Pixim nabs $15M in new funding
March 08, 2007
From: Security System News
By Martha Entwistle
MOUNTAIN
VIEW, Calif.--Digital imaging provider Pixim announced March 7 a $15
million round of funding that will be used for new product development
and working capital.
The funding will be done in two closes. Currently Pixim has $11.5
million in the bank. This round was led by a new investor, Tallwood
Venture Capital. Ridgewood Capital, another new investor, and Mayfield
Fund, who has "been with us since the beginning," also participated,
said John Monti, vice president of sales and marketing for Pixim.
Next month the remaining $3.5 million will follow, "and another new investor will be named at that time."
"The video security market is using more and more machine vision
systems and features around network video," Monti noted. Pixim will use
some of the new capital to "accelerate the market entry of [new
products including] its new HDTV chipset, which will be introduced
later this year," likely in the fall.
In the last year, Pixim expanded its client base by more than 100
percent. Pixim's chipsets are found in excess of 100 security
cameras--including Tyco Fire and Security, Honeywell, GE Security and
Siemens--and shipped to upwards of 50 different countries.
Monti called 2006 "a breakthrough year" where the company started
shipping in high volume. Now, "2007 will be about scale and
consolidating our position, with more camera versions, and more variety
in price and performance."
Monti said the technology is readily available, highly configurable and
that installers like the ease-of-use of the product. They "can stock
the three most common [cameras], a vandal dome, a plastic dome and a
box camera in their truck and that will cover most any installation
they might have."
