A Dublin-based software venture set up in January has received a $5 million seed capital investment from investors which include Intel, and telecommunications entrepreneur, Mr Denis O'Brien.

Cross Atlantic Capital Partners, Intel Capital, and Island Capital - Mr O'Brien's private investment vehicle - will now take a 25 per cent stake in Mobileaware, placing an early valuation on the company of $20 million. The remaining 75 per cent is held by three Mobileaware founders and former Telenor employees.

Mobileaware will offer products to providers of software applications that allow customers access to information anytime and anywhere through a range of wireless devices. Its business plan is based on the premise that most companies will eventually outsource their IT requirements to application service providers.