BIC Davra

Davra Networks announces €1.5m investment, 20 new jobs

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Pictured: Eugene Smyth, Dublin BIC; Paul Glynn, Davra Networks; and Derek Crawley, Investec Ventures

19 November 2015

Internet of Things specialist, Davra Networks, has announced that following a new funding round involving three Irish institutional venture capital funds, the company will create 20 new jobs by the end of 2016.

Backed by AIB Seed Capital Fund, Delta Partners and Investec Ventures, the application enablement company raised €1.5 million in a second round of fundraising. The latest investment will be used to bolster Davra’s R&D operations through the creation of 15 Irish-based jobs in areas including front end development and tech support.The new roles will bring the company’s overall headcount to 26.

A further five jobs will be created overseas, as the Irish-owned company plans to set up operations in Germany, Dubai, South America and Australia, adding to its existing presence Silicon Valley and London.

Established in 2011, Davra recently signed a $100,000 (€88,000) deal with City of San Diego to manage the its tram network. The software connects to, and interacts with, all San Diego Trolley electronic services – including the network’s GPS system and ETA feed – allowing for more fluid services and accurate time information.

Davra has also partnered with Presidio to enable connected school bus services in Texas in a deal worth over €177,000. The buses allow children to access high-speed Wi-Fi, include vehicle tracking and geo-fence technology and prevent excessive fuel consumption by notifying the bus operator of changes in tyre pressure, driving styles or unusual driving patterns.

“People are starting to realise how vital the Internet of Things is to our future and, as a result, the importance of our work. We’re helping customers connect like they’ve never connected before – and this is only the beginning. We are currently working with prospective customers in 43 countries right around the globe,” said Paul Glynn, CEO, Davra Networks.

“Our investors have been crucial to Davra’s success story. They engaged with us long before anyone had even heard of the Internet of Things. They got it and they could see the logic in what we were saying. Through their investment and understanding, they have helped us take the next step in our global growth strategy.”

Eugene Smyth, investment manager, Dublin BIC, which manages the AIB Seed Capital Fund, said: “The entire way in which we, and things, interact is changing. Davra Networks is at the forefront of that change; driving not just Ireland’s future but the future of the entire connected world. That’s why Internet of Things companies are earning very strong valuations at present, with 10-time revenues and more being typical.

“We saw the tremendous potential of Davra Networks early on and have been working closely with them and the co-investors, Investec Ventures and Delta Partners, to ensure the rest of the world sees that potential, too.”

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