The Irish Networking Group (ING) has €1.7m in its accounts, but the money is not the only thing that is available.
The Irish Independent has learned that ING has raised an additional €2.1m in funding to help build out its services, including the development of a new €10m dedicated technology centre in Co Meath, which is located on the site of a former Catholic school.
A source said ING had already secured an additional $5.5m in support from a number of investors.
“We are currently funding our new IT centre in Cork, which will become fully operational in late 2019,” the source said.
“The funding will support the building of a massive new IT hub at the centre of Cork’s central business district.
The new hub will be a world-class innovation centre, combining research, education, customer service and research, with an extensive research network and innovation hub in Cork.”
The news comes after ING raised €5.7 million in funding last year from the US firm Accel Partners, with the funds earmarked for a new IT infrastructure centre in Dublin.
In addition, ING recently announced that it will be investing €2 million in a new research centre in the City of Dublin.
A spokesperson for ING declined to comment.
ING is also seeking funding from a group called Innovate Ireland, which was set up to attract the technology sector’s brightest talent, which includes the likes of Facebook and Google.
The group is currently looking for €6.3m in private investment, the spokesperson said.
INGS chief executive, Paul Gallagher, said the organisation is not looking for any public funding, and will continue to rely on private funding.
“Our goal is to be a great success story, one that continues to drive innovation and growth for our customers,” he said.