Intune Networks, a Dublin, Ireland-based telecom equipment supplier, has raised $32.5m in new venture capital funding. Kernel Capital and financier Dermot Desmond co-led the round, and were joined by Enterprise Ireland, Invest Northern Ireland and return backers Balderton Capital, Amadeus Capital Partners and Spark Capital.
The funding round is said to be 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 of Intune Networks, said, “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.”
Intune’s technology allows network architectures to cope with the massive increase in unpredictable traffic demand while sustaining profitability and controlling costs.
Intune was named to lead a government programme to build Ireland’s Exemplar Smart Network in July 2009. The network will be the first step in creating a next generation smart and green communications infrastructure for Ireland.
Established in 2002, Kernel Capital is an Irish venture capital firm with €170m under management. It invests in technology, life sciences and general industry.
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