VT Networks, a Dublin-based internet of things (IoT) startup, has raised €1,200,000 in equity investment in a funding round that included Colm Lyon, founder of Realex Payments and CEO/founder of Fire Financial Services. Lyon has invested €400,000 through Payvation Ltd.

Other investors in the operrating company Vizor Technology Ltd include Suretank Group founder Patrick Joy, who has invested €250,000 through his vehicle Commodore Investments Ltd. KellySan Enterprises Ltd, owned by the Kelly family, has invested €150,000, while Takanade Ltd, registered in Malta, also invested €150,000.  Belfast investor Damien O'Hare invested €150,000 and Mark Ryan, a partner in law firm WhitneyMoore, invested €100,000.

VT Networks, founded by former PwC executives Mark Bannon and Will Ferguson in 2014, is French firm Sigfox's network operator in Ireland. It is currently rolling out its IoT network across the country in partnership with RTE's 2RN.

According to Bannon, VT Networks will connect millions of devices to its dedicated network, including security systems, tracking devices, agri-tech solutions and energy meters.

He added: “Looking ahead over the next decade, there’s no question that IoT technology will revolutionise homes, farms and businesses. Ireland is uniquely positioned as a leader in the IoT arena – with several large multinationals choosing to locate their IoT labs here.”

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Bannon continued: “Our network is disrupting the status quo because it has been specifically designed to send and receive small packets of data – allowing devices to transmit useful information on an ongoing basis while requiring minimal energy.”

Investor Colm Lyon said that the VT Networks team is highly motivated and has already secured important operational and strategic relationships. “This will see them drive Ireland’s long-term innovation in this sector. By providing a nationwide network and supporting Irish companies in developing IoT ready products, it puts VT in pole position,” he added.

Photo: Barry Egan, Enterprise Ireland (left), with Mark Bannon and Will Ferguson (right) of VT Networks