcasing Tapastreet at TechCrunch Disrupt 2013, Mike Butcher, Editor of TechCrunch Europe, said that Ireland punches above its weight in the world of start-ups. We are proud to be at the forefront of this climate of innovation.”
“Tapastreet brings a unique proposition to the global market, enabling users to crowdsource media on social networks worldwide, thereby bringing them to the heart of their location or subject of choice. Kernel Capital is pleased to partner with this Irish startup as they continue their journey to building a more connected and informed global society,” said Ger Goold, Partner, Kernel Capital.
Welcoming the announcement, Donal Duffy, head of Enterprise Ireland Relations, Bank of Ireland said: “Those involved with the Bank of Ireland’s Kernel Capital Seed Fund are delighted to support Tapastreet as it successfully brings this impressive new technology to market and we wish Tapastreet well.Bank of Ireland’s support for early stage and start-up companies is unwavering – especially companies offering such dynamic services in the IT and Communications sectors and with good management, plans and products.”
John O’Dea, High Potential Start Ups Manager at Enterprise Ireland, added: “Tapastreet is an innovative business that has the potential to be a game-changer for mobile content discovery. Entrepreneurial companies like this are hugely important to the Irish economy and we look forward to working with them as they grow their business.”