Dragon fires up €1.5m finance for new cloud-computing venture
Dragons' Den's Barry O'Sullivan has funding locked and loaded for his new software venture, launching next year.
O'Sullivan and two partners are believed to have raised €1.5m for the cloud computing and data analytics business-to-business venture. The finance is a mix of Irish and Silicon Valley investor backing and founder money.
O'Sullivan has run several global divisions of Cisco and is in charge of a €2bn-a-year voice business at the computer network equipment giant, working between Galway and Silicon Valley.
He departs Cisco early 2014 to start his own venture, with one Ireland-based and one Silicon Valley-based co-founder.
The company's R&D and engineering base will be in Galway, with an ambition to hire 10-20 people – mainly software engineers – there during 2014. There will be a sales and marketing office with around five staff in California.
"I'm really excited about it," O'Sullivan said. "I want to build up a company and take it all the way to IPO. In 2014 is going to be all about finishing building the product." O'Sullivan has invested in several firms both within and outside of the RTE show Dragons' Den where he is a judge.
Applications are flowing in ahead of a new series of the show airing early in 2014.
"This year there will be a special focus on third-level institutions and I'd encourage students with great ideas to apply," he said.