Tech firm sets Irish record by raising €40m

Multimedia firm Serv cast.com has raised €40 million (£31.5 million). The fund-raising, led by international private equity firm Providence Equity and concluded yesterday, is the largest early stage funding ever completed by an Irish technology company.

New investors in the company include Carrier 1, a leading provider of Internet, voice, bandwidth and data centre solutions, and Mr Eddie Jordan, owner of the Jordan Formula One Racing Team.

Substantial investments were also made by Servecast.com's existing shareholders - Setanta Sport, the closed circuit satellite broadcasting company; Mr Denis O'Brien; and Canadian entrepreneur and non-executive chairman, Mr Robert Jull.

The company declined to provide a breakdown of investments made by each party.

Servecast.com has also received significant financing facilities from Compaq and Cisco.

The company has built Europe's first streaming media services network. By transmitting video images across the Internet, Servecast.com can provide applications such as live or on-demand broadcasting, online training, online corporate communications, product demonstrations and online video con ferencing.

Its clients include NTL, Celtic Football Club, AIB and VTR Clipstream, a leading European post-production house servicing the advertising, television, music and film industries.

The company said it would use the money to develop further its pan-European network, which is being rolled out in partnership with Compaq and Cisco.

The fund-raising was organised by IBI Corporate Finance, the investment banking arm of the Bank of Ireland Group.

Following the deal, IBI said it had advised on Irish technology fund-raisings worth €108 million (£84.99 million) in the year to date.

Other deals completed to date include several first and second round institutional fund-raisings for technology companies including Macalla Software, Eontec, Cardbase Technologies, Performix Technologies, Black star and Mineit Software.