ALMOST €111 million in funding was raised by Irish firms in venture capital in the first half of the year, according to figures released by the Irish Venture Capital Association (IVCA) yesterday.

Second-quarter investments, which totalled €57.2 million, were up slightly from the first quarter when €53.4 million was raised.

A number of large investments helped raise the figures. Blue Ocean Wireless, which provides mobile phone services to merchant ships, raised €7.5 million from three of its largest shareholders: Philippines telco Smart Communications; NTT DoCoMo, Japan’s biggest mobile phone provider; and Tralee-based software group Altobridge.

Powervation, a Limerick-based semiconductor firm raised €7.25 million from investors including Intel Capital, Venture Tech, Scottish Equity Partners and 4th Level Ventures.

Medical device manufacturer Capella raised €7 million from venture investors including ACT Venture Capital and State development agency Enterprise Ireland.

John Tracey, the recently appointed chairman of the IVCA who is also chief executive of private equity group TVC Holdings, said the figures showed there was a “good steady level of activity” around investing in early-stage Irish companies.

He noted investment activity was now comparable to 2002 levels but that a broader cross-section of firms was now attracting investment. Traditionally, Irish venture capitalists favoured software and technology investments but the statistics show a marked increase in investment in medical devices and pharmaceutical firms.

Undisclosed deals (both sides wished to remain anonymous) came in at €17.2 million or just over 15 per cent of the total raised.

Mr Treacy admitted that the bulk of these were probably follow-on investments where the company being invested in “had not quite met all their numbers, and so both sides prefer to do it quietly”.