Corvil raises €10m in funding

Corvil Networks, a Dublin-based technology company, said yesterday it had raised €10 million funding from several investors, including Cisco Systems.

It is one of the largest fundraising rounds by an Irish technology company in recent months.

The firm, which develops products that enable telecoms firms to send more data across their networks, will use the funds to market and sell its technology.

US venture capital firm Apax Partners was lead investor in the new round of funding, which was advised by Ion Equity. Apax Partners manage and advise more than €12 billion on behalf of global institutional investors.

The other new investor in the company is the world's biggest network equipment-maker, Cisco Systems. Cisco operates in the same technology space as Corvil and made the investment for strategic reasons.

Existing investors ACT Venture Capital participated in the €10 million fundraising, which brings Corvil's investment raised to date to €15 million.

Industry sources said yesterday investors in the round probably got a 35 per cent stake in the firm for their investment.

Mr Donal Byrne, Corvil chief executive, said the company would employ an additional 20 people by the end of the year.

"We will set up sales teams in Asia, Europe and the US," he said. "We will spend money trailing, marketing and launching our first products."

Corvil was set up in April 2000 by Prof John Lewis of the Dublin Institute of Advanced Studies. The firm develops software that enables telecoms firms to manage the quality of service of networks.

Additional investors in the firm include Iona Equity and Enterprise Ireland, which participated in a separate fundraising completed last year.