A Dutch multinational is investing in Ireland and is to set up a research facility in Park West in Dublin.

FazTech - which deals in fibre opitcs - already employs 26 staff at its R&D facility in Dublin.

The new investment is expected to drive further growth that could lead to a doubling in staff over the next year.

Minister for Social Protection, Joan Burton, has welcomed the announcement, saying "This is a very significant announcement and demonstrates once again Ireland’s strengths as a hub for innovation, research and development. The potential for partnerships across industry and the education sector is particularly exciting, given the crucial role of innovation in the development of jobs and sustainable economic growth."

Speaking at the announcement, Tim Fritzley CEO of FAZTech described Ireland as a leader in the development of photonic sensing. 

The company says it excepts to develop industry and academic partnerships. Projects in the pipeline include a collaboration with the Beaufort Laboratory UCC located at the IMERC Campus in Ringaskiddy, the National Sensor Centre in DCU, Tyndall Research Institute in UCC, the Eindhoven Technical University and the University of Central Florida.

FazTech says the technology it is developing will bring advances in the energy, infrastructure, and marine transportation industries.