This is an excerpt from a recent article on Security Systems News.
Harmony has invested in 80 tech companies over its history, but this is its first investment in a physical security company. Mark Lotke, Harmony Partners managing partner, said his venture capital firm makes expansion stage investments. “We’re excited about growth and momentum.” As Vidsys, founded in 2005, has grown “its growth rate has accelerated—that’s rare,” Lotke said….
Vidsys’ customers include Fortune 50 companies, government entities, smart cities and utilities. It is used for NERC CIP compliance for its utility customers. It has also been used for special events, notably the October 2015 IMF World Bank Group annual meeting in Lima, Peru.
About half of the customers are based in North America. The customer base outside of North America—particularly in the Middle East and Asia—is growing at a faster rate, Chong said. Chong declined to divulge specific numbers but said “during the past year we’ve seen between 20- to 40 percent growth depending on the region and markets.”
The software’s integration with IoT devices is an important new capability, Chong said. Customers are using Vidsys to “automate or create efficiencies with products lines … to drive higher business efficiency or ROI.”
Read the full post here.
Below is an excerpt of Vidsys’ funding announcement on The PE Hub Network.
Vidsys, which provides security software, raised $11 million from a group of investors. Participants in the funding included existing investors NewSpring Capital, Atlanta Equity, Flybridge Capital Partners and JVax Investment Group. New investor Harmony Partners also took part in the funding.
See the full post here.
This is an excerpt of our funding announcement in Potomac Tech Wire on April 26, 2016.
Vidsys, a Vienna-based developer of physical security information management software used at large events such as marathons and global summits, said on Tuesday it has raised $11 million in a new round of funding, co-led by previous backers NewSpring Capital, Atlanta Equity, Flybridge Capital Partners and JVax Investment Group. New investor Harmony Partners also took part in the round, which the company will use to support its growing international business with customer support operations and product development initiatives. The company also plans to expand its Internet of Things (IoT) and virtualized services platform apps for smart and future cities, intelligent transportation and advanced business intelligence tools. “With our software platform being deployed and expanded more rapidly across multiple markets and regions, this new investment will allow us to scale the business to align more fluidly with the growing base of our customers and their key initiatives,” said founder and CEO James Chong.
This is an excerpt of our funding announcement on Security Sales & Integration.
Vidsys will use the financing to support its growing international business with customer support operations and product development initiatives. The investment will also be used for the expansion of the company’s Internet of Things (IoT) and virtualized services platform applications for smart and future cities, intelligent transportation, and advanced business intelligence solutions.
Read more here.
Is your organization ready to meet the new NERC-CIP standards? In this webinar, we discuss aspects of these standards and how the Vidsys CSIM solution can help to mitigate risks and support compliance with NERC-CIP requirements.