NDRC welcomes Spotify acquisition of Soundwave

The CEO of NDRC and early stage investor in Soundwave, Ben Hurley, has welcomed the acquisition of the company by digital music service Spotify, claiming it was highly significant for the indigenous Irish tech sector and indicated Ireland’s innovation expertise was global in outlook.

Soundwave invented a free app for smartphones that allows you to instantly and automatically share and check out what other people are listening to. The company successfully completed NDRC’s LaunchPad accelerator programme in 2012, ultimately securing their first significant follow on investment at NDRC’s Lift Off competition that year.

Ben Hurley said: “This announcement is a clear recognition of the great talent and innovation of the Soundwave team. Technology, as we know is disrupting the music industry and Soundwave have developed a means of not only connecting people through music but also providing insight as to what people are listening to and when”.

Hurley continued: “The announcement is also a hugely positive endorsement of the potential and innovation of Ireland’s indigenous tech and startup sector – Spotify are a global leader in digital music sharing. It is imperative that we continue to find and support these startups in those very early stages of development, before they are investor ready”.

Mr Hurley also recognised the continued funding partnership with the Department of Communications Energy and Natural Resources and their strong understanding as to the importance of building indigenous technology companies, crucial for sustainable growth within the Irish economy.

Speaking about the value of the NDRC Brendan O’Driscoll, CEO Soundwave said: “By working with NDRC we got access to a network of mentors, micro-seed funding, office space and structured supports. It helped us to focus on the idea and the product”.

NDRC is considered one of Europe’s premier accelerator programmes and was recently named the No 2 university business accelerator in the world by UBI Global Index. Investing since 2008, NDRC operates three accelerator investment programmes that take place over 3 to 6 months. NDRC is focused on working with startups to refine their product offering, research and identify their target markets and check their commercial viability.