VideoIQ(R) Secures $10 Million in Series B Funding from Lehman Brothers Venture Partners, Matrix Partners and Atlas Venture

BEDFORD, Mass. , July 9 /PRNewswire/ -- VideoIQ(R), Inc. today announced that it has closed $10 million in a Series B funding round, led by Lehman Brothers Venture Partners and with participation from existing investors Matrix Partners and Atlas...


BEDFORD, Mass. , July 9 /PRNewswire/ -- VideoIQ(R), Inc. today announced that it has closed $10 million in a Series B funding round, led by Lehman Brothers Venture Partners and with participation from existing investors Matrix Partners and Atlas Venture. As part of the investment, Brian Paul , a partner at Lehman Brothers Venture Partners, will join VideoIQ's board of directors. The new round of funding will be used to fuel VideoIQ's market expansion and continue product development of its line of intelligent video surveillance offerings.

"Over the last decade, demand for physical security solutions has skyrocketed. IP video surveillance and video analytics are seen as the future of the industry, yet no vendor has been able to deliver solutions that overcome the large network and storage requirements, unreliable detection, and high costs that have stood in the way of widespread use," said Brian Paul , partner, Lehman Brothers Venture Partners. "VideoIQ is changing all of that. 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. We are excited to work with VideoIQ to make intelligence part of every surveillance system out there."

Launched in spring 2008, the VideoIQ iCVR (intelligent Camera with Video Recording) builds advanced video analytics, content-aware storage and intelligent networking into high-quality IP security cameras. The VideoIQ iCVR represents a breakthrough in video surveillance by offering unprecedented capabilities that include: 1) plug-and-play, real-time analytics that warn of threats, without the need for time-consuming calibration and set up; 2) powerful appearance-based search that enables users to search for a particular person or vehicle across all cameras with the click of the mouse; and 3) an intelligent architecture that maximizes storage quality and minimizes network bandwidth requirements. These capabilities combine to deliver the industry's simplest yet most intelligent video surveillance system designed for a broad range of applications, including utilities & infrastructure, corporate & school campuses, residential, homeland security and more.

"We are thrilled with the tremendous response we are receiving from the market since launching our intelligent camera earlier this year," said Scott Schnell , president and CEO, VideoIQ. "With this new round of capital and the continued support of our investors, we'll build on this momentum by aggressively forging into new markets, broadening alliances, and further building out our line of intelligent video surveillance solutions."

About Lehman Brothers Venture Partners

Established in 1995, Lehman Brothers Venture Partners ("LBVP") targets mid to later-stage venture capital investments in companies capable of turning innovative technology and management solutions into successful businesses. LBVP is managed by a team of partners located in Menlo Park, California and Boston, Massachusetts . LBVP is part of Lehman Brothers' Private Equity business. Lehman Brothers' global Private Equity business, founded in 1984, currently oversees approximately $35 billion across 38 different fund strategies and seven asset classes: Merchant Banking, Venture Capital, Real Estate, Credit, Infrastructure, the Strategic Partners Group, and Fund Related Investments which includes fund of private equity funds, fund of hedge funds, and the Manager Research and Selection Business.

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