Skyresponse announced raising €5 million in a round backed by Nordic Eye and existing investors.

Skyresponse, a Stockholm, Sweden-based SAAS supplier of solutions for distribution and management of alarms and events generated by connected devices, announced that it completed a €5 million ($5.8M) capital funding round.

The money was raised from investors led by Nordic Eye and joined by existing shareholders of the company. Ib Drachmann-Hansen, Investment Manager & Partner at Nordic Eye Venture Capital, will join the board of Skyresponse AB, in conjunction with the money provided.

Proceeds will be used as the company intends to expand business across Europe.

Skyresponse, founded in 2007 as Skygd AB and led by CEO Martin Reidevall, has developed a cloud-based solution for alarm and event handling. The software platform is primarily built for response centres and telecare ecosystems and trusted by major, international care and security providers. The platform can as well be used in other applications such as Smart Buildings where reliable alarm handling is critical.

The company says it is handling around 7 million alarms per month, and Skyresponse has now more than 700 companies and organizations that uses the company’s services, including Doro, Addlife/Hepro and Viser. Skyresponse is based in Stockholm and Luleå in Sweden, has one team in Ukraine, and just recently expanded to UK and Ireland with a local subsidiary, Skyresponse UK Limited, and an initial go to market team.

Skyresponse previously raised $1.2 million from angel investors from Sweden, including Thomas Ivarson, Lars Wahlström, Fredrik Adolfsson, Louis Hedberg and Jorma Mobrin.