Enterprise video software provider Qumu has raised $9.7m from the sale of its stake in Israel-based video review technology provider BriefCam, as part of an acquisition by imaging technology producer Canon in May 2018.
Canon agreed to buy BriefCam, the developer of a software tool that identifies and extracts data from video footage, in May for an undisclosed amount. The company had disclosed $9.1m in funding since 2007 across two rounds but had not revealed Qumu as an investor in either.
Other exiting investors in the company are Motorola Solutions Venture Capital, the investment arm of communications technology provider Motorola Solutions, as well as Aviv Venture Capital.
Qumu will use $6.5m of the proceeds to pay down a debt facility with ESW Capital. Its president and CEO, Vern Hanzlik, said: “The sale of our BriefCam investment has provided Qumu with an excellent return.
“Qumu has a stronger balance sheet with significantly reduced debt and the working capital to invest in our growth. We look forward to putting these funds to work as our strategy continues to build momentum.”