Siemens is to target wireless telephony start-up companies in the Republic with its Siemens Mobile Acceleration (SMAC) fund, offering capital investment of €1 million per company as well as global sales support.

SMAC, the year-old, wholly-owned investment arm of Siemens Information and Communications Mobile Group, has a budget of €20 million and makes early-stage investments in companies involved in mobile technology, mobile applications and mobile services.

"Ireland already has a lot of start-up companies around, especially in wireless, and that's exactly the market we want," said Dr Dietrich Ulmer, chief executive and president of SMAC. Before a company is approved for support, a "godfather" from Siemens' mobile business unit must back the investment plan, Dr Ulmer said.