BroadWare nets $7.5 million in VC round
February 13, 2003
CUPERTINO, Calif. - Network video monitoring developer BroadWare Technologies netted $7.5 million in the company's second round of venture capital funding, this time bringing on new investors to buoy the companyÃ¢â‚¬â„¢s focus on sales and marketing to its target market.
With its new round of capital, which follows a $7.7 million round in 2001, BroadWare will more aggressively target the systems integration channel with its network video monitoring system, specifically integrators already active in the government sector. Company officials have identified that market as the companyÃ¢â‚¬â„¢s initial market for its network video technology. The (latest?) funding brings the amount of capital the company has received to $20 million.
Officials at Dali Hook Partners, a new investor in the video firm, said their firmÃ¢â‚¬â„¢s investment was based on the companyÃ¢â‚¬â„¢s technology as well as the foundations of its business plan and how it plans to gain market share.
"We could not find anywhere else a video operating platform that would enable you to record video, store it and instantly retrieve it," said Paul Dali, founder and managing general partner of Dali Hook Partners, a Menlo Park, Calif.-based venture capital firm that focuses on early stage enterprise software, communications and semiconductor companies.
Through a combination of homeland security trade shows as well as individual visits to companies, BroadWare plans to work at bidding jobs with systems integrators in the government sector, eventually expanding to the enterprise and commercial markets, according to Bill Stuntz, chief executive officer of BroadWare.
The BroadWare system is already installed at such locations as Argon National Laboratories, Delaware Department of Transportation installations and other government and defense related surveillance installations.