New corporate operations centre and $2m in second tranche funding for NICTA spinout Monitoring Division
Australia’s Information and Communications Technology (ICT) Research Centre of Excellence, NICTA, is pleased to announce that its most recent technology spinout company, Monitoring Division (mdi), has received $2m in its second tranche of Series-A funding.
This afternoon, at an event attended by the Minister for Broadband, Communications and the Digital Economy Senator the Hon. Stephen Conroy, Monitoring Division also opened its corporate operations centre in Melbourne. “NICTA has been a champion of digital innovation and commercialisation and Monitoring Division is a fine example of the achievements being made. The rapid progress of Monitoring Division is a positive signal for the digital economy in Australia,” the Minister said.
A pioneer in the live network health management field, Monitoring Division develops products that measure signal degradation in live traffic as it travels over high-speed optical networks. This means that the network can be monitored while it is transmitting data, as opposed to shutting network links down for testing. The technology allows telecommunications service providers to more successfully diagnose and manage network performance.
The company has secured its first customer and is meeting its aggressive hiring targets. “These key milestones are further evidence of our capacity, as a freestanding and powerful new startup, to meet critical deliverables on time and on target,” said mdi Chief Operating Officer Sarah Dods. “We’re proud of our rock-solid progress in product development and our engagement with top-industry customers,” added mdi Chief Executive Officer David Wright.
Australian venture capital firm Starfish Ventures contributed $1.75 million to Monitoring Division’s $2 million second tranche funding. “Starfish Ventures is delighted to continue its support of mdi as it develops a new paradigm, the field of live network health management, with innovative software solutions,” said Michael Panaccio, Investment Principal of Starfish Ventures.
“It is wonderful to see Monitoring Division make such rapid commercial progress,” said NICTA CEO Dr David Skellern, “The company’s success is a tribute to both the talent of its team and NICTA’s commercialisation process.” Dr Skellern also acknowledged the contribution of both Federal and State Governments. “NICTA has been able to create this promising new company thanks to the Federal and State Government’s continuing investment in our organisation,” he said. “Ongoing support will generate significantly more opportunities for Australia in the form of exciting new globally-focussed ICT companies, which will create more jobs and opportunities for Australian industry in the near future.”
Monitoring Division was officially spun out of NICTA in March this year. It arose from the Managing and Monitoring the Internet (MAMI) Project at NICTA’s Victoria Research Laboratory.