Grant allows tech company Endeco to triple its staff
Published 31/01/2011 | 05:00
A DUBLIN technology firm is to create 30 jobs over the next year after attracting funding of more than €800,000.
Endeco Technologies, which specialises in energy management technologies, is to hire staffing software development and sales and marketing staff as it seeks to triple its workforce.
The move comes after an €800,000 investment led by the AIB Seed Capital Fund, which is co-managed by the Dublin Business Innovation Centre (BIC). Additional funding was raised through Enterprise Ireland and private investors.
According to company founder and chief executive Michael Phelan, the company's product has demonstrated that it can save retailers up to 25pc on their energy costs by using wireless sensors and automated control of energy-intensive electrical equipment.
"This investment will allow us to ramp up sales and marketing activities and to further evolve our smart energy management and control products.
"Ireland has the potential to lead this huge international market," he said.
Alex Hobbs of Dublin BIC said the investment in Endeco was reflective of a desire to invest in the tech sector.
"We are focused on innovative companies like Endeco in the smart energy management sector who have already demonstrated successful early market traction.
"[The firm] is an excellent example of a high-potential start-up that has significant growth opportunity both at home and abroad."