VideoIQ(R) Secures $10 Million in Series B Funding from Lehman Brothers Venture Partners, Matrix Partners and Atlas Venture
Source PRNOTW
BEDFORD, Mass. , July 9 /PRNewswire/ -- VideoIQ(R), Inc. today announced
that it has closed
"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," said Brian Paul , partner, Lehman Brothers Venture Partners. "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. We are excited to work with VideoIQ to make intelligence part of every surveillance system out there."
Launched in spring 2008, the VideoIQ iCVR (intelligent Camera with Video Recording) builds advanced video analytics, content-aware storage and intelligent networking into high-quality IP security cameras. The VideoIQ iCVR represents a breakthrough in video surveillance by offering unprecedented capabilities that include: 1) plug-and-play, real-time analytics that warn of threats, without the need for time-consuming calibration and set up; 2) powerful appearance-based search that enables users to search for a particular person or vehicle across all cameras with the click of the mouse; and 3) an intelligent architecture that maximizes storage quality and minimizes network bandwidth requirements. These capabilities combine to deliver the industry's simplest yet most intelligent video surveillance system designed for a broad range of applications, including utilities & infrastructure, corporate & school campuses, residential, homeland security and more.
"We are thrilled with the tremendous response we are receiving from the market since launching our intelligent camera earlier this year," said 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."
About Lehman Brothers Venture Partners
Established in 1995, Lehman Brothers Venture Partners ("LBVP") targets mid
to later-stage venture capital investments in companies capable of turning
innovative technology and management solutions into successful businesses.
LBVP is managed by a team of partners located in Menlo Park, California and
Boston, Massachusetts . LBVP is part of Lehman Brothers' Private Equity
business. Lehman Brothers' global Private Equity business, founded in 1984,
currently oversees approximately
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York , with regional headquarters in London and Tokyo , and operates in a network of offices around the world. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Firm's Web site at http://www.lehman.com.
About VideoIQ
VideoIQ, Inc. is the technology leader in intelligent video surveillance solutions. VideoIQ uses superior analytics to transform video surveillance into a dynamic, real-time system that delivers early warning of security breaches, fast appearance-match video search, and new levels of video quality, network and storage efficiency. The VideoIQ iCVR is the industry's first intelligent Camera with Video Recording -- with advanced video analytic detection and search, content-aware storage and intelligent networking embedded inside a state of the art security camera. Additionally, the VideoIQ HD family of video analyzers delivers the industry's best detection accuracy for conventional analog cameras of all types, requiring human response only when a real event takes place. The company is backed by top-tier investors Atlas Venture, Lehman Brothers and Matrix Partners. Learn more at http://www.videoiq.net.
CONTACT: Meg O'Leary InkHouse (for VideoIQ) 781-916-9090, ext. 802 [email protected]SOURCE VideoIQ
