Eontec, a Dublin-based banking software company, has raised $10.4 million (€11.3 million) in funding from a team which includes entrepreneur Mr Denis O'Brien and Davy Stockbrokers.

The latest round of funding is understood to be worth 10 per cent of the company's equity. Eontec has been in a product development phase for the past four years and is understood to have recorded revenues of less than £1 million (€1.27 million) since it was founded in 1994.

Company founder and chief executive officer Mr Jim Callan holds an estimated 40 per cent shareholding, while Eontec directors Mr Kieran Collins and Mr Colin Piper each hold 8 per cent.

ICC Software Partners took a 33 per cent stake in Eontec at an early stage for a figure understood to be less than £2 million. ICC was involved in the latest round of funding, which also included Mr Denis O'Brien, private clients of Davy Stockbrokers and New York based investment bank Allen & Company. Between them the new investors share an estimated 8 per cent stake.

Eontec has developed a range of Java technology-based products that allow banks easily to implement new processes. The latest round of funding will be used to fuel Eontec's global expansion.