Published on 18 July, 2008
|Milestone has consistently grown 40-60% per year |
, a global developer of open platform IP video management software for surveillance systems, today announced $27 (€17) million in growth stage funding from Index Ventures, one of Europe's top venture capital firms. This is the first ever external investment into Milestone, after nearly a decade in business, and marks the latest investment from Index Ventures' €400 million growth fund, which closed in January 2007.
Milestone Systems has sales offices in nine countries with plans to open additional locations to support a number of significant partnerships. Milestone will also use the funding to continue development of its technology platform and spearhead new business initiatives.
"Milestone has consistently grown 40-60% per year and we are optimistic about the IP video surveillance market as the security sector continues to move from analog to network technology,
" says Lars Thinggaard, President & CEO of Milestone Systems. "The funding from Index supports our expansion plans and allows us to further assert our position as a leader in the open platform IP video surveillance industry."
IP video solutions are now being deployed across all business sectors, and IMS Research forecasts the total worldwide market for video surveillance to be approximately $12 billion by 2012, of which one third will be digital offerings, at anticipated annual growth rates in excess of 40% per annum.
Index Ventures partner Giuseppe Zocco said: "For growth stage investments, we look for companies that have demonstrated leadership within an exciting and growing market. Milestone's team, technology and the rapid growth that the company has experienced makes them a perfect candidate and we look forward to working with the company to help them get to the next level."
Milestone has been at the forefront in developing a truly open platform for IP video management. Available in 15 languages and supporting more than 400 models of network cameras, Milestone offers best-of-breed solutions and a rich application interface for value-adding integrations. Milestone partners include thousands of security and IT professionals who have been trained and certified in the top-of-the-line software.