Firms raise €6m in
fresh funds

26 Aug 2003

Two Irish technology firms are in the process of raising €6m between them in fresh venture capital.

It has emerged that biometric security firm VoiceVault (formerly known as BuyTel) has raised €2.75m from an undisclosed private investor. The round brings to €25m the total amount raised by the company since it established itself in 1998. The company raised €2.1m earlier this year and in 2001 raised €15m from Accenture and a further €3m from West LB and Digital Capital AG.

The company’s voice-based biometric security products are enjoying widespread usage around the world, ranging from Group 4 and the civil service in South Africa to correctional institutions and police authorities in the US monitoring prisoners on parole.

Meanwhile, Dublin-based telecoms firm Smart Telecom has embarked on a fund-raising drive that will see it raise €5m from existing investors.

The company hopes to use the new funds to fund an expansion of its business into the residential telecoms market. Last year Smart Telecom acquired Alphyra’s payphone business for €3.5m and following that acquired Esat BT’s payphone business.

By John Kennedy