Ipix goes vertical

VIENNA, Va.--Imaging technology provider Ipix completed a private placement in late June--an initiative that generated $10 million in proceeds and fuels the company's marketing efforts in vertical markets. The financing, which was supported by a group of existing and new institutional investors led by Olympus Securities, was spurred by the company's interest in building its brand in the security space, specifically in sectors such as retail and government. "We are using the funding to build out our sales and marketing in the marketplace," said Jean Watterson, vice president of marketing for Ipix. Watterson said the company's immersive imaging technology, which displays a continuous 360-degree field of view, has generated a substantial amount of interest in the retail sector, as companies in this market look to add surveillance applications as part of loss prevention programs. Watterson noted that a number of major national franchises have shown interest in Ipix's imaging technology and have attended demonstrations. "Retail is a main focus and we are a relatively new player in the market," Watterson said, "but the demand and the customers we are seeing are very excited about the technology." Naturally, Ipix's imaging technology is useful in terms of reducing shrink, but Watterson said it is also applicable in garnering intelligence of buyer behavior for retailers. The company is also looking to gain additional ground in homeland and federal security spaces. It is already gaining traction as end users become more familiar with the company's product line. Watterson said one way Ipix will build its brand in new markets within the security space is by increasing its presence at industry trade shows. "Most folks are aware of our still photography, but are not so familiar with us on the security and surveillance side," Watterson said. "A targeted marketing campaign lets folks know about our other value propositions." Although Watterson could not share any specific goals in terms of the company's growth in vertical markets, she did say the company would like to see as much growth as it can acquire and will continue to seek out business opportunities. "We don't want to be known as a security company, per se," she said. "But it is a main focus of the company and the world right now. We want to continue to be helpful in that area."