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Company led by Ulster Uni graduate in Belfast secures $20m funding

Published on 27 February 2024

A bodycam company which was founded in Belfast has closed a $20m Series A funding round from a US equity firm.

HALO said the investment followed growing demand for its subscription technology.

While bodycams were first adopted by police forces, their use is now growing in the private sector among customers in retail, healthcare, transportation and private security.

HALO, led by Fiona Shanley, said its technology can “de-escalate incidents, deter crime, capture clear video evidence and enhance employee and public safety”.

It was founded in 2019 by Matthew Nesbitt, a former pupil at Methodist College, Belfast and now the company’s global partnerships director.

The company said the global market for body-worn camera technology is now estimated at $10bn but projected to reach $30bn by 2030.

HALO’s technology captures full high definition video and audio footage which is then live-streamed to its digital asset management cloud platform, with video available in real time.

Company CEO Ms Shanley, a graduate of Ulster University, said: "We started HALO with a mission to fundamentally transform the safety and security sector and provide innovative technology that safeguards lives and businesses.

"Various social and economic realities have escalated demand for effective and reliable security solutions that maximise tech budgets and most importantly, protect people.

"This investment will enable us to continue to scale globally. We plan to invest substantially in further innovating our product, ensuring that we stay at the forefront of our industry and continuously meet the evolving needs of our customers."

The investment from Volition Capital in Boston will support HALO's investment in its hardware and software platform, with a focus on bringing new AI and analytics features.

The capital will also fund market, use case and partnership expansion and the growth of its team in the US and Europe.

Tomy Han, partner at Volition Capital, said: “There are several converging trends driving increased demand, adoption and growth potential of bodycam and digital asset management solutions in the public and private sectors.

"Technology including hardware and software has become a critical part of safeguarding lives and businesses. The use cases for bodycam solutions have expanded well beyond traditional law enforcement and with its subscription-based SaaS model and experienced leadership team, HALO is well positioned to meet the diverse and flexible needs of these sectors globally."

HALO has offices in Dublin, Belfast and Austin, and more than 700 customers in 14 countries.

Source: Belfast Telegraph (link opens in new window)