IC Real Tech Secures $15M Financing to Fund Security Camera Development
The financing will further the marketing and development of the company’s 360×360 degree video cameras.
IC Real Tech, Inc., a manufacturer of video hardware and software solutions for enterprise and consumer applications, announced it has closed a $15 million funding round. The financing will further the marketing and development of the company’s 360×360 degree video cameras that, together with its app, delivers an immersive viewing experience.
The company has been a leading developer of video surveillance and security products, and it has been working for years with such global technology leaders as Verizon, Qualcomm and Motorola Solutions, among others.
“The financing will enable us to rapidly ramp up for the launch of our cameras to the professional and consumer markets within the next few months,” says Lee Munder, founder of Munder Funds, chairman of IC Real Tech, Inc. “Given the overwhelmingly positive customer feedback and numerous industry awards that the technology has received, resellers and retailers are extremely enthusiastic about the new profit opportunities that our products will bring to them.”
The financing represents significant strategic expansion for IC Real Tech. The company’s fully-spherical 360×360 technology brings a new approach to the professional security channel, and it also makes it possible for the company to delve into consumer markets, where a portable version of the camera is set for both in-home video monitoring or the mobile creation and sharing of immersive videos. The technology–which was conceptualized and contributed to by IC Real Tech shareholder 360 Lab–has won numerous awards at industry events this past year, including ISC West.
The funding was arranged by the private placement group of Raymond James.
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