InishTech received the investment as part of a funding drive led by Cork-based venture capital firm Kernel Capital. Kernel manages the Bank of Ireland seed and early stage equity fund.
The funding consists of a €650,000 investment by the Bank of Ireland Seed Fund, a €400,000 investment by Enterprise Ireland, a €275,000 investment by the Halo Business Angel Network (HBAN), with the remainder of the funds being provided by the company’s founders.
InishTech was established last year by Aidan Gallagher, John O’Sullivan and David Smyth and its customer base stretches throughout Europe, North America and the Far East.
Bank of Ireland’s Donal Duffy said: “This capital injection from the Bank of Ireland Seed Fund underpins Bank of Ireland’s commitment to support dynamic, indigenous enterprise which will generate and sustain employment.”
InishTech enables software companies protect their code and maximise sales through licensing.
The company is based on technology provided by Microsoft, which has a significant minority stake in the company.
InishTech chief executive Aidan Gallagher said: “We are delighted to have Kernel Capital as our new investment partner. The investment will allow us to further invest in innovative product development, sales, marketing and employment.
“The value of our holistic approach to software protection, license management and compliance is becoming increasingly relevant in today’s fast changing marketplace. Innovation in supporting new sales models through advanced licensing is key to our clients’ success in seizing and exploiting new market opportunities.”
Microsoft Ireland’s Paul Rellis said the company is delighted with the growth and success of InishTech. He said he would like to welcome investors of the caliber of Kernel Capital on board.
“This new investment, together with the growing opportunities presented in the marketplace through the shift to cloud computing, makes this a very exciting time for InishTech and positions it well to take advantage of the changing landscape in the market,” said Mr Rellis.