Irish Teen’s AI Startup Secures €1.2 Million

In a significant development for the tech startup landscape, Irish 18-year-old Liam Fuller has co-founded an AI startup named Source, successfully securing €1.2 million in pre-seed funding. The innovative platform is designed to automate stock purchasing for retailers through the use of agentic AI.

Funding Details

The funding round was led by Australian venture capital firm Square Peg, in partnership with notable investors such as former Stripe CTO David Singleton and the Xtripe angel syndicate. Fuller, who is now the youngest founder in Square Peg’s portfolio, has decided to leave school to focus on Source full-time.

The Vision Behind Source

Fuller expressed astonishment at the reliance of many retailers on outdated methods such as email and Excel for managing substantial weekly stock purchases. He stated, “Source provides a simple interface allowing retail buyers to understand what they should buy and when by integrating into Excel, email, and ERPs (Enterprise Resource Planning).” This approach aims to streamline the purchasing process significantly.

How Source Works

Source uses advanced AI to analyze inventory and past sales data, generating forecasts and suggesting purchase orders that can be easily edited and approved by users with a single click.

Securing Investment

During a visit to family in Australia, Fuller secured a meeting with Square Peg co-founder Paul Bassat, with the funding round being finalized shortly thereafter. Bassat was highly impressed by Fuller’s blend of technical sophistication and keen commercial acumen for someone of his age, indicating a compelling growth trajectory for the startup.

Future Plans

The newly acquired capital will be allocated to doubling the engineering headcount, initiating pilot programs in the U.S. during the upcoming autumn, and financing a relocation to Silicon Valley later in the year. In addition, Source has joined the NDRC Accelerator, operated by Dogpatch Labs in Dublin, which will provide further support for the startup’s growth.

Conclusion

Liam Fuller’s journey at such a young age highlights the potential of emerging entrepreneurs in the AI space, particularly those focused on innovative solutions that enhance operational efficiencies in retail. As Source continues to evolve, its impact on the industry may signify a shift toward more technologically driven business practices.