Mobile telecommunications network and service management software provider Comnitel Technologies raised euro15 million second round financing. The round was oversubscribed but the funding was not increased.
The funds will be used to facilitate a stepped-up research and development programme and assist the company’s launch of a number of advanced telecoms software solutions, pioneered by Comnitel’s Cork, Ireland-based engineer division.
Comnitel has attracted investors from Germany, Ireland, UK and the US. The round was led by Mercury Private Equity and SAIC Venture Capital Corp. Both companies receive a place on the Comnitel board. They are joined by ICC Venture Capital and Enterprise Ireland, the country’s national industrial development bureau. Comnitel’s corporate financial advisers were SW Corporate Services and legal advisers were Fitzgerald & O’Leary Solicitors, both of Ireland.
The company offers a range of service assurance products that enable network operators and service providers to launch and manage new generation mobile services. Its network assurance technologies include a network-wide fault management system and quality of service and service level agreement management capabilities. These are designed for next generation mobile B2B applications such as location services, cashless payment services and corporate Virtual Private Networks.
Comnitel raised first round financing of A1.9 million in 1999 from lead investors ICC Venture Capital and Enterprise Ireland. Bank of Ireland has also supported the business.
“Comnitel places great value on the contribution of its team and employees will share in its success. A sizeable amount of the company’s equity, 15%, has been used to create an employee share option scheme,” said executive chairman Declan Fox. Comnitel Technologies employs 52 people.