A £1.3 million investment in a Galway-based electronics design company, Toucan Technology, under which it will double employment to over 40 workers in two years, has been announced by the Minister for Enterprise, Trade and Employment, Ms Harney. The investment was made by the technology-oriented venture capital fund, Delta Partners, which would given it "a substantial minority" equity stake, Mr Frank Kenny, a managing partner said. The investment is drawn equally from two funds: the Delta Equity Fund, a private sector fund, and the Bank of Ireland Entrepreneurs Fund. The Bank of Ireland fund, a partnership one, comprises investment from the bank and from Forbairt, the State enterprise agency. It is also managed by Delta.

Forbairt has a 7.5 per cent share in Toucan from its original investment in the company, which is based at the Dangan Business Park in Galway. Toucan Technology, a five year old company established by two former Digital employees, currently employs 24 people. It provides electronic systems solutions and integrated circuits for the electronics industry in telecom and computer networks. Toucan counts among its clients Cisco Systems, Digital, Hewlett Packard and Nortel.