The company designs, develops, and productes of advanced remote control devices and solutions for M2M market – mainly used for security and smart home applications.
The investment will enable Eldes to accelerate its international expansion, it said. Founded in 2005, the company is headquartered in Vilnius, Lithuania with offices in th UK and Kaunas, Lithuania.
“We are very happy with our latest investment. It is a very attractive opportunity to contribute to the expansion of an exceptional company that operates in a very dynamic and quickly growing M2M market. We firmly believe that fresh capital and ability to leverage Fund’s experience and broad contact network will significantly contribute to achieving long-term growth targets. We highly appreciate the culture of innovation that allows to create and design outstanding products. Today the company has products that are competitive on a global scale and are being sold to various customers in more than 50 countries.” – says Šarūnas Šiugžda, the founder and managing partner of LitCapital.
Global machine to machine market (M2M) revenues are expected to reach $1.2tn by 2021, up from $200bn today with 1/3 expected to account for services and 2/3 for devices and installations. Current market expectations imply annual revenue growth rate of approximately 20 per cent for the next tenyears. The number of global M2M device connections is expected to grow at CAGR of 36 per cent until 2021. The number of device connections for security applications will account for 21 per cent of overall M2M connections by 2021 growing at CAGR of 36 per cent.
LitCapital is a growth capital fund, established in cooperation with European Investment Fund in 2010 under JEREMIE initiative. The €25m fundit invests in small-medium size enterprises in Lithuania.
JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission (DG Regional Policy) and the European Investment Bank group to improve access to finance for SMEs in the EU within the Structural Funds framework.
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