Irish Technology Capital (ITC), the Silicon Valley-based venture-capital fund created by Irish diaspora technology leaders and investors, has announced in association with Limerick Institute of Technology (LIT), that it is to locate its European headquarters in Limerick City.
Established by Limerick-born technology entrepreneur John Hartnett and MacroVision founder John Ryan, current investors in the fund include Apple CIO Niall O’Connor and vice-president of R&D at Intel Rory McInerney.
The company will be based out of Limerick Institute of Technology (LIT)’s Enterprise Centre and will bring a range of services and supports for high-potential companies, including access to a multi-million euro fund and to a wider network of U-based angel funds and later stage investment.
"As a Limerick man, I am delighted to be able to make Limerick the European headquarters for our emerging fund," said Hartnett at the announcement. "One of the deciding factors in choosing Limerick for our European headquarters was the availability of high-growth potential companies at early stage and we are fully satisfied, based on our research here, that the wider Limerick region satisfies this requirement.
"Through our involvement with Limerick we have seen first hand some outstanding examples of young technology companies and, based on this, we believe that there is definitely the level of innovation and enterprise required for emerging companies here to develop into extremely successful global operations. We would like to thank LIT and its president, Dr Maria Hinfelaar, for their support and, indeed, their persistence in convincing us to set up a base here for ITC," added Hartnett.
"We are delighted that Irish Technology Capital has agreed to establish their European headquarters for ITC here in Limerick," said Hinfelaar.
"We have no doubt that the funds expansion will be very much evidenced in investments in exciting companies based in this region. The Irish Technology Capital Fund will also act as a gateway to Silicon Valley in supporting these companies.
“The potential access to funding and expertise of the ITC partners and, indeed, of their wider network of investors, will be critical to these emerging companies. However, the location of the fund here will also shed a light on Limerick and the mid-west region as a high quality technology centre and destination for inward investment."