VideoIQ raises additional $3.5 million
BEDFORD, Mass.—VideoIQ CEO Ed Bednarcik said funds from a Series C round announced Jan. 10 will be used to expand the company’s geographic reach and for R&D efforts aimed at bringing its products “to the masses.”VideoIQ, which makes IP cameras and encoders with on-board storage and built-in self-calibrating analytics, closed a Series C round of funding this week, adding $3.5 million to a $7.5 million investment made in September.
“In 2012, we want to lower the cost-per-channel for analytics,” Bednarcik said. “We want to really make it an affordable tool for the masses.”
Bednarcik wants to ensure that the products work as well for small- and medium-sized business owners as they do for enterprise-level solutions. “One owner might want to self-monitor or use a remote monitoring service,” he said. “We want to make sure we really span all of those customers and [we want to] be effective for both.”
This year, VideoIQ will refine channel partners, “weed out those who aren’t performing [and recruit others] and help make the ones we have more effective,” Bednarcik said. One way to do that is to “develop really good tools [such as] good use cases,” he said.
Bednarcik, who was named CEO of VideoIQ in September, called 2012 an “inflection year.”
VideoIQ “did around $10 million in sales [in 2011], and we want to double that in 2012,” said Mark Gally, director of marketing.
And while a “good percentage of the new funding will be used for global expansion and sales,” Gally said VideoIQ expects about 65 percent of its sales to be in North America this year.
VideoIQ has less than 50 employees, who are mostly R&D, sales and back-office personnel. The company does all camera design and IP development here, but outsources all raw manufacturing and logistical support.
Existing investors Atlas Venture, Matrix Partners and Tenaya Capital participated in this round of funding.