Magnetic Solutions, a provider of process solutions for the production of magneto electronic devices, today, announced that it had raised €4.0 million in a third round financing. The new funding was raised from existing institutional investors Enterprise Ireland, ICC, IIU and Guinness Ulster Bank Fund, and by new investor Intel Capital. ICC Venture Capital increased it stake significantly in the company.

"This new round of funding provides the company with the additional resources to support our customers roll-our plans for the initial stages of MRAM production at 200mm and 300mm" said David Hurley C.E.O. of Magnetic Solutions. The investment will be used to continue to develop technology, to expand the sales organization and to enhance customer service support.

Dr. Hurley went on to state that "MRAM will be in production in 2004 and so our customers' requirements for tools, performance and service support should increase significantly. This investment will help us to meet these expanded requirements".

Damien Callaghan, (Manager of Intel Capital in Ireland) stated that "We are pleased to join the existing investors. Intel is a strategic investor who invests in companies worldwide to grow the Internet economy in support of Intel's strategic goals.

Magnetic Solutions markets its flagship technology, the MRT Series of magnetic annealing tools, to the semiconductor and data storage industries worldwide. It has offices in the USA and representative offices in Japan, Korea and Taiwan.

Tom Kirwan of ICC Venture Capital will join the Board of Directors of Magnetic Solutions. NCB Corporate Finance acted as advisors to the company on this round of financing.