MOBILE TECHNOLOGY group Altobridge has secured $12 million (€8.6 million) international venture capital investment.

The venture capital arms of Intel and the World Bank have put the money into the Kerry-based company, which specialises in providing wireless communication in remote parts of the world, particularly to emerging companies.

Altobridge said the funding would allow it accelerate the rollout of its low-cost communications technology.

It will also allow it commercialise new technology that will help mobile operators cut data bandwidth requirements.

“Data congestion in urban area wireless networks and connecting remote communities in rural areas are major challenges for communication service providers,” said Damien Callaghan, investment director of Intel VC arm, Intel Capital, adding that Altobridge had developed technology to address those issues in a cost-effective way.

Mr Callaghan said the investment was one of the largest to date by the Intel fund in western Europe. Both he and David Summers, chairman of Adaptive Mobile Security, will join Altobridge’s board as non-executive directors. Adaptive is also in receipt of Intel capital funding.

Altobridge chairman Dick Spring would not disclose yesterday the precise breakdown of investment between Intel capital and IFC, part of the World Bank.

He said both of the investors had a policy of not taking majority shareholdings at companies in which they invested. Enterprise Ireland and Claret Capital are already significant investors in Altobridge, which was founded in 2002 and operates out of Tralee.

The company employs 130 people, 50 of them in Tralee. Mr Spring said yesterday that he expected employment would rise as the company grew the business on the back of the investment.

Minister for Enterprise, Jobs and Innovation Richard Bruton welcomed the announcement. At this first official engagement since taking office, the Minister said Altobridge’s success was a “wonderful microcosm of what we can do in Ireland”.

He noted the company’s regional location, its interaction with Ireland’s RD structures and the leveraging of the resources of Ireland’s multinational businesses, like Intel.

Asked about the ongoing debate on Ireland’s corporation tax, Mr Bruton said the State’s corporation tax regime was “fundamental to the Irish model”.

“Exports will allow countries like Ireland trade out of their problems. The idea that Europe would seek to remove one of the most important parts of our policy is misguided.”

Mr Callaghan, pressed on Intel’s view, said: “One thing you are looking for is certainty and so that is very important for us.”