InishTech, an Ireland-based software protection company backed by Microsoft, has raised €1.8m ($2.4m) from a Bank of Ireland-led venture consortium. The round was split: €650,000 from the bank’s Seed and Early Stage Equity Fund, which is managed by venture capital firm Kernel, €400,000 from state-funded development organisation Enterprise Ireland, €275,000 came from the Halo Business Angel Network, and the remainder from company management, according to news provider Silicon Republic. The company had licensed software from Microsoft through its intellectual property ventures programme in collaboration with state-funded development organisation Enterprise Ireland. Microsoft had taken a minority stake in InishTech in return. Padraic White, chairman of the Bank of Ireland Seed Fund, told Silicon Republic: "The InishTech, Microsoft IP Ventures model is an excellent example of how Ireland can benefit through participation in international technology transfer."  

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