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AI Startup EOFIS Wins NovaUCD Award


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CategoryBusiness
DateThursday, June 24, 2021
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Marysol Angeloni and Tiarnach Ó Riada of EOFIS, an early-stage student venture which is developing an artificial intelligence software platform to augment human memory; declared overall winner of the 2021 NovaUCD Student Enterprise Competition (Photo Credit Nick Bradshaw, Fotonic)

AI Startup EOFIS Wins NovaUCD Award

Early-Stage Venture Developing a Software Platform to Augment Human Memory NovaUCD’s 2021 Student Enterprise Competition

 

EOFIS, an early-stage student venture which is developing an artificial intelligence software platform to augment human memory, has been declared overall winner of the 2021 NovaUCD Student Enterprise Competition and a €5,000 cash prize.

 

Sponsored by AIB, Arthur Cox, Deloitte, Ericsson, Goodbody Stockbrokers and Xilinx, and now in its 7th year, the NovaUCD Student Enterprise Competition is an intensive 4-week mentoring programme for undergraduate and postgraduate students who want to work together to develop and grow start-up companies.  

 

 

Eleven early-stage student ventures and 23 participants took part in this year’s competition, who's aim is to assist the participating students in refining their start-up ideas through a series of structured workshops, including interactive workshops, regular pitching sessions and mentoring using the Lean Startup and Business Model Canvas approach led by Raomal Perera and Rohan Perera of Lean Disruptor.

 

EOFIS was declared overall winner of the competition following final pitches to an external judging panel of Bryan O’Higgins, Branch Manager (UCD), AIB (Chair), Alison Crawford, Senior Investment Associate, Atlantic Bridge, Christian MacManus, Partner, Deloitte Ireland and Suzanne Mills, Pre-Accelerator Director, NDRC.

 

The EOFIS project is based on knowledge workers consuming large amounts of information every day as they scroll through news items on their phones or laptops. However, this knowledge is difficult to retain and most people quickly forget those illuminating statistics and key snippets of information they encounter online within a few days.

 

To solve this problem time-poor professionals who need to stay well informed, can send the text of an illuminating nugget of information (or even a whole book chapter) to the EOFIS platform where artificial intelligence (AI) transforms the material into question format. These memory-jogging questions will then appear as a daily quiz on a user’s phone. The daily quizzes use the proven spaced repetition technique to optimally time when users will see the questions.

 

To help find, connect and organise the key pieces of information, each quiz question is automatically connected to all other quiz questions in a user’s library, in an interactive, configurable concept map.

 

 

EOFIS team members are Marysol Angeloni and Tiarnach Ó Riada, who were supported by Dr Paul Cuffe, UCD School of Electrical and Electronic Engineering, who supervised Tiarnach’s final year engineering project during which the EOFIS software platform was initially developed.

Marysol, who is completing an MSc in Management at the UCD Michael Smurfit Graduate Business School, said; “We are honoured to have been declared the overall winner of the 2021 NovaUCD Student Enterprise Competition, especially as the standard of this year’s competition was very high, with many fantastic start-ups taking part.”

 

Tiarnach has just completed his BEng degree at the UCD School of Electrical and Electronic Engineering, He said; “We believe that two large markets, online news and casual learning software, can be joined together by EOFIS which combines a high-technology approach with the proven benefits of spaced repetition and interactive, self-directed learning. Since Marysol brought her entrepreneurial and creative skills to the team, we’ve managed to develop my thesis proof-of-concept into a compelling market offering we call EOFIS.”

 

Marysol added; “We have ambitious plans for the future, including a B2B proposition for companies whose workers need to stay abreast of fast-evolving fields such as finance and law. We now intend to apply for a place on a New Frontiers programme to further develop our business proposition and marketing strategy, while also applying for tech-related awards. Thereafter we will be exploring an application for Enterprise Ireland Competitive Start Funding to accelerate the growth of EOFIS which we believe has global market potential.”

 

Two other participating ventures, RespTech (Anna Potterton, Jemima Hurley and Sadhbh Carey) a novel attachment compatible with all mainstream fiberoptic bronchoscopes and all smartphone devices, and FlowMo (Sophie Cassidy), a web-based flow driven generative design tool to streamline the design process of fluidic devices, were announced as second and third place winners and receive €3,000 and €2,000 cash prizes respectively.

 

The 8 other early-stage ventures taking part in this year’s competition each receive a €1,000 cash prize for completing the programme.

 

Tom Flanagan, UCD Director of Enterprise and Commercialisation, NovaUCD, the Centre for New Ventures and Entrepreneurs, said, “During the last 4 weeks this fantastic group of entrepreneurial students came together virtually to develop and refine their start-up ideas. I look forward to seeing several of these early-stage student ventures move forward and successfully launch on the market. I would especially like to congratulate the EOFIS team, the overall winner of this year’s NovaUCD Student Enterprise Competition.”

 

(Photo Credit: Nick Bradshaw, Fotonic).

 

 

 

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Visit: www.novaucd.com

 

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