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Vidsys Gets $11M

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.

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