Internet-of-Things specialist Davra Networks is to create 20 new jobs by the end of 2016 on the back of securing a €1.7m funding round.
The company raised the funds from AIB Seed Capital Fund (managed by Dublin BIC), Delta Partners and Investec Ventures.
The equity injection follows an initial round in 2013 worth €1.3m, also supported by AIB Seed Capital Fund and Delta Partners. Enterprise Ireland has also invested €650,000 into Davra.
The latest investment will be used to bolster Davra’s R&D operations through the creation of 15 Irish-based jobs, as well as five more jobs overseas.
Established in 2011, Davra Networks Davra Networks is headquartered in Dublin’s IFSC and was established by the team behind Crannog Software, a developer of network management software.
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The Irish-owned company has a presence in Silicon Valley and London, and plans to extend its network to Germany, Dubai, South America and Australia.
The new jobs will bring the company’s employee number to 26, up from six a year ago. Davra has closed a number of lucrative deals in the US of late and is also partnering with tech giant Cisco to offer IoT solutions on a range of projects.
Filed accounts for 2014 show that Davra booked a loss of €741,000, to bring accumulated losses to over €1.7m.
Paul Glynn, CEO of Davra Networks, said that investors have been crucial to his firm’s story. “They engaged with us long before anyone had even heard of the Internet of Things. They got it and they could see the logic in what we were saying. Through their investment and understanding, they have helped us take the next step in our global growth strategy.”
Eugene Smyth, investment manager with Dublin BIC, which manages the AIB Seed Capital Fund, said: “The entire way in which we, and things, interact is changing. Davra Networks is at the forefront of that change; driving not just Ireland’s future but the future of the entire connected world.
“That’s why Internet of Things companies are earning very strong valuations at present, with ten-time revenues and more being typical.”
Eugene Smyth (left), Dublin BIC, and Paul Glynn, CEO of Davra Networks
