Intune gets Desmond funding

 

Telecoms equipment supplier Intune Networks has announced it has secured €22 million in its most recent funding round.

In a statement today, the Dublin-based company said financier Dermot Desmond and Venture capital firm Kernel Capital led the investment, with additional funding from existing investors Balderton Capital, Amadeus Capital, Spark Capital, as well as long term private investors.

Enterprise Ireland and Invest Northern Ireland also contributed financing to support Intune’s growth in Dublin and Belfast.

The funding round is the largest private equity investment in the global telecoms optical equipment sector in 2009, the company said.

Tim Fritzley, chief executive of Intune Networks, said: “We received an extremely positive response to our recent fundraising road show and are delighted to have brought new investors, Dermot Desmond and Kernel Capital on board, as well as securing additional support from our existing investors and both governments, north and south of the Border.

“The funding will be used for the full commercial product launch in mid 2010, as well as for expanding market coverage beyond the European carriers on into North America and Asia."

Commenting on his investment, Mr Desmond said: “I have given my support because we are firmly of the view that Intune Networks has developed a disruptive technology that will change the way that telecommunications services are delivered.

"More innovation of this kind will help to reinvigorate the North and South economies.”

Intune Networks was named to lead the Government’s programme to build Ireland’s Exemplar Smart Network in July 2009 which aims to create a green communications infrastructure for Ireland.