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Irish cloud firm posts €10m loss as product development continues

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Thousands of people are on the wrong mobile phone plan and are overpaying for their service

Thousands of people are on the wrong mobile phone plan and are overpaying for their service

Getty Images/iStockphoto

Thousands of people are on the wrong mobile phone plan and are overpaying for their service

A Dublin-based developer of mobile applications for roaming workers, posted a $12.8m (€10.2m) loss last year.

The company is backed by leading Irish technology entrepreneurs, as well as a fund controlled by the Chinese government.

Headed by chief executive Bill Beamish, Fieldaware was founded by Andronikos Nedos and Ray Cunningham, who both completed post-doctorates at Trinity College Dublin.

TCD's National Digital Research Centre is a shareholder in the company.

Newly-filed accounts for the group, which employs over 100 people, show that it generated revenue of just under $1.6m last year, up from $287,000 a year earlier.

Last year, Boston-based Openview Partners invested $12m in the group.

The company is also backed by tech veteran Bill McCabe through his Oyster investment vehicle. Mr Beamish is also a partner at Oyster.

The company's development work is carried out in Dublin, but its main marketing and sales office is in Chicago.

In August, it emerged that the China Investment Corporation (CIC), a sovereign wealth fund with more than $200bn in reserves, had taken a significant stake in the company. It was the first time that the fund had invested in an Irish technology firm.

CIC acquired its holding through the China Ireland Technology Growth Capital Fund.

That investment fund is also backed by the National Pension Reserve Fund.

Irish Independent