With funding, analytics firms targets NA market
NEW YORK--A $2 million round of funding for Aspectus Video Intelligence, a developer of intelligent video surveillance software embedded in cameras, digital video recorders and DSP encoders, will come in handy this year as the company expands its efforts in North America.
The money will be used to hire additional marketing and sales employees at its office here and to increase its research and development efforts at its facility in Tel Aviv, Israel, where it has operated for the past three years.
"We have a backlog of hardware players and integrators that want our technology offered on their platforms," said Buddy Flerl , executive vice president and chief marketing officer for Aspectus. "To meet that demand we're going to have to scale up our personnel."
In a few short years, the company has assembled a list of well-known partners, including ADT Security Services, cVideo, DVTel and Sony Corp. Company officials expect additional partnerships in the coming months.
Up until this year, Aspectus focused its attention on the Middle East and European security markets, with a heavy emphasis on the government sector. This year, it shifted its efforts to focus on the enterprise level security market in North America. Company officials call its software a cost effective solution to roll out video analytics across hundreds of cameras without consuming too much bandwidth.
"We consume a smaller amount of bandwidth of any product in the industry," said Flerl. "It's almost an anemic amount of bandwidth."
The $2 million in funding was led by New York-based 21Ventures LLC. Since its inception in 2003, Aspectus has raised $3.5 million, which includes a $300,000 grant from The Chief Scientist of Israel's Ministry of Industry, Trade and Labour.