Raidtec Corporation, which designs and manufactures data storage networking solutions, has completed a $16 million second round of financing. NIB Capital, Dresdner Kleinwort Capital and Barclays Ventures participated in the fundraising along with existing shareholders ACT Venture Capital, Davy Nominees and Smurfit Venture Fund.
Established in 1992 and headquartered in Cork, Raidtec says the funding will allow the company to fully capitalise on its significant technology lead in the storage networking market. This market is forecast to grow to $17 billion in 2003 (from $4 billion in 2000).
The company will also use the funds to enhance its brand awareness in the marketplace, expand its sales and engineering teams and accelerate new product launches.
Raidtec employs 110 people worldwide from manufacturing centres based in Cork and Atlanta, in the US.
