INVESTMENT: Let Systems, a Waterford-based developer of network operations software for utilities, has raised €9 million from a range of investors including a subsidiary of the electronics group, Siemens.
The investment is the fifth big venture capital deal in the Republic this year and brings the total amount of investment in Irish technology firms to €82 million.
Dublin-based company Trinity Venture Capital led the funding round. Siemens Venture Capital and the French firm, Viventures Partners are new investors.
An existing investor in LeT Systems, ICC Venture Capital, also participated in the current round of financing which is believed to value the company at €30 million.
The firm, which employs 50 staff in Dungarvan, Glasgow and the US, will use the funding to support its international sales expansion and to continue development of its networking software.
The company estimates that it will create an additional 30 jobs before the end of the year.
LeT Systems' flagship product eRespondSuite provides software to utilities, such as electricity and water firms, to enable them to better manage their "wire and pipe" networks. Network modelling enables the companies to maintain an accurate picture of their network, manage customer relationships and identify faults.
The company was founded 10 years ago in the UK under the name Lakefield eTechnologies Group by Irishman, Mr Jim Hyland. He subsequently moved the firm to Waterford, although the firm retains an office in Glasgow and the US.
Mr Tony Dalton, chief executive of LeT Systems, said deregulation was one of the main drivers motivating utilities to invest in software which helped them increase customer satisfaction.
Customers of LeT Systems include Scottish Power, Scottish Hydro, Southern Electricity and the US firm Duquesne Light.
Mr Neil O'Leary, chief executive of Ion Equity, said the completion of the deal demonstrated there was lots of money available to better Irish high-tech firms.
Ion Equit, which organised the funding for LeT Systems and the Galway company Am-Beo, estimates that €82 million cash has been raised so far this year by Irish technology firms.
"Only the better companies are being funded at the minute and there is more due diligence than last year, but there is a lot of money available to firms," said Mr O'Leary.
"Generally speaking valuation for Irish companies are at the top end on the international scale probably because of the amount of money available here."
Ion Equity, which was founded by former Dolmen Butler Briscoe employees in November 2000, expects to take on two more fund raisings this year, he added.
Other big Irish deals this year:
AEP, a Dublin-based semiconductor design firm, got €14.5 million funding from B-business partners and Act Venture Capital.
Performix, a company which develops call centre software, raised €12.3 million from AIB Equity Fund, EI, Highland Capital and ICC Venture Capital.
Am-Beo, a Galway-based billing software firm, raised €10 million from Advent Ventures Partners and Act Venture Capital.
Automsoft, which develops software for manufacturers, raised €6 million in April from IDG Ventures Europe, Pentech Ventures, Cross Atlantic Capital Partners.
