BEDFORD, Mass. — In an effort to increase its growth and product development, IP video surveillance solution provider VideoIQ has raised $7.5 million in a Series C funding. The funds come from Atlas Venture, Cisco, Matrix Partners and Tenaya Capital.
Additionally, Ed Bednarcik has replaced Scott Schnell as CEO of the company. The former CEO of Wright Line, a 911 public safety and data center solutions manufacturer, Bednarcik, will also join VideoIQ’s board of directors.
“VideoIQ is bringing a truly disruptive technology to market,” he says. “Pairing advanced video analytics with distributed storage has allowed us to develop intelligent and network efficient IP-based video solution. It makes it easier for critical infrastructure customers to protect their facilities and expand the use of their existing networks without saturation or bottlenecks.”
