Last week, Pivot3 announced that it recently raised $14 million in a new round of financing from investors, which according to Nash, will give the company working capital and help it add resources as needed.
“A fast growing company typically uses cash as it grows,” he said. “Even though you’re growing and the revenue is going up and you make nice margins and the books look good, a lot of times the faster you grow the more cash you use. A part of this raise was for investment in new people and new capabilities and part of it was working capital just to allow us to grow fast.”
Despite the fact that the surveillance industry continues to evolve and some video storage companies have fallen by the wayside in the process, Bill Galloway, founder and chief technology officer of Pivot3, said that the continued transition from analog to IP technology bodes well for the company.
“We’re very IT-centric, so we think that the market is transitioning towards the solution that we have and it’s one of those cases where market transition is good for us because it’s going the direction that we’re strong in,” Galloway said.
“We’re here and we’re going to be here,” Nash added. “If you look at the storage players in the surveillance industry, unfortunately some of them have come and gone and we haven’t and we’re not planning on going anywhere.”