Altobridge secures €8.6m in funding

Kerry-based IT firm Altobridge is to receive $12 million (€8.6 million) in funding from Intel Capital and IFC.

The Series C funding round will provide Altobridge with additional capital to increase the pace of roll-out of its wireless communications products.

The funding round was led by Intel Capital, the investment arm of the chipmaker. IFC, a member of the World Bank Group, also participated.

The new investment will also allow the company to commercialise its mobile broadband product - Altobridge Data-at-the-Edge – a technology that demonstrates a significant reduction in data bandwidth requirements on mobile networks.

"This strategic investment by Intel Capital and IFC will enable us to scale commercially and to advance our R&D to further reduce transmission costs for mobile network operators," said Altobridge chief executive Mike Fitzgerald.

Most of Altobridge's business is in Africa and southeast Asia. Chaired by former tánaiste Dick Spring, Altobridge was co-founded by Mr Fitzgerald with chief operations officer Guy Waugh and chief financial officer Bart Kane.