Aircraft Management Technologies, the Dublin-based provider of information technology services to the aviation industry, has raised €5 million in a second round of private equity funding.
The company, which was founded in 2000, is one of the few recent start-up companies to receive second-round funding. The funds were raised from Pentech Ventures, Enterprise Ireland and Davy Stockbrokers Private Clients. Delta Partners, which was among the early venture capitalists to invest in Aircraft Management Technologies, has also participated in this latest round of fund-raising.
The equity was raised as the company secured more than €3 million in orders for its wireless software solutions from a number of international airlines, including Futura and Atlas. Its systems are used by flight and ground crew for inputting and maintaining information. This is then transmitted to a web services-based aircraft data server during the aircraft turnaround cycle.
Chief executive Mr Bernard Hensey said the funds would go towards further investment in its range of software services. "We will also be expanding our sales, customer support and channel management infrastructure to allow us to continue to market our products effectively worldwide."
As part of the cash injection, Pentech adviser Mr Robert Thomson will join the group's board of directors. Mr Hensey said his commercial experience would help the existing management team to maximise the potential of the business.
The other investor, Pentech Ventures, is also a young company. It was established last year to invest in early-stage technology companies.
Pentech investor Mr Eddie Anderson said it was attracted to Aircraft Management Technologies by its strong management team and the global market for its products.
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