DUBLIN, Aug. 9 /CNW/ - Intune Networks, a leading developer of technology
for telecommunications networks, is pleased to announce that it has raised
US$17.75m from a consortium of international investors consisting of Amadeus
Capital Partners, Balderton Capital (formerly known as Benchmark Capital
Europe) and Spark Capital.
Intune Networks was formed in Dublin in 1999 by John Dunne, chief
marketing officer, and Tom Farrell, chief technology officer. Over the past
eight years, the Intune team has developed a global reputation for their
expertise in lasers, and this fund-raising will provide the resources to
commercialise their innovations for the telecommunications market.
In August 2006, the company recruited Tim Fritzley, a senior executive in
Microsoft's IPTV division, as chief executive to accelerate the build-out of
the business. Tim Fritzley said: "The telecommunications landscape is
undergoing enormous change right now. New networks are being designed to meet
the huge consumer pull for video and other digital entertainment on-demand.
Intune has the technology to solve some key problems for the large carriers,
particularly with guaranteed service quality and network robustness."
He added: "The proceeds of the funding round give management the
resources to accelerate its strategy. We are delighted to be supported by a
world-class consortium of venture firms, each of which understands what it
takes to commercialise leading edge technology at scale."
John Dunne, chief marketing officer, said: "We have nurtured our core
technology and team over many years and have developed extensive intellectual
property. Now the market is demanding the type of optical network innovation
we can deliver. We will be announcing new products next year."
Commenting on the investment, George Coelho, of Balderton Capital said:
"The demands of the consumer have evolved significantly over the past decade
and the requirement to deliver diverse, high quality content in real-time is
paramount to the success of the fixed line telecoms industry. This presents an
exciting opportunity for Intune. We are delighted to be involved with Intune
and share their vision for the optical networking business."
Notes to Editors:
About Intune Networks
Intune Networks is a leading developer of network equipment for
telecommunications and enterprise networks. It was founded in 1999 by
John Dunne and Tom Farrell, and has received early stage funding from the Bank
of Scotland (formerly ICC Ventures), Enterprise Ireland and angel investors
including Chris McHugh and Leonard Donnelly.
Amadeus Capital Partners is one of Europe's leading technology investors.
Since its inception in 1997, the firm has backed nearly 60 companies covering
computer hardware and software, mobile and fixed communications technologies
and medical technologies. Recent investments include Cambridge Silicon Radio,
producing single chip bluetooth radios; Optos, a manufacturer of laser retinal
scanners; PacketFront, a Swedish company providing systems to manage
end-to-end delivery of multiple broadband services; ip.access, a UK company
designing and manufacturing small mobile base stations; and Solexa, the
developer of next generation genetic analysis systems, recently merged with
Illumina Inc. For more information visit www.amadeuscapital.com
About Balderton Capital
Balderton Capital is one of Europe's largest venture capital firms,
committed to finding and helping talented entrepreneurs build great companies.
Based in London, it manages approximately USD 1.5 billion in committed venture
capital. Since 2000, Balderton has invested in over 70 companies across a wide
variety of technology sectors and geographies, including the UK, mainland
Europe, the US and China. Notable investments include Alphyra (Europe's
largest payment-processing network), Bebo (the leading social networking
site), Betfair (the largest online betting exchange), Habbo Hotel (the teen
social networking site), MySQL (the open-source database business) and Setanta
Sports (the European sports pay-tv broadcaster).
About Spark Capital
Spark Capital is a venture capital fund focused on building businesses
that transform the distribution, management and monetization of media and
content. Spark's General Partners are successful natives of the media and
technology industries and have proven track records identifying and actively
building market-leading companies in sectors including infrastructure (Qtera,
RiverDelta, Aether Systems, Broadbus and BigBand), networks (College Sports
Television, TVONE and XCOM) and services (Akamai and the Platform).
With a deep network that spans technology and media, investing and
operations, Spark Capital provides world-class entrepreneurs and revolutionary
companies with the resources to succeed in today's marketplace. Spark Capital
has US$622 million under management, and is based in Boston, Mass. To learn
more, visit www.sparkcapital.com.
For further information:
For further information: For Intune Networks: John Dunne, Chief
Marketing Officer, Tel: +353-1-620-4700, email@example.com;
Victoria Palmer-Moore, Paul Durman, Powerscourt, Tel: +44-207-324-0493,