Tralee-based IT firm Altobridge has secured a €8.6m contract from Intel Capital and International Finance Corporation (IFC).
Altobridge, which provides low-cost broadband to 20 countries, is based at the Shannon Development-backed Kerry Technology Park in Tralee.
This Series C funding round, led by Intel Capital, will provide Altobridge with additional capital to accelerate the pace of roll out of its low-capital-cost/ low-operational-cost wireless communications solution. The funding will also enable the company to commercialise its mobile broadband solution: Altobridge Data-at-the-Edge – a technology that reduces data bandwidth requirements on mobile networks.
“This strategic investment by Intel Capital and IFC will enable us to scale commercially and to advance our R&D to further reduce transmission costs for mobile network operators,” said Mike Fitzgerald, CEO Altobridge.
“Data congestion in urban area wireless networks and connecting remote communities in rural areas are major challenges for communication service providers,” said Marcos Battisti, director of Intel Capital Western Europe and Israel.
“Altobridge has developed the technology and is marketing products that address these issues in a cost-effective way. Our investment in Altobridge will help accelerate the company’s growth and wider adoption of its technology.”
Commenting on its investment, Kent Lupberger, IFC Global head of Telecom, Media and Technology, said, “Altobridge offers an affordable, energy-efficient, solar-powered solution that will improve the ability of telecom operators to deliver low-cost mobile communication services in developing countries, helping spur innovation and increase economic growth.”
Altobridge was one of the first companies in the world to patent low-cost mobile phone services on planes.