SAN FRANCISCO, Oct. 9 -- 3VR Security, Inc. today announced that it has raised $15 million at a significant increase in valuation, in Series C funding led by DAG Ventures. The round will fuel 3VR's leading innovation in the converged video management market, estimated by industry analysts to reach $7.2 billion by 2008.
DAG Ventures, a Palo Alto, California based venture fund brings depth in cable TV, infrastructure, media, and wireless industries to the firm. The round also includes follow-on investments from VantagePoint Venture Partners, one of the largest venture capital firms in the United States, In-Q-Tel, a private, strategic venture firm funded by the Central Intelligence Agency (CIA) and the U.S. Intelligence Community, and Kleiner Perkins, Caulfield & Buyers, one of the leading technology venture funds.
"Searchable surveillance is a breakthrough innovation with the potential to improve physical security by an order of magnitude," said Greg Williams, General Partner at DAG Ventures. "The global appetite for sophisticated technology that improves security is increasing at a never-before-seen rate. Through their innovative approach of treating surveillance video as structured data, 3VR has a unique ability to make surveillance video searchable-which unlocks broad potential for improvements across the security market. We are pleased to be investing in technology that will make a difference in the world in which we all live."
3VR Security has recently released 3VR version 5.0, the industry's first video surveillance platform to federate facial surveillance data enabling face watch lists, alerts and searches across distributed systems. The 3VR system is being used by major banks, government agencies, hotels and corporations.
"Effective security depends on the availability and usefulness of critical information captured in video," said Stephen Russell, co-founder and CEO of 3VR Security. "3VR has pioneered new methods of using video to prevent loss, protect people, and expedite investigations across banking, homeland security, hospitality and travel. We look forward to driving growth in this space and are pleased to welcome Greg to our Board."