The funding round includes a $1m investment from Enterprise Ireland alongside support from Mr Cuban, co-owner of the NBA’s Dallas Mavericks, plus a group of professional athletes and long-term backers of the business.
Orreco said the investment will help it scale its technology globally while continuing to grow its Irish base.
The company, which is headquartered in Galway, works with elite sports teams and athletes around the world and specialises in applied physiology, biostatistics and artificial intelligence (AI).
Orreco provides coaches, medical teams and athletes with data and insights designed to help them stay fit, reduce injuries and perform at their best.
As part of the funding announcement, Orreco also confirmed it has acquired Data Driven Sports Analytics (DDSA).
DDSA is an Australian company based in Melbourne that specialises in AI analytics and includes women’s tennis world number one Aryna Sabalenka as a long-standing client.
The acquisition expands Orreco’s technology offering and brings new expertise into the business, it said.
The new investment of $4m will aim to support the creation of up to 55 jobs worldwide over the next two years, including around 30 roles in Galway.
The company currently employs teams of sports scientists, data analysts and engineers.
The firm works across a range of sports, including football, basketball, ice hockey, golf and tennis.
Orreco CEO Brian Moore. Photo: James Connolly
Its clients include teams and athletes competing in leagues such as the Premier League, NBA and the PGA tour.
Enterprise Ireland said its investment reflects both Orreco’s growth potential and the strength of Ireland’s sports technology sector.
Enterprise Ireland noted the funding as “an endorsement of Orreco’s technology, team and global reach” and supports job creation in Galway as the company scales internationally.
Orreco’s technology offers a proactive way to help reduce injury risk in professional sport, according to Mr Cuban.
“This is the first proactive approach to use AI to help reduce injury risk. It’s great today and only going to get better,” Mr Cuban said.
Orreco co-founder and chief executive Dr Brian Moore said the funding round marks an important step for the business as it looks to scale internationally.
“Cuban’s backing alongside the support of Enterprise Ireland and combined with the computer vision expertise of the DDSA team puts us in the strongest position we’ve ever been in to scale AI-powered performance intelligence globally,” Dr Moore said.