Altobridge Limited, an Irish company that makes low-cost wireless network technology, announced this week that Intel Capital and IFC will together invest $12 million in the company.
This Series C funding round, led by Intel Capital, will provide Altobridge with additional capital to accelerate the pace of roll-out of its award winning low-capital-cost and low-operational-cost wireless communications solution. This solution is coming under increasing demand to meet the wireless communications requirements of remote communities, enterprises and schools of the world’s emerging markets. The funding will also allow the company to commercialize its mobile broadband solution, Altobridge Data-at-the-Edge -- a technology designed to reduce data bandwidth requirements on mobile networks.
Mike Fitzgerald, Altobridge Chief Executive, said, “Our technology enables mobile network operators in emerging markets to cost effectively extend their broadband services to the billion people of the world on the other side of the digital divide. Our Data-at-the-Edge solution reduces mobile network operators’ backhaul requirements by at least 50%. This strategic investment by Intel Capital and IFC will enable us to scale commercially and to advance our R&D to further reduce transmission costs for mobile network operators."
“Data congestion in urban area wireless networks and connecting remote communities in rural areas are major challenges for communication service providers,” said Marcos Battisti, Director of Intel Capital Western Europe and Israel. “Altobridge has developed the technology and is marketing products that address these issues in a cost-effective way. Our investment in Altobridge will help accelerate the company’s growth and wider adoption of its technology.”
Commenting on its investment, Kent Lupberger, IFC Global Head of Telecom, Media and Technology, said, “Altobridge offers an affordable, energy-efficient, solar-powered solution that will improve the ability of telecom operators to deliver low-cost mobile communication services in developing countries, helping spur innovation and increase economic growth.”