VideoIQ gets $10m from Lehman Bros. and others
WALTHAM, Mass.--VideoIQ announced this week $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.
In a prepared statement, Paul said he believes VideoIQ--with a signature camera, the iCVR, that offers on-board analytics and storage--is changing the security industry. "It is revolutionizing the industry by enabling companies of all sizes to cost-effectively implement intelligent video surveillance, in which analytics is not just an 'add on' but rather the foundation that drives the benefits of the entire system."
VideoIQ management said it would be using the new investment to fuel market expansion and product development.
For more on this story, see the August issue of Security Systems News.