VideoIQ Secures $10M in Series B Funding
WALTHAM, Mass.
VideoIQ® Inc. has received $10 million in funding to fuel the company’s market expansion and continue product development of its line of intelligent video surveillance offerings. The Series B funding – later rounds of preferred stock in a private company – was led by Lehman Brothers Venture Partners with participation from existing investors Matrix Partners and Atlas Venture.
As part of the investment, Brian Paul, a partner at Lehman Brothers Venture Partners, will join VideoIQ’s board of directors.
“Over the last decade, demand for physical security solutions has skyrocketed. IP video surveillance and video analytics are seen as the future of the industry, yet no vendor has been able to deliver solutions that overcome the large network and storage requirements, unreliable detection, and high costs that have stood in the way of widespread use,” says Paul. “VideoIQ is changing all of that. It is revolutionizing the industry by enabling companies of all sizes to cost-effectively implement intelligent video surveillance, in which analytics is not just an ‘add on’ but rather the foundation that drives the benefits of the entire system.”
VideoIQ’s recently-launched iCVR (intelligent camera with video recording) builds advanced video analytics, content-aware storage and intelligent networking into high-quality IP security cameras. The iCVR is designed for a broad range of applications, including utilities and infrastructure, corporate and school campuses, residential and homeland security.
“We are thrilled with the tremendous response we are receiving from the market since launching our intelligent camera earlier this year,” says Scott Schnell, president and CEO, VideoIQ. “With this new round of capital and the continued support of our investors, we’ll build on this momentum by aggressively forging into new markets, broadening alliances, and further building out our line of intelligent video surveillance solutions.”
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