A Ukrainian developer of wireless high-tech alarms, Ajax Systems, on March 29 attracted $10 million from investment fund Horizon Capital to ramp up its global expansion.
The fund has bought a minority stake in the tech startup from its previous investor, venture fund SMRK; it’s also purchased some of the shares held by the management of the tech company.
The tech firm wants to use this money to stimulate its business activity in the European Union. It plans to open offices there, as well as hire more people for the local Ukrainian research and development center, its chief marketer Valentine Hrytsenko told the Kyiv Post. The tech company also wants to extend its product line in both hardware and software.
Alexander Konotopskyi, founder and CEO of Ajax Systems, said in a company’s March 29 statement that he is “thrilled” with the partnership, which is “truly an important milestone” in achieving the company’s goals. With the new investment, he said, the company will continue its “international expansion” to become “a global leader in the security market.”
“Our company has been successful in launching our products in international markets and we’re confident that through our collaboration with (such) a reputable and experienced fund as Horizon Capital, we will reach even greater heights in the future,” Konotopskyi said.
He claims Ajax Systems has been growing “at a tremendous rate,” with over 70 percent of its revenues coming from export sales to over 75 countries, but predominantly to the European Union.
“We are blessed that the foundations of our team are world-class Ukrainian engineers and developers,” he said.
The high-tech firm produces a wireless security system for residential and business premises that includes sensors to detect intruders, fire, and flooding. The company also makes gadgets to control household appliances, climate, locks, and lighting. Currently, the company has created 20 devices as well as software for them to enable full control over the devices from a smartphone.
Founded in 2011, Ajax System bases all its production and 500-person team in Ukraine, where it also registered five patents.
Lenna Koszarny, the CEO of Horizon Capital, praised Konotopsky for his achievements: for gathering an “impressive management team,” demonstrating “stellar results,” and developing “world-class products that compete on the global stage.”
“This (investment) deal fits very well into our investment thesis of backing Ukraine’s new generation of visionary entrepreneurs,” Koszarny said in a statement issued by her company on March 29.
The Kyiv Post’s technology coverage is sponsored by Ciklum and NIX Solutions. The content is independent of the donors.
