Dublin head-quartered Accuris Networks has completed a €10.25m equity funding round led by Investec Ventures, manager of the Ulster Bank Diageo Venture Fund. Other investors included Summit Bridge Capital, manager of the China Ireland Growth Technology Fund, and existing investors.
As demand for mobile data continues to accelerate worldwide, the telecomms industry is increasingly trying to meet the challenge of connecting disparate networks. The Accuris technology enables the seamless transfer (offload) of phone, message and data between mobile networks and Wi-Fi, which is a more cost effective medium for communications. This means that Wi-Fi networks can become fully integrated extensions of mobile networks, thereby offering mobile network operators significant opportunities for product enhancement and revenue generation.
According to Accuris Networks Chairman Larry Quinn, “Our established industry customer base, our significant pipeline and our industry-leading technology were all factors that attracted this investment. We intend to use this funding to invest in future product development in our AccuROAM™ platform, to maintain our lead in connecting networks and build more solutions such as carrier grade Wi-Fi offload and roaming, as we scale our business globally. While we already have customers worldwide, we particularly want to expand in China, Japan and overall Asian markets. Also, we intend to consolidate and amplify our successes in EMEA, particularly in the Middle East and Western Europe.”
Under the leadership of its new U.S.-based CEO, Accuris Networks will also broaden its presence in the North American market with the establishment of a new Silicon Valley office. “With marquee customers and partners such as AT&T, Bell Mobility, Telus, GoGo, Cisco, HP and Alcatel-Lucent, Accuris Networks has already established an enviable track record in this market,” said Jeff Brown. “But we’ve barely scratched the surface of the opportunities here so far.”
New investor, the Ulster Bank Diageo Venture Fund L.P., managed by Investec Ventures, is a leading investor in the Irish technology sector. According to Michael Murphy, Managing Partner, the fund is investing in Accuris Networks because of the experience of its team and the ever-increasing demand for Wi-Fi offload solutions that help ease congestion and capacity constraints across mobile networks as data traffic continues to grow exponentially. “The AccuROAM platform has received wide recognition, including being named the ‘best mobile technology breakthrough’ at Mobile World Congress,” he said. “With so many experts — and customers – using this proven technology, we see major revenue potential in a future where Wi-Fi will only increase its penetration.”
Summit Bridge Capital, which manages the China Ireland Growth Technology Capital Fund, also sees huge promise in Accuris Networks and its products. According to David Lam, Managing Director, “Connecting networks is one of the hottest areas in this market, whether new networks or legacy networks, and the AccuROAM platform does it best. The many wins with Tier 1 customers are only the beginning of this company’s potential growth.”
Accuris Networks’ newly named CEO, Jeff Brown, is an industry veteran who was previously president and CEO of mobile technology company Kineto Wireless. He held similar positions at RadioFrame Networks and was earlier the CEO of Data Critical, a wireless healthcare company, where he spearheaded an eventual sale of the company to GE Medical Systems. Brown also held executive positions at McCaw Cellular, AT&T Wireless and PacTel Cellular.