Wednesday, July 9, 2008

VideoIQ spots $10M in second funding round

By Mass High Tech Staff

VideoIQ Inc. reports it has landed a $10 million round of Series B venture funding.

The Bedford-based video analytics company will use the round to scale its infrastructure, scale its sales and marketing, and manufacture its new product, the iCVR (intelligent camera with video recording), according to CEO Scott Schnell.

“We’re off to the races,” Schnell said.

The iCVR is a surveillance camera with 80 gigabytes of storage and analytics software built-in. Schnell said the $1,800 camera self-calibrates its analytics capability, so there’s no need for technicians, and installs easily, since the storage and analytics are components of the camera itself. For example, several cameras could communicate with one another to search for a person in a blue shirt and a red hat, Schnell said.

“You won’t find the one needle in the haystack,” he said. “But you’ll find 20 likely candidates.”

The financing round was led by Lehman Brothers Venture Partners. Lehman partner Brian Paul will join VideoIQ’s board as part of the deal. Matrix Partners and Atlas Venture also participated in the round.

VideoIQ spun out of General Electric Co. business unit GE Security Inc. in 2007, with $8 million in funding from Atlas Venture and Matrix Partners.