Cork tech firm raises €1.5 million in venture capital

27 Oct 2009

Cork-based company MPSTOR Ltd, an Enterprise Ireland high-potential start-up (HPSU) company and developer of data storage-management products, today announced it has raised €1.5 million in new investment, led by the Bank of Ireland Kernel Capital Fund and Asian Investment firm Winning Tack.

The new round of funding will help boost MPSTOR’s international sales and marketing activity, scaling up its potential to secure a greater share of the US$16.5-billion global data-storage market.

The company also today announced the appointment of Kevin Haverty as its new CEO with immediate effect.

Haverty was previously CEO of Mentec International Ltd.

MPSTOR is based at the Cork Institute of Technology’s Rubicon Centre and also has an office in Dublin.

The company’s software runs on a wide range of storage devices, including Intel platforms, allowing it to scale from entry-level to enterprise-performance very cost effectively.

Enterprise Ireland involvement

“Enterprise Ireland welcomes this international investment and also the investment by a venture capital fund that’s supported by Enterprise Ireland in this early stage high-potential company,” said the CEO of Enterprise Ireland Frank Ryan. “These are exactly the type of international linkages that can help young and ambitious companies grow and develop their export markets.”

“This investment enables the enhancement of our management team through the appointment of Kevin Haverty and we are now focused on enhancing our existing sales team through additional appointments,” said MPSTOR Director William Oppermann.

Orla Rimmington, operations manager at Kernel Capital, added: “We are pleased to be associated with this Cork-based indigenous company that is demonstrating strong global reach.”

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Photo: From left, Mort O’Connor, Development Advisor of Enterprise Ireland; Kevin Haverty, new CEO of MPSTOR; Orla Rimmington, Operations Manager of Kernel Capital; and William Oppermann, MPSTOR Director.

Photo by Daragh Mc Sweeney/Provision