ALTOBRIDGE, a Kerry-based telecom software development company, is seeking to raise €4m from venture-capital firms as it builds its revenue base and continues its research and development. The company has also completed a rights issue among existing shareholders, raising €750,000.

Bank of Ireland Venture Capital and Cork-based Kernal Capital Partners are believed to be interested in investing in the business, which has so far raised €3m from shareholders.

The Tralee-based company develops software that allows mobile phones to work as normal via satellite on aeroplanes and on ships and other vessels at sea. This is done by installing a small base station, called a picocell, on the aircraft or boat, and connecting it to the telephone network via a satellite link.

Altobridge recently signed a contract with the Australian government that allows its scientists in the Antarctic to use their mobiles as normal through a base station installed by the company.

Mike Fitzgerald, its chief executive, said the company has also secured a deal with the owners of a luxury commercial yacht.

Altobridge was founded in 2002 by Fitzgerald, Guy Waugh, its chief operations officer, and Bart Kane, its chief financial officer. Dick Spring, the former tanaiste, is a board member.

Fitzgerald said it achieved turnover of €1m last year but hopes to grow this to €10m within three years and to build a stream of recurring revenues.

“Maritime and remote base stations are the two key areas of business for us,” said Fitzgerald. “There are 70,000 registered vessels, which gives an idea of the potential market.”

Fitzgerald was previously vice-president of two Nasdaq-quoted companies, ADC Telecommunications and Interwave, and was also involved in the successful trade sale of a small technology company for $20m (€15.8m).