Céad míle fáilte!

One of my favourite stories lately is that Meta is shutting down its employee communications tool, Workplace by Meta (previously known as Facebook@Work).

Now, you're probably thinking, why am I excited about this? And why do I hate Zuckerberg's employee communications tool so much? Let me explain.

Following the announcement Workvivo, a company based in Cork (acquired by Zoom for a staggering €202 million last year), was selected as Meta's exclusive preferred migration partner. Yes, you read that correctly: Workvivo is the only preferred partner. 🤯

Why is this noteworthy?

First, in an industry stacked with significant competitors like Microsoft and ServiceNow vying for market share, this deal is a substantial endorsement of the strength of Workvivo's platform.

Second, the 'Employee Experience Platform' industry is not just growing; it's booming. This growth is driven by the surge in hybrid work and companies' efforts to enrich workplace culture. Workvivo, with its already impressive 2 million user base, is now positioned to increase its market share substantially through the transfer of Meta customers. 🚀

Founders CEO John Goulding and CTO Joe Lennon have come a long way since their humble beginnings in a small office in Douglas in 2017. Their journey has been extraordinary; they have managed to woo and fend off some of Silicon Valley's most prominent players, and with this latest news, they've achieved something that many founders could only dream of!

Here are the top global Irish business and tech stories we've lined up for you this week:

• Udio stands its ground against a coalition of major record labels 🌍 🎵

• Keywords Studios accepts £2.1bn takeover offer from EQT 🇸🇪 🎮

• Granite Digital to create 50 jobs to aid expansion 🇺🇸 🗽

• Signum Surgical has been granted FDA clearance 🇺🇸 💉

Enjoy ☕

Udio stands its ground against a coalition of major record labels 🌍 🎵 

The Recording Industry Association of America (RIAA) has announced that major music labels, including Sony Music Entertainment, Universal Music Group Recordings, and Warner Records, have filed lawsuits against Udio.

They claim that Udio's AI software unlawfully replicates music to create similar tracks and seeks $150,000 for each infringement.

Udio, co-founded by Conor Durkan from Cork, allows users to create tracks in under 40 seconds using simple prompts and recently raised $10 million in seed funding in April.

In response, Udio maintains that their system is explicitly designed to create music reflecting new musical ideas and not to reproduce content from their training set. They also say they have implemented and continue to refine advanced filters to ensure their model does not replicate copyrighted works or artists’ voices.

The use of AI in the music industry has sparked vigorous debates about its creative potential and legal implications. The action against Udio underscores these tensions, highlighting the delicate balance between technological innovation and safeguarding artistic rights.

Keywords Studios accepts £2.1bn takeover offer from EQT 🇸🇪 🎮

Check out this big news! Keywords Studios, A Dublin-based company that provides video game services, has agreed to a £2.1 billion takeover by Swedish private equity firm EQT.

Keywords is well-known for its technical and creative services for major players in the video game industry, such as Microsoft, Ubisoft, and Activision Blizzard. After listing the AIM exchange in 2013, Keywords experienced remarkable growth, with revenues soaring from €16.4 million to €780.4 million last year.

EQT has ambitious plans to propel Keywords' expansion, aiming to venture into new media markets and cutting-edge gaming technologies. Despite recent setbacks in share prices due to AI industry competition, EQT is confident that its investment will enable Keywords to capitalize on its long-term potential.

Founded in 1998 by Giorgio Guastalla and Teresa Luppino, Keywords has evolved from providing translation services to working on iconic game franchises like Fortnite and Assassin's Creed. This acquisition is certainly a big move in the gaming industry!

Granite Digital to create 50 jobs to aid expansion 🇺🇸 🗽

One of Ireland's largest digital agencies, Granite Digital, originally founded in Skibbereen, is making big moves in the US market to meet the increasing demand for cutting-edge digital solutions and top-notch client service from its expanding Fortune 500 client base.

Following the acquisition of a majority stake in New York-based creative agency LCM247, Granite Digital will create over 50 new jobs in New York. From software engineering to data science (AI) and everything in between, they're on the hunt for top talent to join their ranks and keep driving innovation forward.

And that's not all – they've got an impressive client lineup, featuring big names like Red Bull, Intel, Pepsi, and more. To amp up their US operations, they've brought in heavy hitters like Margaret Molloy as a board advisor and Oran Bambrick as vice president of US operations.

Signum Surgical has been granted FDA clearance 🇺🇸 💉

Signum Surgical, a Galway-based company, has been granted De Novo classification and clearance by the FDA for its BioHealx technology. It is designed to revolutionize the treatment and recovery of anal fistulas.

BioHealx is a new kind of implant that helps with a common medical problem called anal fistulas. It's designed to be used only once and dissolves in the body over time. This helps to close the fistula's internal opening, which can prevent further infections, protect bowel control, and speed up the healing process. This new implant also has the potential to reduce the need for multiple surgeries, which could save money and improve many people's lives.

Co-founder Moshe Zilversmit is thrilled about the FDA clearance, calling it a major milestone that paves the way for BioHealx to reach even more patients. With exciting commercial opportunities on the horizon, Signum Surgical is getting ready to make big waves!

A massive congrats to Moshe, Eoin and the entire Signum Surgical team!

Fundraising News 🚀

Irish-affiliated businesses have achieved an impressive total of €11 million in fundraising victories! 🥂

• Solidroad, an AI-powered hiring, onboarding, and training platform founded by former Intercom employees, raises $1.2m.

• CreditLogic, the lending-as-a-service platform, raises €3.5m to fuel European expansion.

• HR Duo secures €1.7m from Salica to grow in the UK market.

• Lua Health, a well-being platform, has successfully concluded its pre-seed funding round, securing €500k in investment from Enterprise Ireland and the private investment company Growing Capital.

• Better Futures has secured €500k in funding to accelerate the development of its AI Platform, EVA.

• Tribe Tech raises £1.41 million to support the delivery of its new innovative drill rig.

• Digital Iron, a start-up founded by Belfast-based tech entrepreneur Ciaran Gillen, has raised $2 million from investors to scale operations for the new venture.

A huge congratulations to these fantastic companies from the Irish Insights team! 👏👏

🧠 Brain Food

Here is your quick serving of Irish Insights-related wins, trends, events, media and resources that we think you’ll enjoy digesting 🍽️:

🔎 Founder Focus: Gary Cobain talks to us about his journey from Belfast to Australia via Papa New Guinea and his career with Digicel that led him to start Pokitpal.

💯 Charlie Taylor and Elaine Burke pay tribute to the pioneers of Irish tech in their Top 100 Techies list, celebrating the visionaries who propelled Irish tech to the forefront.

👀 What does an investor look for in a founder?

📺 Fin AI Copilot is now available to all Intercom customers. Watch this recent announcement to find out more.

🏢 Collison brothers sign deal as Stripe chooses new Dublin headquarters