Smartvue sets its sights on new $1.5M financing
NASHVILLE, Tenn. - On the heels of its largest distribution deal to date, Smartvue landed $1.5 million in Series A financing to support the company in the final stages of new product development.
Individual investors provided the funding, which was organized by Nashville Capital Network, a financial group here. The proceeds of the round will be used to support final development of S2, a digital IP video surveillance product comprised of a wireless DVR and wireless cameras slated to be released in February, based on the wireless networking technology 802.11n.
Founded in 1998, the company previously raised an undisclosed amount of seed and bridge financing.
Ã¢â‚¬Å“This round is to take us to product release and manufacturing,Ã¢â‚¬Â according to Martin Alan Renkis, founder and chief executive officer. Renkis said he has the option to explore a Series B round in the future, if needed, in the seven-figure range.
But additional financing might not be needed, according to Renkis. The company, a developer of IP video surveillance products for residential and commercial markets, is projected to end this year with $39 million in revenue and next year with $100 million. Ã¢â‚¬Å“IÃ¢â‚¬â„¢m very comfortable already with our progress for 2005,Ã¢â‚¬Â he said.
In November, Smartvue announced its largest deal to date with Livermore, Calif.-based Home Director, a designer, manufacturer and distributor of home networking products. The company committed to order 2,000 units of the S2 product during 2005.
Ã¢â‚¬Å“We think the ease of installation has positioned the company to establish a significant presence in the small business market,Ã¢â‚¬Â said Sid Chambless, executive director at Nashville Capital Network, explaining the interest of the groupÃ¢â‚¬â„¢s investors in the deal.
Residential deployment is just one area that the company is focused on. Ã¢â‚¬Å“Our major partners include voice, networking and IP solutions companies,Ã¢â‚¬Â Renkis said. These companies are in the VoIP, cellular and broadband provider markets.