Jul 31, 2006 (01:07 AM EDT)
Covi Lands $15M
Read the Original Article at InformationWeek
AUSTIN, Texas -- CoVi Technologies, Inc., the high definition video surveillance company, today announced that it has secured $15 million in additional funding bringing the company's total equity financing to date to $46 million. The funding round includes CoVi original investors: Oak Investment Partners, Polycom, Inc., and Walden International, as well as the addition of Centennial Ventures. CoVi will expand its sales and support globally to address the increasing demand for the CoVi Crystal HD video surveillance system, as well as continue investment in advanced technology development.
CoVi introduced its first product CoVi EVQ-1000 High Definition video surveillance camera in April 2004, which was awarded the International Security Conference (ISC) New Product Showcase Award for CCTV. CoVi's flagship product Crystal HD was delivered in September 2005. As the recipient of the Technology Innovation Award in Video Surveillance by analyst firm Frost & Sullivan, CoVi Crystal HD is the world's first and only video surveillance system employing High Definition technology over IP networks. Unlike other surveillance systems, Crystal HD uniquely provides unparalleled image quality in both live and recorded video, combined with bandwidth management features for network efficiency and information accessibility so users benefit from clearly discernable, accessible video for forensics and prosecution.
"With Crystal HD, we've established solid traction in multiple markets and are ready to embark on the next phase of our company's growth," said Barry Walker, President and CEO, CoVi Technologies, Inc. "We will be further advancing our market position by expanding sales and support functions in Europe and well as North America where we have seen increasing demand."
"CoVi has evolved an industry that has seen little innovation for two decades by delivering up to 16 times higher video quality to the mission- critical application of security," continued Walker. "With the support of our investors we will continue to deliver this essential solution to security professionals worldwide."