Dublin firm Intune Networks has received US$17.75m (€12.85m) in funding from a consortium of international investors consisting of Amadeus Capital Partners, Balderton Capital and Spark Capital.
Intune Networks develops technology for telecommunications and enterprise networks. It was formed in Dublin in 1999 by John Dunne and Tom Farrell. It specialises in lasers and this latest investment will help the company commercialise its innovations for the telecommunications market.
John Dunne, chief marketing officer of Intune Networks, commented: “We have nurtured our core technology and team over many years and have developed extensive intellectual property. Now the market is demanding the type of optical network innovation we can deliver. We will be announcing new products next year.”
In August 2006 the company recruited Tim Fritzley, a senior executive in Microsoft’s IPTV division, as chief executive to accelerate the build-out of the business.
“The telecommunications landscape is undergoing enormous change right now,” Fritzley said. “New networks are being designed to meet the huge consumer pull for video and other digital entertainment on demand. Intune has the technology to solve some key problems for the large carriers, particularly with guaranteed service quality and network robustness.
“The proceeds of the funding round give management the resources to accelerate its strategy. We are delighted to be supported by a world-class consortium of venture firms, each of which understands what it takes to commercialise leading-edge technology at scale.”
George Coelho of Balderton Capital said: “The demands of the consumer have evolved significantly over the past decade and the requirement to deliver diverse, high-quality content in real-time is paramount to the success of the fixed-line telecoms industry. This presents an exciting opportunity for Intune. We are delighted to be involved with Intune and share their vision for the optical networking business.”
Since its inception Intune Networks has received early-stage funding from the Bank of Scotland (formerly ICC Ventures), Enterprise Ireland and angel investors including Chris McHugh and Leonard Donnelly.
By Niall Byrne