Intune Networks receives $17.75 million in funding
AUGUST 9, 2007 -- Intune Networks has raised $17.75 million from a consortium of international investors to commercialize its technology. New products are expected next year.
AUGUST 9, 2007 -- Intune Networks has raised $17.75 million from a consortium of international investors, including Amadeus Capital Partners, Balderton Capital (formerly known as Benchmark Capital Europe), and Spark Capital.
Intune Networks was formed in Dublin in 1999 by John Dunne, chief marketing officer, and Tom Farrell, chief technology officer. Over the past eight years, the Intune team says it has developed a global reputation for their expertise in lasers, and this fund-raising will provide the resources to commercialize their innovations for the telecommunications market.
In August 2006, the company recruited Tim Fritzley, a senior executive in Microsoft's IPTV division, as chief executive to accelerate the build-out of the business. "The telecommunications landscape is undergoing enormous change right now," says Fritzley. "New networks are being designed to meet the huge consumer pull for video and other digital entertainment on-demand. Intune has the technology to solve some key problems for the large carriers, particularly with guaranteed service quality and network robustness," he contends. "The proceeds of the funding round give management the resources to accelerate its strategy. We are delighted to be supported by a world-class consortium of venture firms, each of which understands what it takes to commercialize leading-edge technology at scale."
"We have nurtured our core technology and team over many years and have developed extensive intellectual property," adds John Dunne, chief marketing officer. "Now the market is demanding the type of optical network innovation we can deliver. We will be announcing new products next year."
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