Network365, the Irish mobile payment technology provider, has completed a E10 million round of private equity funding, led by London-based Advent Venture Partners.

Other investors are Amadeus Capital Partners, Trinity Venture Capital, JAFCO and Enterprise Ireland.

Last week the Wicklow-based firm received a major boost with the announcement that NTT DoCoMo had chosen it to provide mobile payment and banking services in Japan.

Established by Sri Lankan entrepreneur Mr Raomal Perera, Network365 employs around 50 at its Wicklow headquarters.

It posted a E4.3 million loss in 2001 but says it will turn a profit by late 2004.

Mr Perera said the funding would strengthen the group’s position as it moves to explore untapped markets.

He said: “We will be using this investment to consolidate our leading position in the Asia Pacific marketplace, as well as to strengthen our existing European and Latin American business operations while enabling us to invest in the emerging US market.”

Mr Karl Schutte, director, Trinity Venture Capital, said the company was a role model for other indigenous firms.

“Network365 is a prime example of how an Irish technology company can take on and beat larger players on the global stage,” he said.

“The vision of the management team in focusing from the outset on building the company’s presence in Asia is now reaping dividends.

“With a healthy pipeline of customers, Network365 is well placed to strengthen and expand its leadership position.”

Mr James McNaught-Davis, a general partner of Advent Venture Partners LLP, joins the board of Network365.