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Print Edition StoriesRemoteReality Corp., makers of a 360-degree camera technology for surveillance and security applications, has taken in a $1 million investment from Connecticut Innovations and relocated its headquarters from Westborough to Putnam, Conn.
CI, the Nutmeg State’s quasi-public authority responsible for technology-based economic development, made the investment through its Eli Whitney Fund. The money is part of a Series C round of funding that also involved Chart Venture Partners, Kuwait Holdings and an individual investor, the company said in a release.
In October, RemoteReality filed documents with the U.S. Securities and Exchange Commission stating it had drawn in $2 million of a planned $3.5 million equity funding round. The new release from the company didn't specifically state that the CI investment was part of that recent round.
According to the release, RemoteReality is "actively recruiting high-level engineers to join the company." As part of the new funding deal, Dan Wagner, CI director of investments, will represent CI on RemoteReality’s board of directors.
RemoteReality has taken in $10 million from research grants and development contracts from DARPA, the Office of Naval Research, the U.S. Marine Corps and other groups in the U.S. Department of Defense, the company said on its website.
The company in 2008 brought on board retired U.S. Navy vice admiral and Attleboro native Dennis McGinn to lead RemoteReality as CEO. At the time, McGinn said RemoteReality was renewing its focus on the defense industry.
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