Bath-based specialist finance group Chelverton Asset Management has invested £1m in a firm developing surveillance systems that harness the power of the Internet of Things (IoT).
iDefigo initially developed its surveillance platform in New Zealand before relocating to Reading in 2013.
The company’s offering combines power management, mobile network optimisation and intelligent cloud image capture and processing which it says provides organisations with a viable solution for protecting remote assets.
Its camera, pictured, can be self-installed without the need for a cabled power supply, giving clients significant flexibility in locating the device and enabling high-quality monitoring of remote assets.
It is targeting customers in the utilities, Local and central government, construction and agri-business sectors. This will be either by approaching them directly or via partner channels, including through Vodafone, which brands the iDefigo solution as the ‘Vodafone Smart Camera’.
The investment is Chelverton’s third transaction of 2018 on behalf of the members of its investor club.
It will help grow iDefigo’s sales and marketing resource, as well as new partnerships, as the business looks to exploit significant market opportunities in the UK and internationally.
A new chairman, former RSA Insurance CEO Simon Lee, has joined the board.
Chelverton Investment director Richard Bucknell, who led the investment transaction on behalf of members of Chelverton Investor Club and who also joins the iDefigo Board, said: “The markets for IP surveillance solutions, as well as for enterprise IoT devices, are forecast to enjoy very rapid growth over the coming years and the market-leading iDefigo solution is well set to be at the forefront of this change.
“Management presented a compelling proposition and our investors’ enthusiasm for the transaction reflected this.”
iDefigo chief executive Neil Boxer added: “The backing this investment brings to iDefigo will enable substantial growth in our target markets, delivering the benefits of intelligent mobile surveillance to many more clients in the UK and globally; expanding out protection of critical assets and infrastructure plus providing considerable help preventing and solving growing issues like fly-tipping. All working towards our goal of ensuring that we are a major force in enhancing business effectiveness by extracting valuable information from images.”
