LiveWave is riding the video surveillance network wave

 - 
Thursday, January 1, 2004

NEWPORT, R.I. - Software development firm LiveWave Inc. recently closed on a $4 million round of financing that will enable the firm to further market its management system for large surveillance camera networks.

The funding came from a series of promissory notes over the course of four years that were converted into equity, with Zero Stage Capital coming in as the lead investor. The Cambridge, Mass., company has previously invested in LiveWave.

“The good news is that the company already has commercialized products,” said Peter Mottur, president, chief executive officer and co-founder of LiveWave, a company with customers that include television network NBC, the Washington Metropolitan Transit Authority and the U.S. Department of Defense.

LiveWave was created four years ago as a spin-off from HyroActive, a television production company. Today the company has shifted its focus from the broadcast television market to the security market.

“There’s a lot of applications for this technology, but where we found the most opportunity is in the surveillance space,” said Mottur.

Besides being able to control and manage surveillance information gathered from hundreds of cameras, LiveWave’s system also can tie in other equipment, such as sensors. It can even automate surveillance based on movement or alarm situations.

Mottur plans to use the $4 million in funding to increase his sales team and research and development efforts.NEWPORT, R.I. - Software development firm LiveWave Inc. recently closed on a $4 million round of financing that will enable the firm to further market its management system for large surveillance camera networks.

The funding came from a series of promissory notes over the course of four years that were converted into equity, with Zero Stage Capital coming in as the lead investor. The Cambridge, Mass., company has previously invested in LiveWave.

“The good news is that the company already has commercialized products,” said Peter Mottur, president, chief executive officer and co-founder of LiveWave, a company with customers that include television network NBC, the Washington Metropolitan Transit Authority and the U.S. Department of Defense.

LiveWave was created four years ago as a spin-off from HyroActive, a television production company. Today the company has shifted its focus from the broadcast television market to the security market.

“There’s a lot of applications for this technology, but where we found the most opportunity is in the surveillance space,” said Mottur.

Besides being able to control and manage surveillance information gathered from hundreds of cameras, LiveWave’s system also can tie in other equipment, such as sensors. It can even automate surveillance based on movement or alarm situations.

Mottur plans to use the $4 million in funding to increase his sales team and research and development efforts.