Intune Banks €17.5M
1:00 PM -- After a turbulent few months during which it replaced its CEO, Irish optical burst system specialist Intune Networks has closed a €17.5 million (US$23.4 million) round of funding. (See Is Intune Off-Key?)
In a press note on its website, the company says the cash will be used to get it through customer trials in 2012 and to bolster its capabilities in markets close to potential customers. Details of where the cash has come from, which companies are involved in the trials and which particular markets are offering the greatest potential have not yet been revealed (though Balderton Capital appears to be one of the backers). In fact, this is one of the most low-key investment round successes EuroBlog has ever encountered: It seems Intune decided not to publicize its good fortune.
Including this round, Intune has raised more than €60 million (US$80 million) during the past five years, during which it has tried hard to persuade the international market of the capabilities of its transport platform.
While there is scant evidence of any traction outside its home market, Intune must be close to some sort of breakthrough to have raised this latest round of cash, something that isn't easy to do in the current climate. The extra funds hint that Intune may have more positive news to impart in 2012 -- certainly some commercial network deployments would do the company's standing in the optical world some good.
And if that happens, the company may want to shout a bit louder about it.
— Ray Le Maistre, International Managing Editor, Light Reading