Pixim nabs $15M in new funding
MOUNTAIN VIEW, Calif.--Digital imaging provider Pixim announced March 7 a $15 million round of funding that will be used for new product development and working capital.
The funding will be done in two closes. Currently Pixim has $11.5 million in the bank. This round was led by a new investor, Tallwood Venture Capital. Ridgewood Capital, another new investor, and Mayfield Fund, who has "been with us since the beginning," also participated, said John Monti, vice president of sales and marketing for Pixim.
Next month the remaining $3.5 million will follow, "and another new investor will be named at that time."
"The video security market is using more and more machine vision systems and features around network video," Monti noted. Pixim will use some of the new capital to "accelerate the market entry of [new products including] its new HDTV chipset, which will be introduced later this year," likely in the fall.
In the last year, Pixim expanded its client base by more than 100 percent. Pixim's chipsets are found in excess of 100 security cameras--including Tyco Fire and Security, Honeywell, GE Security and Siemens--and shipped to upwards of 50 different countries.
Monti called 2006 "a breakthrough year" where the company started shipping in high volume. Now, "2007 will be about scale and consolidating our position, with more camera versions, and more variety in price and performance."
Monti said the technology is readily available, highly configurable and that installers like the ease-of-use of the product. They "can stock the three most common [cameras], a vandal dome, a plastic dome and a box camera in their truck and that will cover most any installation they might have."