Telecoms equipment developer Intune Networks expects to release its product to market next year and record its first full year of revenues in 2011, after securing a €22 million round of investment funding last week.
John Dunne, co-founder and chief marketing officer, said that the funding meant that the company could now proceed with a full commercial launch next year.
While Intune has raised approximately €50 million in funding to date from backers, Dunne predicted that the company was likely to record revenues that were multiples of this amount. The typical investment made by telecoms companies in the type of network upgrade facilitated by Intune’s technology was in the order of $10 million, he said.
Intune’s latest funding round was the largest private equity investment in the global telecoms optical equipment sector and the third largest in the European IT sector this year. While the amount of money raised is considerable, Dunne said that this was the ‘‘type of money it takes to bring a telecoms grade product across the line’’. While the deal size is unusual for Ireland, it was ‘‘a typical play in Silicon Valley’’, he said.
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