Bank of ireland seed fund
leads €1.2m investment in
amartus limited
Cork Ireland, 31 January 2013: Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund has led a €1.2m investment in Dublin-based Amartus Limited (“Amartus”), a developer of next-generation service delivery solutions for the telecommunications industry. The syndicated investment comprises a €500k 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 fueled 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”.
Welcoming the announcement, Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “This latest investment, led by Kernel Capital through Bank of Ireland’s Seed and Early Stage Equity Fund, is a demonstration of the Bank’s continued support for dynamic and progressive companies which, in turn, are supporting a rapidly changing IT and Communications service delivery sector. We wish Amartus well as it pre-empts the evolving demands of the sector and introduces its innovative software solutions to a wider audience.”
Greg Treston, Head of High Potential Start-Ups and Scaling, Enterprise Ireland added: “Amartus is a leading innovator in advanced software solutions for the Telecom industry. They have already won an impressive client base and this investment will enable them to expand their business further. Enterprise Ireland is delighted to support this innovative company”.
About Amartus www.amartus.com
Founded in 2003, Amartus is a leading innovator in advanced software solutions for the rapid rollout and delivery of next generation Network, Communication and Cloud services. The Amartus Chameleon OS™ is a revolutionary platform, the first of its kind that addresses the dynamic service delivery needs of the ‘Cloud’ era. The unique Dynamic Modeling Technology of the Chameleon OS™ platform is an industry game changer; it enables Service Providers and their Vendor suppliers to dramatically accelerate ‘time to market’ with new services and technologies. The company has a proven track record delivering carrier class management system’s to leading Communication Service Providers and Equipment Vendors. The company has a seasoned senior management team and is backed by highly respected and recognized Board, Advisors and Investors drawn from the Telecommunications software sector.
About Kernel Capital www.kernelcapital.ie
Kernel Capital and its associate Life Science investment firm Seroba Kernel have in excess of €196m under management in six separate Venture Capital funds, investing in ICT, Life Science and general seed and early stage investments. These funds are supported by Enterprise Ireland, Bank of Ireland, University of Limerick Foundation, NUI, Galway and a range of other financial institutions. They have invested in Kernel Capital’s portfolio of 60+ companies which collectively employ in excess of 1,000 people and have been granted over 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and believe that it is an exceptional time for investment.
Bank of Ireland Seed and Early Stage Equity Fund
Bank of Ireland Seed and Early Stage Equity Fund is a €32m Fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It is managed on behalf of Bank of Ireland and the other partners by Kernel Capital. This fund comprises of an investment by Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway. The €10m Bank of Ireland MedTech Accelerator Fund is part of this Fund.
About Enterprise Ireland www.enterprise-ireland.com/en/
Enterprise Ireland, the Irish government agency responsible for the development and growth of Irish industry, is actively involved in supporting early stage high potential start-ups. With over 80 new direct equity investments annually in these businesses, and through its investment in 41 seed and venture capital funds, Enterprise Ireland is now the largest early stage VC investor in Europe in terms of the number of investments made. In addition, through its network of 31 international offices, Enterprise Ireland actively supports Irish companies to grow their export markets and create valuable jobs in Ireland.
