Openet raises $20m in second round funding

Openet Telecom has announced the completion of a $20m equity fundraising with Benchmark Capital.

This second-round funding will accelerate the company's expansion and allow for additional sales and marketing programmes.

This is the first investment in an Irish company by Benchmark Capital and the largest investment by its European fund to date.

Openet provides scalable mediation solutions that enable communication providers with diverse networks to implement, manage, and bill sophisticated services.

Its main product is FusionWorks, a convergent mediation platform.

With headquarters in Dublin, and offices in Europe, the US and Australia, Openet was established in 1999.

The initial investment in Openet was made by Cross Atlantic Capital Partners in December, 1999.

Customers include AT&T Wireless, Esat and Essent. Benchmark Capital 1995 focuses on investing in technology companies.

Its portfolio includes companies such as eBay, Handspring and Red Hat Software.