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VideoIQ gets $10m infusion

VideoIQ gets $10m infusion Lehman Bros. added to investor team, with Matrix and Atlas

WALTHAM, Mass.--VideoIQ, a manufacturer of cameras with embedded analytics and storage, announced in July a $10 million in series B funding, led by Lehman Brothers Venture Partners, with participation from existing investors Matrix Partners and Atlas Venture. As part of the deal, Brian Paul, a partner at Lehman Brothers Venture Partners, will join VideoIQ’s board of directors. “Getting the right investors in incredibly important,” said David Skok, a partner with Matrix Partners, which is making its second investment with VideoIQ and who helped recruit Lehman Brothers. “We think about who’s going to add value to the company ... [Atlas Venture] had worked with Brian ... and one of the key reasons we like Brian and Lehman is that they’ve been doing a lot of work in the security industry, so they have a lot of contacts and strategic partners.” Skok said everyone involved felt strongly about the investment because of the overall market size and growth rate, but also because of VideoIQ’s solution. “Their technology is remarkably unique and well protected by patents,” Skok said. Further, he said, “it has a higher accuracy than the other ones, with far fewer false positives.” How did he determine that? “It was actually about 45 phone calls in to customers and integrators in the field who were familiar with the different players,” Skok said. “To tell you that we had an easy process of ascertaining that would be a lie. It was pretty hard.”

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