Video surveillance solutions provider VideoIQ announced Tuesday that it saw record growth in 2011 by virtue of increased adoption of its various products which include intelligent cameras and video encoders.
The company, which now has customers in more than 30 countries, reported record growth in several areas including: More than 150 percent growth in sales from 2010 to 2011; more than 100 percent growth in total customers; and, more than 100 percent growth in follow-on customer transactions.
In addition, VideoIQ also announced this week that it will receive $3.5 million in additional funding from its existing investors, which include Atlas Venture, Matrix Partners and Tenaya Capital.
The additional funding will bring its total Series C round to $11 million. According to a statement, the money will be used to further support expansion of the company's sales and product development teams around the world.
"Whether customers are protecting high-value assets or looking to simplify multi-site deployments, our self-calibrating all-in-one video surveillance solutions are the most effective and cost-efficient on the market right now and we need to grow our sales and development teams to meet this demand," said Ed Bednarcik, president and CEO of VideoIQ. "By expanding the Series C investment round, we are able to further accelerate our exponential growth by opening additional markets globally and launching new products faster than ever before."
