Irish software company Artomatix sold in deal valued at up to $60m

Artomatix, an Irish software company that has developed artificial intelligence (AI) technology, which can automate the creation of 3D content, has been acquired in a deal believed to be worth up to $60 million (€54 million). The buyer's name has not been disclosed but industry sources described it as a well-known Silicon Valley-based company that does not currently have a base in the Republic. The transaction, which closed late last week, is valued at between $50 million and $60 million, leading to a significant return for Artomatix's backers, which include Sure Valley Ventures and Enterprise Ireland. Sure Ventures, a London-listed investment firm founded by Irish entrepreneur Barry Downes which backs early-stage tech companies through its Sure Valley Ventures fund, said it expected to make about €1.6 million from the sale. This represents a fivefold return on its initial investment in Artomatix 14 months ago.