Irish software and hardware company Xunison has raised seed capital of €3.35m as it embarks on efforts to provide an all-in-one broadband delivery and digital in-home services solution for customers through smart devices, app and cloud-based management platforms.
The Dublin-based company, which provides services to the telecommunications and internet service provider market, made the funding announcement after retaining Focus Capital Partners to assist with fundraising late last year and will now progress with expansion plans.
The group recently announced a partnership with Saudi telecoms provider STC, and it said it would broaden its presence in the Middle East, growing its sales team and local support functions in MENA and attending key trade shows.
Xunison is also progressing with leading US telecoms companies, with a view to rolling out a commercial deal imminently. The company has already set up an American office and will grow its marketing, sales and customer support operations there.
In Europe and the UK, Xunison will also expand its marketing capabilities with hire of additional sales agents, a PR launch of its 5G device with its key CE partner and quarterly attendance to key trade shows, with a view to signing five communication service providers over the next two years.
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Ryan O’Donovan, CEO of Xunison commented, “We were humbled by the level of interest that was expressed in this round. It exceeded our expectations and capacity when it closed out on Christmas week.
"As a result of this funding, 2022 will see Xunison cement our brand presence and effectively communicate the incredible capabilities of the organisation to a global audience.”
Martin Higgins, director at Focus, added: “Xunison is an exciting and innovative proposition, and we are so pleased to partner with this incredible Irish company as they expand their IOT offering in major comms markets across the globe.
"Unsurprisingly interest in the Funding Round was considerable and was over-subscribed. We believe that Xunison can become a major global business and their hardware and software Platform capabilities extend well beyond anything that we have seen in the market.
"We are delighted to be working to support a highly talented and capable management team and we are eager to support them with value creation as they scale up internationally.”
Photo: Ryan O'Donovan.
