| [September 27, 2004] |
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Vidient Systems Receives $6 Million in Initial Funding Round Lead by Blueprint Ventures; Veteran VCs Back Developer of New Video Surveillance Software
SUNNYVALE, Calif. --(Business Wire)-- Sept. 27, 2004 -- Vidient Systems, Inc., a new company commercializing advanced video technology developed by NEC Laboratories America, Inc., announced today that it has raised $6 million in an initial round of funding from a group of global venture capital firms. Blueprint Ventures, an early-stage venture firm that specializes in IT infrastructure, led the round, which also included Trident Capital and Hotung Venture Capital.
The funds will be used to accelerate the marketing, sales and distribution of Vidient SmartCatch(TM) software and to expand the company's engineering team.
SmartCatch is sophisticated behavior analysis software that makes networks of video cameras more accurate and cost-effective. Such video surveillance networks are used widely today to monitor secure locations at airports and other major transportation facilities, corporations and public institutions.
Vidient, based in Sunnyvale, Calif., is demonstrating its sophisticated new SmartCatch software today in Dallas at ASIS International 2004, the world's largest conference dedicated to the security industry. There, Vidient is demonstrating with Sony(R) security products the integration of SmartCatch with Sony's IP-based security cameras and their video monitoring software program, Real Shot Manager(TM), controlling access to secure areas.
The new company is founded and headed by a veteran team of senior executives and technology entrepreneurs. It has been supported since inception by NEC, one of the world's largest technology companies, and currently has marketing affiliations and distribution agreements with Sony Electronics and NEC Solutions (America), Inc.
Vidient's SmartCatch video surveillance software is deployed in select applications at major airports, such as San Francisco International, Salt Lake City International, and San Diego International, and within major corporations and public institutions, including the Jewish Community Center of San Francisco.
The Vidient SmartCatch video surveillance software system is available today for selected deployments in access control, perimeter monitoring and asset protection applications. It is scheduled for full commercial available in the fourth quarter of this year.
Vidient also announced several new members of its board of directors. They include George Hoyem, a general partner at Blueprint Ventures; Peter Meekin, a general partner at Trident Capital; and Masaru Sakamoto, assistant general manager of the Software Business Division of NEC Solutions America. Brian Ann, a partner with Hotung Ventures, will also participate on the board as an observer.
"Today's security demands at public and private facilities of all sizes call for smarter and more active, accurate solutions, and current technologies are too passive and just don't meet these increasing needs," said George Hoyem, a general partner at Blueprint Ventures. "We spent a tremendous amount of time talking to Vidient's customers, and their confirmation of the accuracy of the SmartCatch applications convinced us that Vidient will change the face of this industry."
Brooks McChesney, Vidient Systems Inc.'s founder and CEO, said, "From inception, we set out to establish a new standard in the video surveillance software market by providing our customers the most accurate, reliable and cost-effective solutions available. We feel strongly we are putting all the right pieces together to achieve this goal."
Along with its seasoned team of senior executives, Vidient Systems has a highly experienced engineering team with strong expertise in computer vision, machine learning, object detection and tracking, and video summarization. The team has been working together for more than three years and has seven patents pending on its innovations incorporated in the Vidient SmartCatch technology.
"This group brings decades of experience in technical innovation and business building skills to Vidient," said Masaru Sakamoto, assistant general manager of the Software Business Division of NEC Solutions America. "NEC gives the young company immediate access to global markets. Blueprint provides expertise in supporting early-stage companies with hands-on management, and Trident adds considerable expertise in the security market. And Hotung, one of Taiwan's top venture capital firms, provides tremendous business development relationships and entre into markets in Taiwan and China."
About Blueprint Ventures
Blueprint Ventures is a seed and early-stage venture capital firm that specializes in investments in IT infrastructure. The firm backs industry-leading entrepreneurs, helping them to achieve market leadership positions. For more information, visit www.blueprintventures.com.
About Trident Capital
Trident Capital is a leading venture capital firm with more than $1.2 billion of capital under management, including $519 million in Fund V, its current fund. Trident has invested in more than 100 companies since its inception in 1993. The firm invests in information services and software companies with a focus on business outsourcing, financial services, security, marketing services and infrastructure software. Trident is an active investor across multiple stages, with experience in both traditional venture capital growth financing as well as in management buyouts, corporate spinouts and PIPEs. The firm has offices in Palo Alto, Calif., Lake Forest, Illinois; Los Angeles, Calif.; and Westport, Conn.
About Hotung Capital
Hotung Capital, based in California's Silicon Valley, specializes in developing inter-regional geographic cooperation by identifying investment opportunities with high-potential startups in key product areas. It is part of Hotung Group, one of the top venture capital firms in Taiwan.
About NEC Laboratories America
NEC Laboratories America, Inc. (NEC Labs America), located in Princeton, NJ and Cupertino, CA, and an affiliate of NEC Corporation (Nasdaq:NIPNY), was established in 2002 through the merger of NEC's leading research operations in the United States. The mission of NEC Labs America, recognized as one of the most preeminent and innovative research institutions of its kind, is to impact both the research community and high technology industry by focusing on the following core areas: Internet software, robust and secure systems, machine learning, broadband networking and mobile communications, system LSI, bioinformatics and quantum IT. NEC Labs America's research activities strive to contribute to NEC's global leadership in providing innovative technology solutions to enterprises, service providers and end-users worldwide. Information regarding NEC Labs America can be found at www.nec-labs.com.
About NEC Solutions America
NEC Solutions (America), Inc. is a premier provider of integrated solutions for the Connected Enterprise in North America. As an affiliate of NEC Corporation (Nasdaq:NIPNY) (FTSE: 6701q.1), NEC Solutions America taps into a global resource network to help clients leverage technology to achieve a competitive edge. From mobile enterprise computing systems, biometric security solutions, business intelligence, projector and plasma display solutions, business services management and IT professional services, the expertise is delivered with the personal attention needed to address individual situations. With headquarters in Rancho Cordova, California, NEC Solutions America maintains research, marketing, sales and support facilities throughout the United States. Information regarding NEC Solutions America can be found at www.necsam.com.
About Vidient Systems, Inc.
Vidient Systems, Inc. designs, develops and deploys behavior recognition software systems used in highly efficient video surveillance networks to monitor secure locations at major transportation facilities, corporations and public institutions. The Sunnyvale, Calif.-based company was founded in 2003. For more information visit www.vidient.com.
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