Arralis appears on Hong Kong-based consortium’s radar
Posted on 05 April, 2017 by Chris Winters, reporter
Enterprise Ireland is among a group of investors exiting as part of the round, which will add up to 25 new jobs.
Arralis has secured €50m ($53m) in funding from a consortium of Hong Kong-based investors, according to the Irish Times.
The company, established in 2013 and based at Limerick University, is a developer of radar, geolocation and wireless communication technologies for aerospace, defence and communications companies. It currently employs 20 people.
The investment will enable the company to create 25 new jobs and mass produce its components. Arralis will additionally set up a supply chain in Hong Kong, which will give it the ability to secure bigger sales.
Previous investors, including Enterprise Ireland, the export credit agency of the Irish government, Kernel Capital and ACT have exited as part of this round. The identity of the new investors has not been made public.
Enterprise Ireland, Kernel Capital, ACT and Qubis supplied $1.6m in funding in 2014, according to deals database PitchBook.
Barry Lunn, chief executive of Arralis said: “It was inevitable from day one that we would hit a stage when we would need this level of investment, due to the type of product we do.
“There is always money if you have the right product and the right market.”
See more from this Government Report: Ireland
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