Press Releases 06.07.2005
IntelliVid Announces Funding
Company Offers Groundbreaking Intelligent Video Analysis Solutions for Retail Loss Prevention
CAMBRIDGE, Mass.--(BUSINESS WIRE)--June 7, 2005--IntelliVid Corporation, the leader in Intelligent Video Analysis solutions for retail loss prevention, today announced it has received $4 million in follow-on funding from founding investor Flagship Ventures, and from Egan-Managed Capital, and DFJ New England. IntelliVid is using the funding to accelerate its marketing and development efforts in support of its recently released Video Investigator product.
IntelliVid enables retailers to use video in ways never before possible to enhance profits, prevent loss and create a safer environment for their employees and customers. The company is addressing a critical market need. The retail industry suffers from "shrinkage" of over $33 billion each year according to industry surveys. To combat these losses, many retailers have made large investments in Closed Circuit Television (CCTV) and recorders for loss prevention and security purposes. However, they have found it very difficult to effectively use the enormous volume of video information they collect. IntelliVid recognized that retail loss prevention professionals could benefit greatly from the ability to use their video assets efficiently and productively to reduce theft and increase profits.
"IntelliVid's Video Investigator product offers retailers a host of capabilities for loss prevention that they never had before - tracking people, monitoring assets, managing investigations, and more - and the need is tremendous," said William Strecker, Partner at Flagship Ventures and Chairman of IntelliVid's Board of Directors. "IntelliVid is poised to dominate a large market and we are pleased to participate in this round of funding."
Mike Shanahan, Managing Partner of Egan-Managed Capital, said, "IntelliVid is leading the market with a whole new approach to CCTV technology, which will dramatically curtail losses in the retail industry. This is an exciting breakthrough that will, quite literally, change the way retailing views loss prevention."
Dr. Patrick Sobalvarro, President and CEO of IntelliVid, added, "IntelliVid is already being recognized as the leader in Intelligent Video Analysis for retail loss prevention, and we have only just begun to capitalize on our video analysis capabilities. We're gratified that such prominent firms as Flagship Ventures, Egan-Managed Capital, and DFJ New England recognize IntelliVid's potential."
About IntelliVid IntelliVid was founded in 2002 by a team of technology leaders to develop Intelligent Video Analysis solutions for retail loss prevention. Its team of market veterans and world-class software engineers are committed to continually providing innovative loss prevention products based on unique video processing technology. IntelliVid's products enable organizations to realize the full potential of their CCTV systems and increase their ROI significantly. For more information, visit www.intellivid.com.
About Flagship Ventures
Flagship Ventures is an early-stage venture capital firm focused on creating, financing, and building companies in the Life Science, Information Technology, and Nanotechnology sectors. Flagship's team of professionals is among the most experienced in the industry and represents a balance of venture capital, corporate executive, and entrepreneurship expertise. Its principals were involved as founders or investors in over 100 firms including: AltaVista, Anesta, Antigenics, Aspect Medical Systems, Astral Point Communications, Celera Genomics, Color Kinetics, Chantry Networks, Cytyc, DataSage, Exact Sciences, IDEXX, PerSeptive Biosystems, Telecorp PCS and TripAdvisor. Headquartered in Cambridge, MA, Flagship Ventures was founded in 1999 and manages approximately $800 million in capital. For more information, visit www.flagshipventures.com.
About Egan-Managed Capital
Egan-Managed Capital is a New England-based venture capital firm that provides funding for early-stage high-technology start-ups. Egan-Managed Capital delivers field-tested strategies, first-hand technology expertise and hands-on management involvement. Some of the region's most successful start-ups have been funded by the firm, including Network Engines, Eprise, Highground Software and NetScout. Founded in 1997, the firm currently manages funds with $233 million in committed capital. For more information on Egan-Managed Capital and its team please visit www.egancapital.com.
About DFJ New England
Based in Cambridge, Mass., DFJ New England is an early-stage venture capital firm providing expert counsel and financing to emerging companies that display the promise of significant growth and value creation. We invest in companies driven by information technology and related disciplines, with emphasis on enterprise software and the building block technologies for computing and communications, bringing to bear both the long experience of its principals and the extensive resources of the DFJ network to help portfolio companies make key decisions and secure customers, partners, executives, and later round financing. DFJ New England is the New England affiliate of Draper Fisher Jurvetson, a top-tier Silicon Valley venture fund known for visionary early-stage investment. For more information, visit www.dfjne.com
Contact CHEN PR Brenda Nashawaty, 781-466-8282 x13 email@example.com