Cisco-backed video surveillance company VideoIQ attracted a further $3.5m in series C financing on Tuesday, bringing its overall round to $11m and its total funding to $29m.
Tenaya Capital, spun-out from Lehman Brothers’ venture capital division, was joined by fellow venture capital firms and existing investors Atlas Venture and Matrix Partners in the investment. The three were participants, along with Cisco, in the initial $7.5m tranche in September.
Founded in the US in 2007, VideoIQ is the producer of a range of self-calibrating video surveillance cameras and encoders which promise to improve both range and accuracy of imaging. In addition, the onboard memory allows for months of recording without the need to store video in central servers. VideoIQ calculates that its system reduces bandwidth use by more than 90%.
Ed Bednarcik, chief executive officer of VideoIQ, said: "By expanding the Series C investment round, we are able to further accelerate our exponential growth by opening additional markets globally and launching new products faster than ever before."
The funding came as VideoIQ reported growth figures of more than 150% in sales and a doubling in its total customers from 2010 to 2011. The extra cash will be used to expand its sales and product development teams across the world – VideoIQ’s customer base now stretches to more than 30 countries.