Telecoms equipment developer Intune Networks has raised another €2.5 million in equity funding. New filings for the firm indicate that it received a €2 million cash injection last month from Dartbridge, a British Virgin Islands registered company. It also received €500,000 from Enterprise Ireland, writes Dick O’Brien.
Intune last year raised €2 million from Erine, another Virgin Islands registered firm.
The company declined to comment on who was behind these companies or whether the two had a common ownership. Intune has raised a significant amount of capital from investors in recent years. In 2009, it raised €22 million from financier Dermot Desmond, Kernel Capital in Cork and its existing investors.
This followed a 2007 funding round which saw it receive €13 million from Amadeus Capital Partners, Balderton Capital and Spark Capital.
Early stage backers of the firm included ICC Venture Capital, latterly Bank of Scotland (Ireland), Enterprise Ireland and technology investors Leonard Donnelly and Bernie Dillon.
Intune develops technologies to improve the performance of fibre-optic networks and is currently bringing a family of telecom switch products to market.
The firm now employs over 120 people and has offices in Dublin and Belfast, with sales offices in Britain and the United States.
The company was founded in Dublin in 1999 by John Dunne and Tom Farrell and it is currently led by Tim Fritzley, who was formerly head of Microsoft TV in the US.
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