Wearable camera firm Edesix will enter the US market following a multimillion funding package from investor company Beringea.
Debt funding worth up to £2 million has been raised through Beringea’s ProVen Legacy debt vehicle. The company invests in sectors such as digital media and business software.
Wearable cameras: From Norway to NZ
The new funding will be used by Edinburgh based Edesix to boost recruitment, a new office in New Jersey as well as new products that it says will improve its wearable camera system. The firm was founded in 2002 and has 50 staff working from its Edinburgh headquarters.
Its VideoBadge tech allows the Police and security officers to record encrypted video footage and also provides video editing services and camera monitoring. Current clients include security giant G4S, rail firm Northern Rail and regional police forces Police Scotland as well as police forces in Dubai, Norway and New Zealand.
The company say that the presence of the video cameras have been proven to deter criminal aggression, improve public/police relations while providing stronger evidence to secure convictions. A recent Cambridge University study found that complaints against officers reduced by 93 per cent after police had used body worn cameras for a 12 month period.
More equity not needed for Edesix
Richard McBridge, CEO of Edesix said ProVen Legacy – set up to reduce the effects of inheritance tax on the value of shares – was helping the company to grow presence and sales in the US ‘without having to raise additional equity.’ ProVen Legacy assists companies as they enter the later stages of their scaling and offers loans of up to £5 million.
Inheritance tax reduced
Mark Taylor, head of growth finance at Beringea said, ‘ProVen Legacy was created to help investors reduce the impact of inheritance tax – a growing problem for many, as the Baby Boomer generation reaches retirement age.’
Beringea supports high-growth businesses with annual revenues between £1 million and £20 million and has over £500 million under management.
Further reading about debt financing
