Irish start-up charged by Kernel Capital for global growth
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CCTV software firm Kinesense has secured €620,000 (£497,000) of investment from Kernel Capital.
Kinesense, which has developed CCTV video retrieval and analysis software for the law enforcement and security markets, has netted the development capital it needs to target international growth.
The deal consists of a €500,000 investment by Kernel Capital, through the Bank of Ireland Seed and Early Stage Equity Fund, with the balance made up by Business Expansion Scheme (BES) and Angel investors.
The Dublin-based business was set up in 2009 to address what it calls the growing global video surveillance market and now provides services which can turn raw video into actionable information.
Sarah Doyle, CEO of Kinesense, says, 'We are seeing real traction for our solutions in many markets and this investment from Kernel Capital will enable us to accelerate international growth and expand our solution range.'
According to a statement from market research company RNCOS, the worldwide CCTV market is predicted to reach $23.5 billion (£14.6 billion) by the end of 2014. Kinesense plans to use the funds raised to expand its operations which already see it work with police forces and security agencies in the UK, Europe, Canada and North Africa.
Michael Moriarty, manager of financial and enterprise software high potential startups at Enterprise Ireland, adds, 'The company is a fine example of an entrepreneurial start-up focussed on exploring a growing market opportunity in video content analysis.'