Dublin, Ireland, August 30, 2002 -- Intune Technologies, an Irish-based developer of test and calibration applications, and specialized optical sub-systems for the telecom industry, has completed its latest multi-million Euro round of financing. The investment was led by ICC Venture Capital and also included existing and new investors.
Having developed two critical optical product lines, test and calibration systems and bespoke packaging for fast tunable laser switching, Intune is now well placed to accelerate its commercial growth and market capture rate. This round will allow the company to increase its sales and support capability, and expand its business development program into additional target markets.
Intune's products will allow the large telecom equipment vendors to develop next-generation core switching systems and more efficient transport networks. As data and other packet-based traffic increases by up to 200 per cent a year, the development of this type of next-generation equipment is now underway. This development program will allow telecom carriers to begin their next round of network upgrades in the medium-term. Intune's leading-edge technology also has applications in other technology sectors as the use of optical components and optical fiber-based technology continues to spread.
Intune's investors also include Enterprise Ireland, the Irish development agency, 3i and a number of private investors. This round of funding was co-ordinated by Merrion Corporate Finance. Speaking on behalf of Enterprise Ireland, Kevin Sherry, Divisional Manager, said, "Enterprise Ireland has an exciting new strategy for the promotion of the developing Irish photonics industry in the world market. Intune is one of the leading Irish companies in this sector and we are pleased to support the ongoing growth of the company." Alex Brebbia, Manager 3i Ireland, said "Intune has outperformed its peers. The company's innovative product portfolio has enabled them to generate revenues in a challenging environment."
Intune Technologies was founded in 1999 in Dublin, Ireland. The company has developed tools and technologies that enable the use of highly advanced optical components in the telecommunications industry including the world's fastest tunable laser product. Other products include test and measurement tools for advanced optical components. Intune is also targeting other technology sectors that utilize optical component technology.
For further information, visit www.intune-technologies.com.