COPENHAGEN, Denmark--Milestone Systems, a global developer of open platform IP video management software for surveillance systems, announced July 10 $27 million (€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 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 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," said Lars Thinggaard, President and CEO of Milestone Systems, in a prepared statement.

Index Ventures partner Giuseppe Zocco said in a statement, "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."