TimeSight completes $3.2m round
MT. LAUREL, N.J.—TimeSight Systems, known for its ‘video lifecycle management’ solution, this week announced it has secured another round of funding and added a new investor.
The company received $3,184,170 in new funds, according to an April 21 SEC filing. The new investor is Contour Venture Partners of New York, which joins existing institutional investor, New Venture Partners, and a group of angel investors called “Jump Start” who have provided funding in the past and who also joined in on this round, Rob Rosenberg, a partner at New Venture, told Security Systems News.
“As any young company, it’s all about how many customers can I reach,” said Charles Foley, TimeSight CEO. “This funding is earmarked to help us reach more customers, put more feet on the street. We’ll have more sales people and technicians and we’ll expand our marketing initiative.” Noting that Europe is a “rich surveillance market,” he said TimeSight intends to expand there as well.
TimeSight’s “video lifecycle management” technology compresses video surveillance files over a certain period of time. The specific timeline is determined by the business rules of the customer. Foley said the technology enables customers to “hold high-resolution files for a long time at a fraction of the cost of [simply using] traditional storage.” It can reduce video surveillance infrastructure needs “by up to 70 to 90 percent,” he said.
He said Jerry’s Nuggett, a Las Vegas casino, is a recent customer that, using TimeSight, was able to reduce ten racks of storage equipment to “something about the size of a two-drawer file cabinet.” Hotels with casinos typically spend the bulk of their budget on casino surveillance because of state regulations that require the gaming industry to retain video for seven days at a high frame rate, Foley said. He said the TimeSight systems enables those hotels to meet all state requirements and have funds left over to meet other surveillance needs.
The demand to retain high-quality video for longer periods of time is not limited to the gaming industry, he said. TimeSight is also well positioned to serve the education, municipal, corrections, transportation, and hospitality verticals, he added.
TimeSight received its first institutional funding in 2008.