The syndicated deal comprises a €500,000 investment by Kernel Capital, with the remainder of the funds provided by BES and Angel investors.
The deal will be financed through the Bank of Ireland Seed and Early Stage Equity Fund.
Founded in 2009, the Enterprise Ireland-backed company has developed innovative CCTV video retrieval and analysis solutions designed primarily for the law enforcement and security markets.
As the global video surveillance market continues to grow exponentially due to rising concerns for security and safety, the growth in the number of CCTV cameras has meant the volume of data produced has become almost unmanageable, the firm said.
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, it added.
With the worldwide CCTV market predicted to reach $23.5bn by the end of 2014, according to market research company RNCOS, Kinesense said it will use the funds to drive further growth in international markets.
“The company’s advanced technology can detect motion and other activity on camera and in video recordings in very low light and in difficult conditions and interpret what these activities signify,” said Daniel McCaughan, CTO at Kernel Capital.
“The technical ability to track objects and analyse video content together with the capability to search back over past recorded events rapidly and effectively, give Kinesense a powerful suite of tools of great value to the security and other industries.”
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