TimeSight Systems, a US-based video surveillance systems provider, has raised about $3.2m from a consortium including venture capital (VC) firm New Venture Partners.
VC peer Contour Venture Partners also joined TimeSight’s consortium, while a regulatory filing said the portfolio company raised $3.2m from 10 investors.
TimeSight’s technology compresses video surveillance files over time according to business rules to reduce storage cost.
Rob Rosenberg, partner at New Venture Partners, led the initial venture investment, which was $6.4m according to an earlier regulatory filing, although news provider VentureSource said the round was worth $4.5m. He said: "We have been pleased with the progress that TimeSight has made since our initial investment in 2008."
New Venture Partners has completed more than 50 spin-outs from research labs and business units of global technology corporations, including Lucent/Bell Labs, British Telecom, Philips Electronics, Agere, Boeing, Freescale, Intel, Telstra, after becoming independent of Lucent – where it had been its corporate venturing unit New Ventures Group – in 2002.