Enterprise Ireland teams up with Kernel Capital to back Amartus

Kernel Capital has closed a new deal through the Bank of Ireland Seed and Early Stage Equity Fund.

Telecommunications business Amartus has been backed through a syndicated deal led by Kernel Capital.

Kernel Capital has closed the €1.2 million (£1 million) deal through the Bank of Ireland Seed and Early Stage Equity Fund in conjunction with an angel technology investment syndicate, Enterprise Ireland and company promoters.

Dublin-based Amartus has developed a service delivery option for the telecommunications industry. Its technology is aimed at consumers’ shift towards converged IT, communications and network services. According to Amartus, its product enables service providers to ‘transform operations’ by fully automating the roll out and delivery of services to customers.

The telecommunications software firm will use the €1.2 million of funds to market, sell and expand its Chameleon OS Service Delivery software.

It already has offices in Poland and the US, alongside its Dublin headquarters and customers including Cisco, ECI Telecom and Transition.

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Company CEO Michael Kearns believes that Amartus is in a ‘very exciting’ market that is undergoing a major transformation.

He adds, ‘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.’

Kernel Capital’s last deal came back in early December when it led a €1 million investment into Dublin-based SolarPrint, a developer of indoor energy harvesting technology.

Other 2012 transactions saw it back hand-held audio player business In Hand Guides (IHG) by way of a €400,000 deal and CCTV video retrieval and analysis software firm Kinesense.

Daniel McCaughan, CTO at Kernel Capital, comments, ‘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 operators need.

‘Kernel Capital is delighted to help Amartus develop new opportunities for their Dynamic Modelling system products.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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