Thursday, September 13 10:24:45
Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund has led a E620k investment in Dublin-based Kinesense, which develops high-tech video content analysis systems.
The syndicated investment comprises of a E500k investment by Kernel Capital with the remainder of the funds provided by BES and Angel investors.
Founded in 2009, the Enterprise Ireland supported company has developed innovative CCTV video retrieval and analysis solutions for the law enforcement and security markets in particular. As the global video surveillance market continues to grow exponentially due to rising concerns for security and safety, the explosive growth in the number of CCTV cameras has meant that the volume of data produced has become almost unmanageable.
Commenting on the announcement, Sarah Doyle, CEO, Kinesense said: "Kinesense developed its time saving video search solutions over a number of years of advanced research, testing and deployment with security agencies. 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 to solve the issues surrounding the growing prevalence of CCTV for organisations."
Kinesense systems can turn raw video into actionable information rapidly and effectively resulting in significant time and cost savings during CCTV video investigations and are in deployment with police forces and security agencies in Ireland, UK, Europe, Canada and North Africa. With the worldwide CCTV market predicted to reach US$ 23.5 Billion by the end of 2014, according to market research company RNCOS; Kinesense will use the funds to drive further growth in international markets.