Belfast-based telecommunications software company Mobile Cohesion has raised €3.8 million in an investment round.

The investment round was led by Enterprise Equity (NI), part of the all-Ireland Enterprise Equity venture capital group and supported by existing investors Cross Atlantic Capital Partners, Accel Partners, the Mobile Cohesion management team, and Viridian Growth Fund.

It is one of the largest technology venture capital deals in Northern Ireland this year.

Mobile Cohesion provides products that allow mobile phone operators to manage data content provision on their handsets. The company was established in 2002 and employs 20 people. It has offices in the US and Singapore.

The Enterprise Equity Venture Capital group was established in 1987 by the International Fund for Ireland and manages a €40 million fund. It has offices in Belfast, Dundalk, Cork and Galway.

Enterprise Equity investment manager, Brian Cummings, said it was "very impressed with Mobile Cohesion's management team and their track record in building successful software businesses".

"Having established key reference customers across the world, the challenge for the company is to build on this base.With the mobile data services market projected to grow from €15 billion to €40 billion in the next five years, this represents an exciting opportunity," he said