Equine technology company Equine MediRecord has secured an investment for an undisclosed sum, believed to be just over €10 million.

The company, which is headquartered at the Curragh in Kildare, runs a platform that digitally records the medicines and vaccinations that are administered to horses.

This latest investment came from Chicago-based private equity firm Merit Holdings, through their Inova Group Holdings platform, which also previously acquired Business Infusions, the largest equine veterinary software group in the world.

The funding will allow the company to drive the adoption of its platform across Europe, North America and the Middle East.

It also plans to expand its growth and operations team.

"It's great to be supported by Inova Group and Business Infusions and that they believe in our goal to promote equine welfare and anti-doping best practices by driving adoption of our Equine MediRecord platform," said Pierce Dargan, CEO of Equine MediRecord.

"This funding will help us bring our platform to more horse farms and equine events ensuring equine welfare best practices are being adopted in Europe, North America, the Middle East and beyond," he added.

John Burke, chief executive of Merit Holdings, said Equine MediRecord is helping to transform and digitise the equine industry.

"It has a clear and quantifiable value proposition for trainers, events, associations, vets and the broader equine community, underpinned by a scalable cloud-based software platform and distinguished by a strong leadership team," he said.

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Speaking on Morning Ireland, Mr Dargan explained that there are a lot of regulations for horse owners and trainers around the welfare of the horse and anti-doping protocols.

He said before they created Equine MediRecord, all these records were kept in paper form.

"I come from a farming background, we have a horse farm in Kildare and it was just really hard and difficult to know exactly what you needed to do - so I thought there must be a better way and essentially that is how the business started," he said.

He said the platform is designed to simplify the process, so the data is readily available at the click of a button.

"If you have a horse and you give it a medication or if it is going to compete, you know exactly what you need to record and the documentation you need to have before it goes into competition," he said.

The Equine MediRecord platform has now been approved by regulators in a number of countries.

"Ireland was the first country to go digital, so we had to go to the Department of Agriculture, the Irish Horse Racing Regulatory Board, Horse Racing Ireland, Veterinary Ireland, to approve the idea because it has never been done before," Mr Dargan said.

"That took almost two years to get the platform approved and once we did that, we got approval in the UK, France, the US and most recently in Saudi Arabia."

Mr Dargan explained how the platform can help in the fight against doping, in the horse racing industry in particular.

"We work with events such as the Saudi Cup or the Breeders Cup World Championships which is like the World Cup for thoroughbred racing.

"Before a horse competes in one of those events they have to submit medical records to see if there is anything in the horses' system that could be masking an injury, because for us it is not just about anti-doping, we want to make sure that it is safe for every horse to compete.

"Then from a doping perspective they can see if there is anything in this horse, that has been recorded, that could give it a competitive advantage," he said.

Equine MediRecord, which was founded by Pierce Dargan, Simon Hillary and Finlay Dargan in 2016, is a previous winner of Trinity College Dublin's startup accelerator programme, LaunchBox.