17 June 2011: The Bank of Ireland Kernel Capital Fund has led a €700k investment in Cork-based data storage specialist MPSTOR Limited which has sold more than 1,000 licenses of its recently launched ‘MPStackwareTM’ software products to date. The syndicated investment in which the Company’s management are significant participants also includes an investment from Enterprise Ireland. The announcement was made in Cork by the Minister of State with responsibility for Research & Innovation, Sean Sherlock, TD.
Commenting on the announcement, Minister Sean Sherlock said: “I am delighted to see Kernel Capital take an investment in Enterprise Ireland client, MPSTOR.
Access to funding for Irish companies is a key priority of the Government and through Enterprise Ireland we have made a number of investments in MPSTOR over the past number of years. These supports are essential for SME’s competing in a fast growing high tech, global marketplace. The Irish Government early stage seed funding provided the support for MPSTOR to undertake significant R&D which helped them develop world beating technology and this follow on round of funding will allow them bring it to another level. Cloud Computing will play a crucial part in the future of software companies and we are thrilled that MPSTOR, a home grown technology company, based in CIT's Rubicon Centre is leading the way."
William Oppermann, Founder and Chief Technical Officer said: “MPSTOR’s has been validated on a wide range of x86 and Power PC platforms, including Dell’s Power Edge, Intel’s Jasper Forest and Sandy Bridge, Supermicro and a number of Asian platforms. The company’s key differentiator lies in it's open-platform, open-API software architecture. This greatly reduces operational costs within a cloud service provider environment and removes one of the main bottlenecks to growth. The 'open-platform' capability allows customers to realise state-of-the-art storage management solutions without needing to purchase expensive proprietary solutions. Over 1,000 licences of the Company’s software ‘MPStackwareTM’ have been purchased following its recent launch.”
Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “It is essential for SMEs, competing in a fast growing, high tech, global marketplace, to focus their R&D and marketing resources on market niches where they can differentiate themselves from their competitors. The significant customer validation MPSTOR is now receiving demonstrates the added value that Bank of Ireland funds managed by our strategic partner Kernel Capital can deliver.”
For further information please contact:
Orla Rimmington, Operations Director, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977
