Semiconductor and data technology producer Intel exited Altia Systems, the US-based producer of a panoramic, high-definition camera, in a $125m acquisition by audio device manufacturer GN Audio yesterday.
Founded in 2011, Altia Systems has created a camera, Panacast, that can record 180-degree live video streams in 3D at a resolution of up to 5K. It has also developed artificial intelligence software known as Intelligent Vision that allows the camera to be used in autonomous systems.
The company has attracted more than 1,600 clients to date, according more than 200 universities that use the technology for video collaboration and education. A total of $12m of the purchase price has been allocated to retain staff and will be paid out from 2019 to 2021.
GN will use the acquisition to expand into the video communications market and expects Panacast to complement its existing product range, which includes headphones and speakerphones for personal use and in small meeting rooms.
Intel Capital, the corporate venturing arm of Intel, contributed to a 2014 series B round for Altia indicated by a securities filing to be $10.7m in size. It was followed by $9.4m of series C funding from unnamed investors in 2017, according to a separate filing.
The corporate will continue to collaborate with the company post-acquisition. Venture capital firm Naya Ventures was among the investors who had previously supplied a total of $6.7m in funding to the company, though its other backers have not been disclosed.
Dave Flanagan, vice-president of Intel and senior managing director of Intel Capital, said: “Intel invested in Altia Systems to bring an industry leading immersive, panoramic 4K camera experience to business video collaboration.
“Over the past few years, Altia Systems has collaborated with Intel to use AI and to deliver more intelligent conference rooms and business meetings. This helps customers make better decisions, automate workflows and improve business efficiency. We are excited to work with GN to further scale this technology on a global basis.”
– Image courtesy of Altia Systems
