Ulster University spin-out company, Dia Beta Labs Ltd, was named overall winner of the 2024 INVENT Awards.
The INVENT Awards are organised by Catalyst annually with headline partner Bank of Ireland UK to celebrate innovators and entrepreneurs, giving them an international platform and support to make the greatest impact.
At an award ceremony held in the ICC Belfast on 3 October 2024, twelve finalists competed for the main prize, with Dia Beta Labs Ltd triumphing overall and taking home £25,000 from the total prize fund of £55,000.
Dia Beta Labs Ltd is a UK-based biotech company building on over 30 years of translational research from the Diabetes Research Group at Ulster University.
The company first beat off stiff competition in the BioBreakthrough category, including fellow Ulster University spin-out, Galvani Tech Ltd. Making it to the final round of Invent 2024, Galvani Tech specialises in designing novel wireless power supply and charging systems for medical implants such as artificial hearts, left ventricular assist devices (LVADs) and others medical implants.
An innovative and future-thinking company, Dia Beta Labs Ltd is currently developing transformative treatments which take a holistic approach to metabolic disease management. These treatments provide high quality, sustainable weight loss through preferential targeting of fat whilst sparing muscle. Additionally, they rescue insulin-producing cells of the pancreas which are lost over time as the disease progresses.
Tim Brundle, Director of Research and Innovation at Ulster University said:
“The level of our performance and representation at the INVENT 2024 Awards is testament to the calibre and ingenuity of our researcher and students across the University. Our work with spin-out companies, through Innovation Ulster, is a superb example of one way we are putting our research to work for the betterment of society. It is excellent to also witness the creativity and determination of our students in action.
Congratulations to all the finalists, and to Dia Beta Labs Ltd for another fantastic achievement.”
Ryan Lafferty, CEO of Dia Beta Labs Ltd, commented:
“The team and I are delighted to be named overall winner of INVENT 2024. It has been a rewarding end to what has been an exciting year for Dia Beta Labs as we progress our path to clinic for our lead candidates and continue working to develop more effective therapies for people living with metabolic diseases like obesity and Type 2 Diabetes.”
Student Invent
On the night, Ulster University was also represented by six Student INVENT finalists, all with innovative ideas to solve challenges in areas from branding to cookware.
Congratulations to all our next-gen innovators:
- Lorna Reid-Mullen (founder) – The Belfast Bib Company
- Florence Alade (co-founder) – AIRO
- Andrew McCullough (founder) – Culain
- Grace McLaughlin (co-founder) & Hannah Purcell (co-founder) – Simply Cookware
- Orla McCarney (founder) – Wilding
Fiona Bennington, Director of Entrepreneurship and Scaling at Catalyst, added:
“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.”