Irish cloud tech company Channel Mechanics has raised €2.1m in an angel funding round that includes Enterprise Ireland and Knowledge Transfer Ireland chairman Karl Flannery among the investors.

The company, which is based in NUI Galway and has offices in the UK and the US, was founded in 2011. It developed a SaaS platform that accelerates revenue for companies by boosting sales and promotional reach.

Channel Mechanics said that the funds raised will be used to expand its US business. Among the firm’s dozen or so current clients are Cisco and Sonus Networks.

Konstantin Sidorov, founder of enterprise IT services company RRC Business Telecommunications and lead investor for the funding round, said that the potential for innovation in Channel’s segment was astronomical.

He added: “By using this platform to optimise operations and activities within the channel, enterprises win on all sides by identifying and eliminating ineffective marketing programmes, and tailoring existing and new ones to produce even better results.”

In Association with

Edel Coen, VP of enterprise software with Enterprise Ireland USA, said that her organisation was delighted to support the Channel Mechanics expansion and growth in the US market. “Its channelIT platform is a game-changer in the area of SaaS sales enablement and a shining example of true innovation coming from Ireland,” she added.

Filed accounts for 2014 by Channel Mechanics Technologies Limited show that the company booked a loss of €512,000, bringing accumulated losses to nearly €1.8m. Year-end cash reserves totalled €516.