Mobile security and filtering innovator, AdaptiveMobile, has closed a EUR4.6 million ($5.5 million) first round of funding

April 20, 2006

1 Min Read

DUBLIN -- Mobile security and filtering innovator, AdaptiveMobile, today announced it has closed a EUR4.6 million ($5.5 million) first round of funding. Intel Capital, Intel's venture capital investment organisation, was the main investor with an investment of EUR4m - additional investments from Enterprise Ireland and a private investor.

The mobile industry is increasingly recognising the need to protect users from access to inappropriate content, unsolicited messaging and harassment. Operators are increasingly accepting a service responsibility to subscribers, whether to protect vulnerable users such as children, or to help corporates to fulfil their duty-of-care to employees.

Security software solutions designed for mobile and wireless environments are forecast to represent $1.27 billion in revenue by 2007, up from $86.4 million in 2002 (source: IDC).

Damien Callaghan, Investment Manager, Intel Capital, stated: "Products that can provide enhanced security and peace of mind to mobile customers are both imaginative and innovative; and we believe address a significant untapped need amongst mobile operators."

Lorcan Burke, CEO, AdaptiveMobile, stated: "We are delighted to work with Intel Capital as a value add investor to address the security needs of Mobile Operators. The investment will allow us to expand on the success of our current deployments and address the global opportunities that we are seeing."

AdaptiveMobile Ltd.

Intel Corp. (Nasdaq: INTC)

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