Iontas raises E1.1m

Enterprise Ireland and the International Fund for Ireland make the investment.

Enterprise Ireland, Enterprise Equity and local Donegal investors have put up E1.1m of first round funding for Iontas, a Donegal-based software company.

Iontas said the money would be used to market the company in the US and develop further products.

The company has target revenues of E30m a year. It said the investment was the first step in a three-year plan and that it would require “significant further investment”. The company started off with about E444,000 in seed funding from private investors.

Iontas makes PC-monitoring software. Its principal customers so far have been call centres, but the company plans to sell to corporates as well.

Enterprise equity is a subsidiary of the International Fund for Ireland.