Pixim secures $22 million funding
April 24, 2003
MOUNTAIN VIEW, Calif. - A $22 million round of funding from new and existing investors is expected to help chip and software developer Pixim bring to market its second product that enables security video cameras to produce better picture images.
Company officials plan to use the funds to develop, produce and provide customer support for its Digital Pixel System, which is slated for production in May. The company launched its first product, D2000 Video Imaging System, at the ISC West Show in Las Vegas in May.
For Pixim, the recent round of funding comes only a year and a half after its initial raising of capital. At that time the company raised $36.9 million, money used to help get the company off the ground and bring its first product to market.
Now with its first product on the market, a second one scheduled to debut soon, and a string of agreements with camera manufacturers who intend to incorporate PiximÃ¢â‚¬â„¢s digital imaging technology into its cameras, company officials expect Pixim to reach profitability by the middle of next year.
Since announcing agreements with the likes of JVC, Silent Witness, Pelco, Everfocus and Baxall, Pixim has forged a deal with GE Interlogix, who also intends to incorporate PiximÃ¢â‚¬â„¢s digital imaging technology into some of its cameras. PiximÃ¢â‚¬â„¢s technology enables cameras to digitize the image at the pixel level, enabling a camera to control the level of light exposure at each pixel. The result is a better picture image.
The $22 million round of funding was led by existing investor China Development Industrial Bank. Existing investors Mohr Davidow Ventures, Mayfield, Synopsys and the Emerging Alliance Fund also partook in the Series D funding. Newbury Ventures came onboard as a new investor, while prior investors Mitsubishi and ARM did not reinvest.