iDefigo’s Growth Plans Backed by New Investment
iDefigo Group Limited (iDefigo), the specialist provider of IOT surveillance, monitoring and analytics for organisations who have assets in remote locations, confirms the investment of £1m growth capital by Chelverton Asset Management.
iDefigo initially developed its market-leading Internet of Things (“IoT”) surveillance platform in New Zealand before relocating to the UK in 2013. Its unique offering, combining industry-leading power management, mobile network optimisation, and intelligent cloud image capture and processing, revolutionises the remote security and monitoring market. For the first-time organisations have a viable solution for protecting remote assets. The iDefigo camera can be self-installed, without the need for a cabled power supply, enabling clients’ significant flexibility in locating the device and enabling high quality monitoring of remote assets. Target customer market segments include Utilities, Local and Central Government, Construction and Agri-business, which are approached directly and via partner channels, including through Vodafone, who brand the iDefigo solution as the “Vodafone Smart Camera”.
iDefigo will be using the investment to fuel growth in sales in the UK and fund the development of its channels internationally, as it looks to exploit the significant market opportunities globally in both the Internet of Things (IoT) and the Surveillance markets. The Board is also being strengthened, with the appointment of a new Chairman, Simon Lee, previously Group CEO at Royal Sun Alliance Insurance, and now with a number of Non-Executive and Chairman appointments in private equity backed and listed companies.
Chelverton Investment Director, Richard Bucknell, who led the investment transaction on behalf of Members of Chelverton Investor Club, and who joins the iDefigo Board, commented: “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, commented: “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 of this works towards our goal of ensuring that we are a major force in enhancing business effectiveness, by extracting valuable information from images. Our fundamental belief is that ‘an image speaks a thousand words’ and our mission is to extract valuable information from footage to be used in many applications within an organisation’s business process. A straightforward example of which is our use of automatic number plate recognition to identify the flow of vehicles in and around a transport depot.”