 February 2007
RemoteReality grabs funding, leaderBy Rhianna Daniels, editor
WESTBOROUGH, Mass.--A producer of an intelligent video system recently nabbed $7.3 million in venture funding and a new CEO, giving the organization the tools to focus on marketing efforts and reduce the costs of its products for the commercial sector.
Battelle Ventures, who co-led the funding round with Chart Venture Partners, recruited Jim Ionson to help build the company's presence.
"They asked me to come on board with them to identify technology to meet the demanding needs of the surveillance market," Ionson said.
RemoteReality's Intelligent Omni Video Systems combines high-resolution, 360-degree video cameras with tracking software -- producing a single integrated intelligent surveillance solution. The market has seen 360-degree cameras before -- Ipix pioneered the product for the security space but struggled to increase its customer base. In 2006, Ipix ceased operations and its remaining assets were to be auctioned off in January.
But Ionson noted that RemoteReality's cameras offer an extra dimension than Ipix's cameras, which were designed with a fish-eye lens.
"We have brought the technology to a whole different level, encompassing mirrors, as well as lenses," Ionson said.
There is another aspect that differentiates the camera over other full-view products. Ionson explained that when an event takes place the system is not blind to other areas -- it still maintains consistent situational awareness.
Although the company launched in the late 1990s, Ionson said it took a number of years to tweak the technology into its current state. The company has a presence in the government market, but this year it looks to push heavily into the commercial segment. To do that, Ionson said, it has had to focus on reducing its price point. He said the product is viable in casino, retail, hotels and other commercial spaces, as well as perimeter security applications.
"We are increasing the capability of the system, but at the same time making sure the price point is attractive and competitive with lower end technology that exists today," he said.
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