Crucible Corporation said yesterday it had raised $12.5 million (#14.5 million) for its new investment fund and hoped to invest in up to 10 technology start-ups in the Republic and Northern Ireland over the next 18 months.

The Irish investment company said the cash injection by US Centara Corporation, along with a Canadian venture capital company, and private investors in Dublin, the North and Wall Street, showed there was still confidence in the future of Irish technology companies.

Centara chief executive Mr David Graves, who is joining the Crucible board, said the fall of the dot.coms, persistent bear markets and a slowdown in the economy had knocked morale and enthusiasm, but technology was here to stay and strong companies were still a very sustainable proposition.

Crucible, which was set up in 1998 and is headquartered in Dublin with an office in Philadelphia, invests in technology start-ups with a transatlantic focus.