Altobridge Limited – leaders in technology that cuts the cost of delivering voice and broadband data services across wireless networks – has, today, announced that Intel Capital and IFC will together invest US$12 million in the company.
This Series C funding round, led by Intel Capital, will provide Altobridge with additional capital to accelerate the pace of roll-out of its award winning low-capital-cost/ low-operational-cost wireless communications solution. This solution is coming under increasing demand to meet the wireless communications requirements of remote communities, enterprises and schools of the world’s emerging markets. The funding will also allow the company to commercialise its mobile broadband solution: Altobridge Data-at-the-Edge™ – a technology that demonstrates a significant reduction in data bandwidth requirements on mobile networks.
Mike Fitzgerald, Altobridge Chief Executive, said, “Our technology enables mobile network operators in emerging markets to cost effectively extend their broadband services to the billion people of the world on the other side of the digital divide. Our Data-at-the-Edge™ solution reduces mobile network operators’ backhaul requirements by at least 50%. This strategic investment by Intel Capital and IFC will enable us to scale commercially and to advance our R&D to further reduce transmission costs for mobile network operators.
“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, Intel Capital. “Altobridge has developed the technology and is marketing products that address these issues in a cost-effective way. Our investment in Altobridge will help accelerate the company’s growth and wider adoption of its technology”.
Commenting on its investment, Kent Lupberger, IFC Global Head of Telecom, Media and Technology, said, “Altobridge offers a low-cost, energy-efficient, solar-powered solution that will improve the ability of telecom operators to deliver low-cost mobile communication services in developing countries, helping spur innovation and increase economic growth.”
Intel Capital, makes equity investments in innovative technology start-ups and companies worldwide, and, since 1991 has invested more than US$9.8 billion in over 1,100 companies in 48 countries. Their investment is seen as a crucial step in their involvement in the telecoms sector, and Damien Callaghan, Investment Director, Intel Capital will join the Board of Altobridge as Non-Executive Director, as will David Summers, Chairman, Adaptive Mobile Security Ltd .
The investment announcement was made this morning in Dublin and was attended by Fine Gael’s Minister for Enterprise, Jobs and Innovation, Richard Bruton T.D, along with Intel representatives and Altobridge company chairman Dick Spring who said: “The investment news, is probably the most important news in Altobridge’s nine-year history.”
Altobridge wireless network solutions provide a lower capital and lower operating cost option for the delivery of voice and mobile broadband services, enabling mobile network operators to connect unconnected communities and enterprises at minimum cost.
Central to this lie a series of patented and patent-pending technologies namely: Data at the Edge™ (data optimisation in wireless networks), Local Connectivity™ (local voice switching) and Split Architecture™ (transmission and power optimisation), all of which – individually and combined – drive down communications delivery costs for mobile network operators, by reducing backhaul and power-consumption costs. Altobridge solutions are deployed and operational in over 20 countries worldwide.The company is headquartered in Ireland and has four further bases in Malaysia, Indonesia, China and the US covering sales, R&D, customer support and manufacturing, visit: www.altobridge.com
About Intel Capital
Intel Capital, Intel’s global investment organisation, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.8 billion in over 1,100 companies in 48 countries. In that timeframe, 189 portfolio companies have gone public on various exchanges around the world and 258 were acquired or participated in a merger. In 2010, Intel Capital invested US$327 million in 119 investments with approximately 44 percent of funds invested outside the US and Canada. For more information on Intel Capital and its differentiated advantages, visit: www.intelcapital.com.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. They create opportunity for people to escape poverty and improve their lives. IFC does so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, their new investments climbed to a record $18 billion in fiscal 2010. For more information, visit: www.ifc.org.