A NI-based health and research start up has been named the overall winner of the INVENT Awards.
Dia Beta won both the BioBreakthrough and the overall categories at this year’s ceremony.
The research and development company works on treatments for metabolic conditions.
It views the increasing prevalence of diabetes as “one of the greatest global healthcare challenges of our time,” and estimates that 642 million adults will have the condition by 2040.
Their treatments for the disease involve aiding weight loss through the “preferential targeting of fat while sparing muscle”, as well as what they call the “rescue” of the “insulin-producing cells of the pancreas, which are lost over time as the disease progresses”.
By tackling the causes of diabetes as well as alleviating its symptoms, Dia Beta aim to develop what they describe as a “holistic approach to metabolic disease management.”
The INVENT Awards are organised by Catalyst in association with the Bank of Ireland. It rewards entrepreneurs and early-start-ups for innovation.
The total prize fund for the awards is £55,000, with each category winner getting £5,000. Dia Beta was awarded £25,000 overall.
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George Higginson, managing director, Northern Ireland and UK Strategic Partnerships at Bank of Ireland UK said: “Fostering entrepreneurship and celebrating innovation are at the core of our long-standing partnership with Catalyst, and crucial to developing a strong and resilient local economy.
“Each year the INVENT Awards showcase what can be achieved when the right conditions are provided to help entrepreneurs grow, scale and thrive.
“That approach to developing an entrepreneurial spirit is at the heart of our partnership with Catalyst, working with local talent to deliver innovative solutions to real world issues.
“Congratulations to all the finalists, and particularly to Dia Beta Labs who have shown how thinking differently about an existing issue can result in an innovative solution.
“I very much look forward to seeing their continued development and success.”
Fiona Bennington, director of entrepreneurship and scaling at Catalyst said: “We are so proud and amazed by the huge level of talent within the INVENT 2024 finalists and would like to congratulate everyone involved, especially our winners on the night.
“Innovation comes in many forms and so by refreshing our categories this year we were delighted to welcome a host of new and creative ideas across different industries.
“At Catalyst we are focused on fostering inclusive innovation and so are delighted see the level of entries from people from different background continue to rise each year.”
Catalyst is a non-profit science and technology hub with workspaces in Belfast and Derry focused on supporting start-ups.
It was founded 25 years ago as the Northern Ireland Science Park. The director, Steve Orr, told Business Telegraph in June that Catalyst has a number of objectives.
“One of them is to create the physical epicentre, where you co-locate big, multinational technology companies, world-class academic research, and start-ups.
“And you just create an environment where you get accidental encounters and people start to build relationships.
“And then you start to get some serendipity and you get outcomes that otherwise wouldn’t happen, you know, if everybody was just siloed and working in their own place, and never ever seen each other.”
All the winners in the 2024 INVENT Awards:
INVENT 2024 Overall – Dia Beta Labs
BioBreakthroughs – Dia Beta Labs
Creative Leisure – KIJN
Future Business – Equipple
Green Horizons – e-breathe
Living Well – CyberSyd Ltd.
Unchartered Ideas – TalkTerms
Inclusive Innovation – Galvani TECH
Student INVENT – Vibrotect