Cernium gets $7.5 mil in funding round four
RESTON, Va.--Intelligent video systems company Cernium recently received its largest round of funding since its inception in 2001, with a $7.5 million investment led by Lurie Investments.
This fourth round of funding enables the company to expand its marketing and sales efforts, according to Craig Chambers, Cernium's president and chief executive officer.
"This is really our initial slug of growth capital," said Chambers, noting that the company's first product launch took place eight years ago. "The next thing is to expand our market footprint and be able to get deeply into target verticals."
Those verticals include the federal government, hospitals, retail and corporate campuses. The company's two product lines are currently in use in several dozen airports in the United States and Canada.
Cernium plans to hire approximately six new sales people in the coming months, doubling its sales force. The company recently moved its headquarters here from St. Louis, locating the company closer to the federal market. The company's product and research facility remains in St. Louis.
Chambers joined the company in October, coming from Pyramid Vision to put the company on a growth track. The company's former chief executive officer, Sean Patty, remains with the company as senior vice president, overseeing its St. Louis operations.
While much of the funds will go toward sales and marketing, Chambers said funding still remains to support the evolution of its products.
"Product development continues," said Chambers. "This is a very competitive marketplace. You're constantly figuring out new things to do with the product or you will fall behind."