ComCam snaps up new financing round to increase manufacturing
WEST CHESTER, Pa.--ComCam captured $1.1 million in new financing for its wholly owned subsidiary, which operates under the same name, and announced plans to spin off the division into a separate business.
Andersen & Company, a New York-based private merchant bank, invested in the company. Paul M. Higbee, partner at the firm, has joined the company's investment committee as a result of the round.
Proceeds will be used to support manufacturing and day-to-day operations. "We want to increase manufacturing capacity," said David Rosen, vice president of corporate development at the company.
ComCam, a publicly traded company, develops IP surveillance and security products and provides related services for the markets that include homeland security, government clients and commercial customers.
Rosen said the subsidiary remains here and continues to operate under the direction of the parent company's executive team.