Friday, September 21 12:14:59
Limerick-based tech firm Cloudium Systems has secured E2 million funding from a syndicate of investors that will see it expand and create 25 new high-quality jobs.
The investors include Delta Partners, ACT Venture Capital, AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, and Enterprise Ireland.
Cloudium Systems specialises in the creation of solutions for rich media applications, including video, CAD and real time imaging, for cloud-based clients.
The company's products provide HD quality media experience over generally available Cloud and Broadband infrastructure to users on low cost devices.
Its products are export focused, with customers in Europe and the US and the firm recently signed contracts with some of the primary international players in the 'Virtual Desktop' market, which are expected to generate significant revenue in 2013.
Speaking about Cloudium Systems and the latest funding announcement, CEO John Hickey said: "Our concept is simple - delivering a true multi media experience over the network. However, the technology required is extremely complex. The technology that Cloudium Systems has created is the first of its kind, and represents the beginning of a new evolution of massively consolidated data center-based computing - often called desktop virtualisation or cloud-based desktops. This new funding allows us to grow our sales and marketing team in Dublin and to continue to invest in R and D in Limerick. Ultimately, it means that we can continue to develop high performance multi-media, hardware and software products which will be deployed by some of the world's largest companies."
Three venture capital firms invested in the company; the lead investor, Delta Partners investing from its Delta Equity Fund III; ACT Venture Capital investing from its AIB Start -up Accelerator Fund; and Enterprise Equity Venture Capital investing from the AIB Seed Capital Fund.
As part of the investment, Dermot Berkery from Delta Partners has joined the board of the company.