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Dublin: 23.09.2014 03.23PM
Limerick-based cloud technology company Cloudium Systems has raised €2m in venture capital funding from a syndicate of investors that includes Delta Partners, ACT Venture Capital and the AIB Seed Capital Fund.
Cloudium’s products provide HD quality media experiences over generally available cloud and broadband infrastructure to users on low-cost devices.
The export-focused company has customers in the US and Europe and has signed deals with key players in the virtual desktop space.
The company expects to generate significant revenues in 2013.
“Our concept is simple – delivering a true multimedia experience over the network,” CEO John Hickey explained.
“However, the technology required is extremely complex. The technology that Cloudium Systems has created is the first of its kind, and represents the beginning of a new evolution of massively consolidated data centre-based computing – often called desktop virtualisation or cloud-based desktops.
“This new funding allows us to grow our sales and marketing team in Dublin and to continue to invest in R&D in Limerick,” Hickey added.
Three venture capital firms invested in the company; the lead investor, Delta Partners, investing from its Delta Equity Fund III; ACT Venture Capital investing from its AIB Start-up Accelerator Fund; and Enterprise Equity Venture Capital investing from the AIB Seed Capital Fund.
As part of the investment, Dermot Berkery from Delta Partners has joined the board of the company.