Carlow-based security specialist Netwatch has raised €19.5m to fund its US and UK expansion plans.
It is the largest funding round to date for the 13-year-old company, which uses video analysis and develops software to augment security cameras deployed to watch its clients' premises, detecting and deterring intruders.
The money is a combination of debt and equity; comprising €9m from the BDO Development Capital Fund – which includes backing from Enterprise Ireland – and €10.5m debt financing from Bank of Ireland.
The company said the funds will be used to support Netwatch’s international growth strategy, while new customer acquisition in the US and the UK markets is a key aspect of the investment.
Netwatch was founded in Carlow in 2003 by co-founders and joint owners of the company, David Walsh (CEO) and Niall Kelly (CTO).
Mr Walsh said he is confident the firm can double in size over the next three years and that “the Netwatch value proposition is well received in the USA and this investment will enable us to capitalise on the great opportunity that the US presents“.
The BDO Development Capital Fund forms part of the Government’s Development Capital Scheme, an initiative under the Action Plan for Jobs through which a total of €225million is being made available to mid-sized Irish companies with significant growth potential.
