Ireland-based wireless network service provider Altobridge has raised $12m in its series C round from Intel Capital, the corporate venturing unit of semiconductor company Intel, and International Finance Corporation (IFC).
Marcos Battisti, director of Intel Capital Western Europe and Israel, said: "Data congestion in urban area wireless networks and connecting remote communities in rural areas are major challenges for communication service providers. Altobridge has developed the technology and is marketing products that address these issues in a cost-effective way."
Mike Fitzgerald, chief executive of Altobridge, 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."
Kent Lupberger, global head of Telecom Media and Technology at the IFC, which invests on behalf of the World Bank, 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."
Separately, Intel has bought most of the assets of Sysdsoft, an Egyptian company developing software for communications networks.
Arvind Sodhani, president of Intel Capital, said it was the first acquisition of its kind for Intel in the Middle East and it has hired about 100 of Sysdsoft’s electrical engineers and computer scientists.
In an interview with news provider Telegraph, Sodhani said there was a lack of entrepreneurial activity in west Europe. "If I were to compare Israel with western Europe I would say we are not seeing as many companies coming out of western Europe in technology even though the size of the European market is equal if not slightly bigger than the US.
"We have large teams all over the world and a large team in Europe. We are seeing deal flow in central and eastern Europe consistent with our expectation, but we are not seeing as many start-up companies coming out of western Europe as we are now seeing in other parts of the world. It could be that there are just not as many start-ups in technology because our focus is exclusively on technology.
"But I would encourage everyone and I would encourage governments to take notice of that fact and do everything possible to encourage the creation of start-ups. Provide incentives and encouragement to have entrepreneurship and innovation in technology so that more people will get started."