29 June 2003 05:14
Voicevault set to raise new funds
NICK WEBB
TECHNOLOGY company Voicevault, formerly known as Buy-Tel, is close to sealing a funding deal from "a number of
well-known individuals". The Dublin voice-recognitionsoftware firm raised €18m from blue-chip investors two years
ago. Recently filedaccounts for the company show a deficiency of assets to the tune of almost €16m, in the year to July
2002.
In recent months, Voicevault has raised just over €2.1m from existing and outsideshareholders and looks set to close
a further €2.75m in funding from other outsidesources. The company accounts note that "the directors expect that
these funding optionswill provide sufficient financial resources to enable the company to trade for the next 12months at
least".
However, speaking to theSunday Independentlast week, CEO Vance Harris said that he now expected the company to break
even by October as Voicevault had landed a number of significantcontracts.
Despite the €16m deficiency in assets, reported in the annual returns, Harris said: "I wouldn't say that
we're in financial difficulties. We've guaranteed the position." He added that the company had written
off as much as possible and was consolidating its position.Last year Voicevault slashed its staff numbers by more than
half.
[UKIR [UK & Ireland Intelligence Wire]] |
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