OzVisionÃ¢â‚¬â„¢s video business takes off
WOBURN, Mass. - For the first time, remote video developer OzVision Global is turning to the finance community to provide additional resources to help bring its product to market.
In early August, the company secured $7.5 million in its Series A round of financing, led by a trio of firms. The funds will be used to support marketing efforts, enhance technical support and pay for a move to a larger facility.
The funding comes at a pivotal point for OzVision, an Israeli company that is well-known in the securityÃ‚Â in-dustryÃ‚Â among thoseÃ‚Â pro-vidingÃ‚Â video monitoring, butÃ‚Â notÃ‚Â inÃ‚Â other markets where its technology could also be deployed.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s fair to say the company, while having great technology, had limited access to other markets, as well,Ã¢â‚¬Â said Larry Bohn, managing director at General Catalyst Partners, one of the lead investors.
Bohn said OzVision may look for business in the telecommunications market, specifically in applications that could use video services.
Shahar Belkin, founder of OzVision, said the company has come a long way in a few years. Ã¢â‚¬Å“Three years ago we were talking video services and nobody understands what weÃ¢â‚¬â„¢re talking about,Ã¢â‚¬Â he said. Ã¢â‚¬Å“Right now almost everybody knows what weÃ¢â‚¬â„¢re talking about.Ã¢â‚¬Â
Belkin said OzVision operated as a self-funded company since its inception in 1999, until now.
Ã¢â‚¬Å“The reason we needed the funding is because the U.S. market grew so fast on us, we need much more manpower,Ã¢â‚¬Â BelkinÃ‚Â said.Ã‚Â Ã¢â‚¬Å“We couldnÃ¢â‚¬â„¢t afford to grow at that speed.Ã¢â‚¬Â
BelkinÃ‚Â saidÃ‚Â OzVision will dramatically increase its staff here, from five to 25 employees within a year. The additional people willÃ‚Â support Oz-VisionÃ¢â‚¬â„¢s growth. Belkin estimated between fiveÃ‚Â toÃ‚Â 20Ã‚Â central stationsÃ‚Â are deployingÃ‚Â its technologyÃ‚Â each month.