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Bay Shore security company receives $12M in funding
A+ Technology and Security Solutions Inc., a surveillance systems company in Bay Shore, has received $12 million in venture capital funding from local firm Westbury Partners.
In return, Hauppauge-based Westbury Partners will receive a minority equity stake in A+ Technology, although the exact percentage was not disclosed. The two companies began discussing a possible investment this past October, said A + Technology chief executive David Antar.
"We are using the funding to expand our employees, adding additional marketing, sales, and engineering staff," Antar said. He added that the company plans to hire up to 30 new employees within the next year.
A+ Technology, founded in 1989, has provided security system solutions to local towns and businesses on Long Island, including Long Island MacArthur Airport in Ronkonkoma. The company focuses a majority of its business on school safety, which has become a hot issue since the shooting in Sandy Hook, Conn. last year that claimed the lives of students and teachers.