Am-beo, a billing systems company based in the Galway Technology Centre, has received a £3 million (€3.8 million) venture capital investment to fund its research and sales operation.
The cash was provided by Dublin-based venture capital firm Act Venture Capital, which has taken a 20 per cent equity stake in the firm.
Am-beo, which celebrated its first birthday earlier this week, was founded by a 27 year-old Galway University graduate, Mr Anthony Behan. He is joint managing director of the firm with Mr John Brady.
The firm develops billing software systems that enable network operators and Internet service providers to charge users for data as well as voice traffic.
Am-beo is developing two billing systems software products. Rate-Rec collects data transactions made on a network and prices on them. Web-Bill is a more complete solution that aggregates all these transactions.
Am-beo's software enables companies to charge users of data services through different means, including the speed of a data transfer or the quality of network used for the transfer.
"Firms offering Internet services are struggling to find revenue in recent times and are keen to look at different ways of charging users for content," said Mr Behan. "This will enable them to implement a business model."
The company recently signed two marketing and consulting partnership agreements with Hewlett-Packard Consulting and KBT Systems in Canada.
These agreements should enable Am-beo to integrate its technology for customers speedily, according to Mr Behan.
Although the firm has yet to sign a major deal, Mr Behan remains confident that it will close a deal in a few months.
The company currently employs 39 people in Galway. This is expected to rise to 60 within 12 months. The company will also consider opening sales offices in London and the US.
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