Mobile technology firm Altobridge raises $6m from international investors
Kerry-based mobile technology firm Altobridge has raised a further $6m (€4.6m) in funding from investors including Intel's private equity arm and a unit of the World Bank.
The fresh financing for the group comes just over a year after it raised $12m (€8.6m at the time) from the Intel division and the World Bank's International Finance Corporation.
Intel Capital Corporation has stumped up just over $1m of the new funding, while its Middlefield Ventures subsidiary has provided an additional $2.5m. International Finance Corporation has paid $2.3m.
Altobridge has developed mobile technology that's typically deployed by companies seeking to provide connectivity in remote rural regions, such as Indonesia and Niger. The company's chairman is Dick Spring.
The company has also developed technology that helps mobile operators to reduce their backhaul network requirements by as much as 50pc.
The backhaul network comprises the links between mobile masts and a telephone operator's main network. With operators increasingly looking to launch super-fast 4G services, managing their network capacity will become increasingly important as consumers cannibalise bandwidth by downloading movies to their phones or increasingly browsing applications such as YouTube.
Altobridge has deployed the so-called 'Data-at-the-Edge' solution for this first time just this month. The firm said it's being used by an unnamed leading Asia mobile carrier and that it is already delivering savings of over 40pc in mobile broadband backhaul costs.
Among the other shareholders in Altobridge are its chief executive Mike Fitzgerald Declan and Shane Ryan, sons of late Ryanair founder Tony Ryan, Domhnal Slatttery's Claret Capital and construction firm John Sisk & Son.