Carlow-based digital security specialist Netwatch has raised €19.5m in a new funding round that will enable it to take on the lucrative UK and US markets and develop its technology.
This is the largest funding round for Netwatch to date. The BDO Development Capital Fund is providing €9m, the largest of its five investments so far, with Bank of Ireland providing €10.5m in debt financing.
The funds will be used to support Netwatch’s international growth strategy. New customer acquisitions in the US and the UK markets are understood to be a key aspect of the investment.
‘We are confident that we can double the size of the company over the next three years’
– DAVID WALSH, NETWATCH
As part of the investment, Sinead Heaney, investment director of the Development Capital Fund has joined the Netwatch board. The project is also supported by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland’s investment in the BDO Development Capital Fund.
“The Netwatch Group, led by its ambitious management team, has proven itself as a premium provider of remote video monitoring and security systems both domestically and internationally,” said Andrew Bourg, investment director of the BDO Development Capital Fund.
“It now has significant and exciting growth opportunities to further scale internationally, which is what the BDO Development Capital Fund is designed to both accelerate and support.”
How a digital superstar emerged from the regions
Founded in 2003 by CEO David Walsh and CTO Niall Kelly, Netwatch deploys advanced video-processing technologies to proactively monitor and protect its clients’ assets.
Headquartered in Carlow, Ireland, with offices in Newry and a new office under construction in Boston, Netwatch protects customers across industries including retail, logistics, warehousing, automotive, construction, hardware, manufacturing, the public sector and utilities.
“In the middle of the recession, we focused on research and development and expanding the business internationally,” said Walsh.
“This funding announcement is validation of that decision and also lays the groundwork for the next three years.
“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. We are confident that we can double the size of the company over the next three years.”