Xintec, the Luxembourg-founded start-up that specialises in fraud management and revenue optimisation solutions for telecom operators, has secured a €900,000 investment in a syndicated funding round.
The company, which was founded by Irishman Sean Killeen in 2007, relocated to Ireland last year after it obtained support from Enterprise Ireland under its programme to attract entrepreneurs to Ireland.
Xintec, which is now based at South Country Business Park in Leopardstown, Dublin 18, is part of Enterprise Ireland’s High Potential Start-Up (HPSU) and Accelerated Growth programmes.
The syndicated €900,000 funding round was made up of a €350,000 investment by the Bank of Ireland Seed and Early Stage Equity Fund, which is managed by Kernel Capital, with the remainder of funds being provided by Enterprise Ireland and private BES investors.
Xintec’s solutions are targeted at both fixed and mobile operators.
The company said today it will use the investment to drive further growth in international markets. The company is also planning to expand its staff of eight, with the recruitment of technical and marketing employees over the next 12 months.
"Ireland is home to some of the industry’s top talent and it’s for this reason, along with an objective to grow this business indigenously, that we sought to relocate the company here," said CEO Killeen.
He has a nine-year experience in the area of data clearing and mobile roaming, having worked at telecommunications companies in Europe such as MACH, Western Wireless International, and more recently, at EDS in Germany.
Enterprise Ireland’s manager of HPSUs Michael Moriarty spoke about why the enterprise agency chose to support Xintec in its relocation to Ireland.
“We see Xintec as a candidate for strong growth with the potential to create quality jobs in Ireland. Enterprise Ireland looks forward to continuing to work with the company on its international expansion plans," said Moriarty.
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