Assiduous Corp Ltd ('Assiduous'), the capital markets technology pioneer, has announced that it has been selected by EIT Digital to join the Open Innovation Factory 2024.

With the financial commitment from EIT Digital together with an investment from Enterprise Ireland through the Pre-Seed Start Fund (PSSF) the company has secured a €500,000 funding package to commercialise Assiduous’ AI native advisory engine over the coming six months.

Assiduous is commercialising the corporate finance autopilot, its software-as-a-service solution to prepare small and medium sized companies for strategic, financing and liquidity transactions.

Embedding the latest AI methodologies in its proprietary workflows

Assiduous is embedding the latest AI methodologies in its proprietary workflows and is presently working with a small number of pilot customers to perfect its solution.

The Open Innovation Factory is EIT Digital’s flagship programme of support for innovative early-stage ventures. EIT Digital provides financial support and access to a network of industry leaders and investors to accelerate the market uptake and scaling of research-based digital technologies focusing on Europe’s key societal challenges: digital tech; digital cities; digital industry; digital wellbeing; and digital finance.

As part of the EIT Digital funded activities, Assiduous is collaborating with pan-European stock market operator Euronext Group to enable more small and medium sized companies consider a stock market listing on Euronext’s markets, using Assiduous’ technology.

Assiduous, headquartered at NovaUCD in Dublin, was founded by experienced investment bankers Fergal Meegan and Barry Murphy. 

Pictured at NovaUCD in Dublin are Fergal Meegan and Barry Murphy, co-founders, Assiduous. Image: Paul Sharp, Sharppix.

Fergal Meegan, chief executive officer, Assiduous, said: “We are honoured to be selected to join the EIT Digital start-up portfolio capable of addressing Europe’s strategic challenges. The Open Innovation Factory 2024 falls at a perfect moment for Assiduous as we work towards a public launch of our solution. We would also like to thank Enterprise Ireland for its funding support through the PSSF.  

"In addition, we would like to acknowledge the NovaUCD community, the New Frontiers Programme, the Dún Laoghaire Rathdown Local Enterprise Office, and NDRC for enabling and supporting us to avail of this European opportunity so soon in our life cycle.”

Dénes Csiszár, interim head of acceleration and Growth at EIT Digital, said: “We welcome Assiduous to the EIT Digital family. At EIT Digital, we recognise the value that innovative companies like Assiduous are bringing to digitalising finance. We look forward to supporting Assiduous commercialise their platform for the benefit of European small and medium sized enterprises seeking to access capital markets.”