The FINANCIAL — Mechelen, Belgium. iNEWiT, the Belgium-based mobile video communication & monitoring expert, announces that it has closed a EUR 2,05 million (USD 3,1 million) round.
After a EUR 0,6 million seed round in September 2006 and a EUR 1,4 M first round in January 2007, iNEWiT is happy to welcome Quest for Growth as a new shareholder and co-lead investor in a EUR 2,05 million (USD 3,1 million) investment in the company. Quest for Growth invested EUR 750.000 in this round. First round lead investor Big Bang Ventures co-led this round, with seed round investor Allegro and the management team also participating in this round.
"iNEWiT is an emerging leader in mobile IP-based video surveillance solutions. The company’s products use its patent pending technology for transmission of data, video and sound over a wide variety of wireless and wired environments and multiple platforms (mobile phones, PDA, PC, etc.). iNEWiT’s products are used by consumers and businesses for safety, monitoring and surveillance of homes, holiday homes, ill or handicapped family, warehouses, offices and public transportation, but can also wirelessly control public displays", company said.
The Company plans to use the proceeds of this round to finance the expansion of its sales & marketing team and the initial production runs of its ViU device. Following the investment, Katrin Geyskens of Quest for Growth will join iNEWiT’s board as an Observer.
“I’m very pleased that Quest for Growth has joined our investor base,” said Koen Faes, CEO of iNEWiT. “This new commitment by another leading investor confirms the great market potential of our technology. We are up to speed with a successful sales & marketing campaign that is filling up our sales pipeline with high potential leads. 2008 is an important year for us. We aim to take the global market with the VIU product, a reassurance & monitoring appliance based on our core technology.”
Katrin Geyskens, Investment Manager of Quest for Growth, said: “The trend away from traditional video calls towards IP-based video surveillance is undeniable. iNEWiT is ideally placed to leverage its technology into this emerging market space.”
Information for editors:
About iNEWiT
iNEWiT is an emerging leader in plug and play mobile video communication appliances. Koen Faes, CEO, and Paul Mortelmans, CTO, founded iNEWiT in 2005 to address the growing demand for meaningful applications in the world of 3G telecommunications and mobile video communication applications. Headquartered in Mechelen, Belgium, iNEWiT currently employs 20 people. The company initiated production early 2007.
About Quest for Growth
Quest for Growth focuses on European technology-based growth companies in sectors such as life sciences, information technology, software, semiconductors, telecom, electronics, new materials and special situations in other growth sectors.
Funds under management amount to € 116 million, on December 31st, 2007.
Quest for Growth has been listed on Euronext Brussels since September 23rd, 1998.
Discussion about this post