Endace receives huge cash injection

Endace has received $4.4 million in funding for “a series of major product developments” from the Foundation for Research Science and Technology.

Funding was provided by the Foundation’s business investment programme, TechNZ and will cover 50% of business costs associated with the innovations. What innovations the company is working on wasn’t revealed.

“We are delighted to have received the grant which we will use to develop our Cyber Security and Low Latency Monitoring solutions,” said Mike Riley, Chief Executive Officer, Endace.  ”At a time when we are focussed on growing our business through heavy investment in sales and marketing, this funding will allow us to maintain our traditionally strong investment in new product development, something we wouldn’t otherwise have been able to do. We’re pleased that TechNZ have decided to invest in our growth and we look forward to generating more wealth for New Zealand as a result.” Foundation Chief Executive Murray Bain added, “We are delighted that our investments have helped underpin the company’s success getting their innovative products to the global market faster. Endace spends more than 20% of its revenue on research and development. Out investment will accelerate this, allowing the creation of more top R&D jobs in New Zealand.”