InishTech, a Dublin, EIRE-based Software Protection and Licensing Services provider, has received a €1.8m investment.
The round was led by the Bank of Ireland Seed and Early Stage Equity Fund, which committed €650k, with participation from Enterprise Ireland (€400k), the Halo Business Angel Network (€275k). The remainder of the funds were provided by the company’s founders Aidan Gallagher, John O’ Sullivan and David Smyth.
As stated by Aidan Gallagher, CEO of InishTech, the investment will allow the company to further invest in innovative product development, sales, marketing and employment.
InishTech provides a software activation service that enables independent software vendors (ISVs) to adopt flexible licensing terms for their customers. This employs a protection method that helps safeguard application and licensing information allowing the customer to go to market faster while increasing customer compliance.
The company is based on technology provided by Microsoft under the Microsoft IP Ventures program in collaboration with Enterprise Ireland. In particular, the program enabled InishTech to acquire and build upon Microsoft’s IP in return for providing Mircosoft with a significant minority stake in the company.
Established in 2009, InishTech has continued to enhance the original Microsoft technology, launching a new release of the service and has built a global customer base (throughout Europe, North America and the Far East).
The company has recently been appointed as Network Partners for the Microsoft BizSpark Program which is designed to support software start-ups worldwide.