Milestone gets $27 million investment
COPENHAGEN, Denmark--Milestone Systems, a global developer of open platform IP video management software for surveillance systems, announced July 10 $27 million (Ã¢â€šÂ¬17 million) in growth stage funding from Index Ventures, a European 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 VenturesÃ¢â‚¬â„¢ Ã¢â€šÂ¬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.
Ã¢â‚¬Å“Milestone has consistently grown 40-60 percent per year and we are optimistic about the IP video surveillance market as the security sector continues to move from analog to network technology,Ã¢â‚¬Â said Lars Thinggaard, President and CEO of Milestone Systems, in a prepared statement.
Index Ventures partner Giuseppe Zocco said in a statement, Ã¢â‚¬Å“For growth stage investments, we look for companies that have demonstrated leadership within an exciting and growing market. MilestoneÃ¢â‚¬â„¢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.Ã¢â‚¬Â