Intune Networks, the Dublin based telecoms equipment supplier, today announced that it has secured €22 million in its most recent funding round. Financier Dermot Desmond, through an investment vehicle (“Dermot Desmond”), and Venture capital firm Kernel Capital led the investment with additional funding provided by existing investors Balderton Capital, Amadeus Capital, Spark Capital as well as long term private investors. In addition, Enterprise Ireland and Invest Northern Ireland participated in this round of financing, to support Intune’s growth in Dublin and Belfast respectively.
The funding round, which was facilitated by Bowen Advisors, is the largest private equity investment in the global telecoms optical equipment sector in 2009. It is also the largest private equity investment round in the European telecoms equipment sector and the third largest in the European IT sector this year.
Tim Fritzley, CEO, Intune Networks said: “We received an extremely positive response to our recent fundraising road show and are delighted to have brought new investors, Dermot Desmond and Kernel Capital on board, as well as securing additional support from our existing investors and both governments, north and south of the border.
“The funding will be used for the full commercial product launch in mid 2010, as well as for expanding market coverage beyond the European carriers on into North America and Asia. There are tremendous global opportunities for Intune Networks to roll out its innovative technology to help revolutionise how next generation networks and web services are developed and delivered. We are now fully resourced and sufficiently funded to take advantage of these opportunities, to grow the company in new geographies and to cement our leadership in markets where we are already established.”
Dermot Desmond said: “I have given my support because we are firmly of the view that Intune Networks has developed a disruptive technology that will change the way that telecommunications services are delivered. I’m also delighted to have the opportunity to invest in an Irish company that has developed such a ground breaking technology. More innovation of this kind will help to reinvigorate the North and South economies.”
Niall Olden, Kernel Capital noted, “It’s a testament to the strength and potential of Intune Network’s technology that it has successfully raised funding in the current economic climate. I look forward to watching Tim Fritzley and his team further grow and develop the company as it rolls out its highly innovative telecommunications technology following ten years of research and development.”