Netwatch raises €19.5m to fund international expansion
Irish high-tech security firm Netwatch has raised €19.5m to fund growth in the US and the UK.
The BDO development capital fund is providing €9m of debt, and Bank of Ireland is providing €10.5m of debt.
Netwatch chief executive David Walsh said he was confident the business could double in size in three years.
"In the middle of the recession, we focused on research and development and expanding the business internationally. This funding announcement is validation of that decision and also lays the ground work 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," he said.
Netwatch provides remotely monitored CCTV services to homes and businesses, with audio warnings that challenge intruders who cross the property's boundary.