One More Thing:Dublin-based Asavie Technologies is set to close a €3 million fundraising that would be no mean feat, given the current stock market meltdown and global credit squeeze. The funds will be used for ongoing product development and to establish a US presence.
Asavie was founded in 2004 and is headed by Ralph Shaw, a former director of business development hardware at Baltimore Technologies. It wholesales a product to telecoms groups that allows their customers to access office data and internet services remotely.
Asavie had previously raised €3.1 million from Enterprise Ireland and private investors. When this round of funding closes, Shaw and his fellow founders, Tom Maher and Maurice McMullin, will own about 40 per cent of the business.
The company's latest accounts show it had accumulated losses of €1.3 million at the end of August 2006. Its partners include O2 and Commercial Wireless in Ireland, US mobile operator Alltel Wireless and UK-based Azzurri Communications.
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