Async Technologies Ltd to invest €2.4million in R&D
21st October 2008
Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan T.D. today, Tuesday 21 October 2008, announced that Clare based company Async Technologies are to invest €2.4million with support from Government through from Enterprise Ireland and the AIBSCF. This investment will enhance the company’s R&D and international sales capabilities and create 11 new high skilled jobs. Async produce a tyre management technology solution, ‘Tyre–Check’, which extends tyre life by up to thirty percent.
Making the announcement the Tánaiste said: “I am delighted to announce this €2.4m investment and the creation of eleven new high–value jobs at Async Technologies in Ennis Co. Clare. The company is an excellent example of the ability of innovative Irish firms to develop market leading technologies for sale internationally. As it grows it will benefit not only the new employees, but the local economy and add to the already dynamic enterprise base in the Mid-West region”.
Commenting on the announcement Jerry Moloney, Regional Director, Enterprise Ireland said: “Enterprise Ireland currently supports over two hundred companies in the Mid West region who employ over 15,400 people full time. Async Technologies represents the type of innovative export-oriented company that Enterprise Ireland is keen to support. The company, guided by a strong management team, has already made significant progress, having secured sales from six of the world’s top seven tyre companies. Enterprise Ireland is working with Async Technologies to develop international sales and the imminent appointment of sales managers in Germany and the US will enable them to capitalise on the significant opportunities in these markets.”
Commenting on the company’s future plans Michael O’Dwyer, CEO, Async Technologies said: “Our products are currently being used by tyre manufacturers, tyre dealers and transport fleets worldwide. We have installations in seventeen countries and provide the product in thirteen languages. Given our current and future product portfolio we are well positioned to capitalise on increasing global demand for our products which reduce fuel and tyre costs for our customers. With the backing of EI and the AIB Seed Capital Fund we are ready now to increase our efforts in opening larger markets in Europe, the USA and Asia”.
The recent investment round in Async Technologies was led by the AIB Seed Capital Fund which is co-managed by Enterprise Equity Venture Capital Group. The AIB Seed Capital Fund is a €30m fund which has been established by AIB and Enterprise Ireland to support the development of indigenous early-stage technology companies. Rory Hynes of Enterprise Equity said that the AIB Seed Capital Fund is pleased to have the opportunity to work with an experienced and ambitious management team at Async Technologies and support them in building aggressively on the success they have already achieved in Europe and North America.