Dublin-based Accuris raises $15m and appoints new chief executive

Accuris Networks, a Dublin based mobile technology company, has completed a new $15 million (€11.7 million) funding round and said it plans to double its headcount to 60 people.

The fundraising round was led by the Ulster Bank Diageo Venture Fund (UBDVF) and the China Ireland Growth Technology Fund (CGTF).

The €75 million UBDF is managed by Investec and was set up in 2008 under the Enterprise Ireland seed and venture capital programme.

The $100 million CGTF is managed by Summit Bridge Capital, which is a joint venture between Dublin-based Atlantic Bridge Capital and Silicon-Valley based WestSummit Capital. The fund's investors include the National Pensions Reserve Fund and China Investment Corporation.

Accuris also announced the appointment of Jeff Brown who previously was president and chief executive of mobile technology company Kineto Wireless which was acquired by Texas-based Taqua earlier this month.

The company also said it planned to open an office in Silicon Valley office. Accuris offers communication service providers better ways of connecting current and emerging mobile broadband networks.

Accuris Networks chairman is Larry Quinn, a technology industry veteran who previously backed Aldiscon, Apion, Aepona.

Mr Quinn said in relation to Accuris that: “Our established industry customer base, our significant pipeline and our industry-leading technology were all factors that attracted this investment.”

"We intend to use this funding to invest in future product development...we particularly want to expand in China, Japan and other Asian markets. We also intend to consolidate and amplify our successes in EMEA, particularly in the Middle East and Western Europe. "

"With marquee customers and partners such as AT&T, Bell Mobility, Telus, GoGo, Cisco, HP and Alcatel-Lucent, Accuris Networks has already established an enviable track record in this market," Mr Brown added in a statement. "But we've barely scratched the surface of the opportunities here so far."

Michael Murphy, managing partner of the UBDVF, said his fund had been encouraged to invest in Accuris after its product was named "best mobile technology breakthrough" at the Mobile World Congress in 2013.

“With so many experts -- and customers - using this proven technology, we see major revenue potential in a future where Wi-Fi will only increase its penetration,” he said.