Irish cybersecurity startup Smarttech247 has publicly listed on the AIM market of the London Stock Exchange amid a slow year for tech IPOs.
Founded in 2001, Smarttech247 uses artificial intelligence to develop security solutions for businesses to protect critical infrastructure and assets.
The company’s automated platform can be trained to detect the difference between standard and harmful traffic.
The firm launched on the London Stock Exchange with an initial market capitalisation of £36.8m, a relatively small figure compared to the mega-valuations of some IPOs in 2021. Food delivery app Deliveroo debuted at a £7.6bn valuation, while fintech company Wise listed at an £8bn valuation.
However, Smarttech247 is a promising sign for Britain’s public tech market in a slow year for UK tech IPOs.
In a public statement, the company said: “Growth is never by mere chance; it is the result of forces working together. We are delighted to embark upon this new journey as a public company with an amazing group of individuals as the driving force. A new adventure begins for Smarttech247.”
Prior to the IPO, Smarttech247 raised $1.7m (£1.4m) in funding, according to Crunchbase. Previous backers of the company include London-based VC firm Sure Valley Ventures.
The public listing of Smarttech247 marks a rare tech IPO for the London Stock Exchange this year. IPO activity has plummeted compared to a record 2021 in which 37 companies made their public market debuts, including big-name companies such as Darktrace and Trustpilot.
Economic struggles in the UK and beyond have contributed to a much slower year for British tech IPOs, as firms show caution amid a volatile market.
The post Irish cybersecurity firm Smarttech247 completes London IPO appeared first on UKTN | UK Tech News.
