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Chelverton backs iDefigo with GBP1m investment

Chelverton Asset Management Limited (‘Chelverton’), a specialist investor in sub-FTSE 100 quoted equities and unquoted SMEs, has completed its third transaction of 2018 on behalf of Members of its Investor Club service, with a GBP1 million growth capital investment in Reading-based iDefigo.

iDefigo initially developed its Internet of Things (IoT) surveillance platform in New Zealand before relocating to the UK 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. 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’.
 
Having received substantial investment in its native New Zealand, the EIS funding sourced through the Investor Club will facilitate further investment in sales and marketing resource, as well as new partnerships, as the business looks to exploit significant market opportunities both in the UK and internationally. The Board is also being strengthened, with the appointment of a new Chairman, Simon Lee, previously Group CEO at RSA 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, says: “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, says: “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.”

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