Video Surveillance Upstart VideoIQ Cops $7.5 Million Round, Names CEO
The moves follow a year of gains for the Bedford, Mass.-based company, which in August unveiled a channel program in North America targeting solution providers and systems integrators. Founded in 2006 as a spin-out of GE Security, VideoIQ offers IP surveillance cameras and encoders that include analytics, 500 GB of onboard NVR storage and video management capabilities.
The Series C funding round saw participation from Atlas Venture, Cisco, Matrix Partners and Tenaya Capital. According to VideoIQ, the $7.5 million will be used for product development and keeping VideoIQ's momentum steady. Previous funding rounds included $8 million in Series A funding in 2007, and a $10 million Series B round in 2008.
In addition to the funding round, Ed Bednarcik has been named the company's president and CEO, and will also join its board of directors, VideoIQ confirmed.
Bednarcik was previously CEO of Wright Line, a specialist in 911 public safety and data center solutions that was sold to Eaton Corp. in 2010. Earlier in his career, Bednarcik worked at A123 Systems, the lithium-ion battery maker than went public in 2009, and held various executive roles at American Power Conversion (APC) before its acquisition by Schneider Electric.
"Pairing advanced video analytics with distributed storage has allowed us to develop the most intelligent and network efficient IP-based video solution on the market," said Bednarcik in a statement. "This combination makes it dramatically easier for corporations and critical infrastructure customers to protect their facilities and expand the use of their existing networks without saturation or bottlenecks."
As more video surveillance is converted to IP-based systems, many solution providers have added the technology as an infrastructure play. Under VideoIQ's Tier 1 partner program launched in August, solution providers are authorized to sell, install and service VideoIQ's cameras, encoders and software, and have access to preferred pricing, co-marketing funds, training and direct sales assistance.