Commercial-minded RemoteReality lands $7.3m
WESTBOROUGH, Mass.--RemoteReality, a designer and manufacturer of video surveillance systems featuring 360-degree views of the environment, announced in December a $7.3 million funding round through Battelle Ventures and Chart Venture Partners. The company has traditionally worked in the government market, and has received $6 million in Small Business Innovation Research grants and development contracts from the Defense Advanced Research Projects Agency in recent years.
The new money, in part, will be used to advance the company's efforts in partnering with integrators and penetrating the commercial market.
"When we found this company," said Battelle general partner Ralph Taylor Smith, "they had early traction, but with a very specific market focus: the defense and military ... If you can somehow make that transference into the broader commercial markets, which might be more price sensitive, that opens up tremendous possibilities."
RemoteReality chief executive officer Jim Ionson said that price is exactly where the company will look to compete in the commercial market.
The system integrates video analytics with 360-degree cameras that utilize mirrors and lenses to constantly be evaluating large areas. The company believes its solution is particularly well suited to perimeter-intrusion applications, but also sees business-efficiency applications.
Now, RemoteReality is looking for integrators to get the system to market. "We go to them," said Ionson, "and offer our system as a value-added component, this intelligent omnivision systems capability."
RemoteReality currently has 14 employees, but is looking to grow quickly.