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Amartus secures E1.2m in funding

Thursday, January 31 13:06:44

Dublin-based Amartus, a developer of next-generation service delivery solutions for the telecommunications industry, has secured E1.2m in new funding from Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund.

The syndicated investment comprises a E500k investment by Kernel Capital with the remainder of the funds provided by an Angel technology investment syndicate, Enterprise Ireland and Company promoters.

The Communication and IT Service Provider market is experiencing unprecedented change as consumers demand shifts to dynamic, pay-per-use, elastic services. This change is being fuelled by the rapid convergence of IT, Communications and Network services in the 'Cloud'. To succeed in this new world Service Providers need a level of automation not possible with current 'closed', 'hardwired' management systems. Amartus' innovative technology enables Service Providers to rapidly transform their operations by fully automating the rollout and delivery of services to customer and partners.

"Automation is critical for the delivery of telecommunications network services and Amartus has developed a rapid response solution for fast, dynamic, on demand service activation and operations, which is exactly what network operator's need. The result is faster roll-out and shorter time to service. Kernel Capital is delighted to support Amartus in developing new opportunities for their Dynamic Modelling based system products." said Dr. Daniel McCaughan, CTO, Kernel Capital.

With offices in Dublin, Poland and the U.S., Amartus works closely with standards group Metro Ethernet Forum and TeleManagement Forum, regarded as some of the most authoritative sources for standards and frameworks for operations and management in the Communication and IT sectors. Clients include Cisco, ECI Telecom and Transition Networks. Amartus will use the funds to market, sell and expand the capabilities of its Chameleon OS™ Service Delivery software solutions.

Commenting on the announcement, Michael Kearns, CEO, Amartus said: "We are in a very exciting market that is undergoing a major transformation, we have unique technology to address the changing needs of this market and now with the support from Kernel Capital and our other Investors we are poised to become a leading solutions vendor in this market".