Investee Company – LeT Systems (Ireland)
Investee Company Business Type – Network operations software provider
Type of Financing – Expansion
Equity Providers – Trinity Venture Capital, ICC Venture Capital, Siemens Venture Capital and Viventures Partners SA
Equity Leader (Individual) – Rory Quirke, investment director, Trinity Venture Capital
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – €9 million
Total Deal Value – €9 million
Other Advisors – Ion Equity
Comments – LeT Systems, a leading provider of e-business based integrated network operations software solutions for utilities, has raised €9 million in a second round of venture capital financing. This funding round was led by Trinity Venture Capital, with Siemens Venture Capital, Viventures Partners SA and previous investor ICC Venture Capital also participating.
Headquartered in Dungarvan, Co. Waterford, Ireland, LeT Systems provides e-business based outage management and work management solutions for utilities. Its flagship product, eRespondSuite, is a complete set of software modules that manages and monitors utility distribution networks, customer supply and field resources. Dedicated to streamlining the active workflow, eRespondSuite provides a comprehensive solution for workforce management, crew dispatch and mobile data needs.
The new funding will be used by LeT Systems to support its ongoing international expansion through sales and marketing campaigns and continued investment in the engineering and development of its solutions.
Tony Dalton, CEO of LeT Systems, said: “We are delighted to have investors of this calibre help us build the company. We plan to grow the company and the technology so we can continue to provide the best software solutions for network operations in the world.”
Rory Quirke, investment director of Trinity Venture Capital, said: “When evaluating investment opportunities, investors look for companies that can demonstrate their ability to execute ambitious, yet realistic business plans. LeT Systems has shown that it can deploy best of breed product based on leading edge technology, deliver it to market, win large contracts and install its mission critical software on time and within budget. It is now poised to meet international demand in a resilient sector that is being driven by deregulation and we are happy to be in a position to support its efforts.”