IDV Solutions gets $2 million cash infusion
LANSING, Mich.—IDV Solutions, a provider of enterprise risk visualization software, on Jan. 22 completed a $2 million second funding round with Plymouth Venture Partners of Ann Arbor, Mich.
“We’ve had exponential growth this year,” Scott Sieracki, IDV Solutions EVP–global sales, told Security Systems News. The funds will be used to fuel more growth through hiring, R&D and, at some point later this year, expansion into the EMEA market.
IDV Solutions is privately held and does not release revenue figures. Its two founders, Mark Morrison and Ian Clemens, are the majority shareholders, Sieracki said.
IDV Solutions is known for its Visual Command Center software, a new version of which was released Jan. 28. VCC takes real-time data about events such as “acts of terrorism, weather, hazardous materials, as well as data from other sources, such as Web feeds or internal and external systems, including physical security devices. When a risk is detected near an asset or employee location, Visual Command Center automatically generates an alert. Operators can use powerful visualization, filtering, and query tools to rapidly assess the threat, and then act to mitigate risk,” according to IDV Solutions.
Sieracki said the product line revenues increased 350 percent in the past year. Also in the past year, the company “filled out the North American business development and sales management teams, including regional business directors, vertical market consultants … sales engineering and pre-sales support.”
The company also opened an office in Orlando, Fla. and “hired 19 developers. We invested heavily in the R& D staff,” he said. The new office is located near the University of Central Florida, a source of talent for the company. The company now has about 60 employees.
This year the company will develop its channel program. IDV Solutions is working with and recruiting sophisticated systems integrators who “are the crème de la crème, who can wrap their heads around this product,” Sieracki said. For those players, the industry is on the verge of “the real convergence,” where systems integrators are bringing real business value to their customers, he said.