Ferfics, a Cork-based company specialising in the development of components for mobile phones and wireless devices, today announced it has secured €1.7m of new equity funding.
The investment is being led by The Ulster Bank Diageo Venture Fund, managed by NCB Ventures. Investment will also be provided by The AIB Seed Capital Fund, managed by Enterprise Equity Venture Capital Group, as well as by Enterprise Ireland.
Established in 2007, Ferfics develops high-tech microchips that substantially improve the battery life of mobile phones and wireless devices and can be manufactured at a fraction of the cost associated with the production of such components.
Eugene Heaney, founder and chief executive Officer of Ferfics, says the technology is highly innovative and attractive to mobile phone manufacturers worldwide.
“Our target end customers are leading international wireless device companies such as Nokia, Apple, Samsung and Motorola. These companies can use our technology to meet the performance requirements of their products as increasing amounts of information are transmitted to mobile devices. The new equity funding will enable us to commence full production of our products and bring these to market, which is a very significant milestone for the company.”
Heaney envisages that in time the increased production, sales and marketing activity will result in the creation of 30 new jobs in the firm’s Cork base.
Ireland’s heritage in mobile technologies
Will Prendergast, a partner with NCB Ventures, said: “Ireland has a strong heritage in mobile technologies and semiconductor design. The founders have deep experience in these areas from careers with Motorola, Tyco and Intel. Ferfics is a great example of how that experience can be used to establish an indigenous Irish technology company with leading IP addressing international markets.”
Frank Walsh, a partner with the AIB Seed Capital Fund, said: “Apart from having some very strong products ready to go to market, Ferfics is also well advanced in the development of other highly impressive technologies and we look forward to working with Eugene and his team to realise their ambitious plans to grow the business.”
The company will be chaired by Kevin Fielding, former president and CEO of ParthusCeva.