Westborough, Mass., Dec. 18, 2006 â€“ RemoteReality Corp., the designer and manufacturer of intelligent-omni-video systems with real-time viewing and analysis software for continuous 360-degree surveillance, conferencing and other applications supporting government, commercial and enterprise business markets, has secured $7.3 million in venture financing. The funding round was co-led by Battelle Ventures and Chart Venture Partners.
â€œWith its patented imaging technology integrating hardware and proprietary software, RemoteReality has solved key technical limitations, including those on video quality, and has reduced the high costs associated with systems that are predominantly in use for video surveillance today,â€ says Battelle Ventures General Partner Ralph Taylor-Smith. â€œCurrent intelligent-video systems cannot meet the requirements for persistent situational awareness, protection of critical assets and efficient communication of essential information.
â€œBy integrating high-resolution 360-degree mirrors, optics, sensors and intelligent processing into unique single-lens, solid-state, high-frame-rate video appliances,â€ continues Taylor-Smith, â€œRemoteRealityâ€™s systems promise real-time 360-degree seamless video, with the ability to simultaneously detect and track dozens of objects while an entire area remains under total surveillance, in both visible and infrared thermal spectra.
â€œWhat RemoteReality has developed is not only an important technological and economical development for the homeland security, defense and commercial security markets, but also for the enterprise business markets; for example, in video-conferencing applications,â€ says Taylor-Smith.
Dr. James Ionson, who became RemoteReality CEO as part of the funding event, adds: â€œWeâ€™re solving many of the shortcomings associated with todayâ€™s surveillance products, which are mostly multi-camera systems rooted in dated technology. These systems not only have imaging-quality limitations, but also are more prone to problems because of the number of devices involved and the moving parts within each camera.
â€œCurrent systems have high lifecycle costs, resulting from recurring operations, maintenance and replacement expenses, and costly network upgrades are needed to support bandwidth-intensive real-time video,â€ continues Dr. Ionson, an honored scientist who has successfully operated as an entrepreneur, a high-level corporate executive and a senior defense appointee with top-secret and other national security clearances. â€œBut just one, single-lens, solid-state RemoteReality appliance is needed to provide the highest-resolution, real-time video of an entire area, even in low-bandwidth network environments.â€
He explains: â€œWe incorporate precision single or double mirrors with our unique lenses, which interact with the latest intelligent-video sensors. Using mirrors and a lens is superior to using only lenses, which must constantly compensate for light refraction. This is why highly sophisticated telescopes, such as the Hubble Space Telescope, utilize lenses and mirrors rather than lens-only refractor telescopes,â€ he says, adding, â€œWe could call RemoteReality â€˜the Hubble of intelligent omni-imaging.â€™