VideoIQ is one of the companies pursuing “intelligent video surveillance.” That means it is bringing security cameras and their accompanying equipment into the modern computer age. This includes cameras that transfer video over the Internet for storage on hard drives, where the video can be indexed and searched for events that trigger alarms. A security officer doesn’t have to scroll through hours of dull video to find a possible suspicious incident.
The Bedford, Mass., company has raised $10 million in a second round of funding for its video surveillance technology business.
Lehman Brothers Venture Partners led the round while existing investors Matrix Partners and Atlas Venture also participated.
Launched in spring of this year, the VideoIQ iCVR (intelligent camera with video recording) delivers video analytics, content-aware storage and intelligent networking into Internet-based security cameras. The analytics can warn of threats in real time and don’t require extensive calibration.
Users can search through records for a particular person or vehicle across all cameras with the click of the mouse. Security guards can use it to find a lost child in a crowd. And the storage is designed for good quality with a minimal need for network bandwidth.
The security camera market is going through a digital revolution and is crowded with competitors, not the least of which is Cisco, which recently launched a new IP security camera. Other rivals include Object Image and ioimage.
Scott Schnell, president and chief executive, said in a statement that the company will use the capital to enter into new markets, broaden alliances, and further build out its product line. The company has raised $18 million to date and was founded in 2007. It has 35 employees.
