ICC Venture Capital has invested £2.1 million in Limerick-based Ashling Microsystems, in return for a 40 per cent stake. The deal values the company, which was established in 1985, at just over £5 million.

Ashling makes microprocessor development systems. These are used by design engineers to develop and debug a wide range of embedded microprocesssor products. The company also designs and manufactures development systems for semiconductor vendors. Its clients include Philips, Mitsubishi, Microsoft, Visa, Sony, IBM and Deutsche Telekom.