TimeSight Systems, a provider of video lifecycle management (VLM), has accepted additional venture funding from both new and existing investors to drive accelerated growth in the rapidly expanding digital video surveillance market. New York-based contour venture partner joins existing TimeSight investor New Venture Partners in funding this next-generation video surveillance solutions company.
TimeSight Systems, a provider of video lifecycle management (VLM), has accepted additional venture funding from both new and existing investors to drive accelerated growth in the rapidly expanding digital video surveillance market. New York-based contour venture partner joins existing TimeSight investor New Venture Partners in funding this next-generation video surveillance solutions company.
TimeSight Systems' video management solution has proven able to support the ever-larger networks of HD, IP-based cameras without the increase in servers and storage normally required. Key markets such as gaming, municipal governments, education, health and manufacturing are expanding their use of networked surveillance systems, and one key obstacle has been the cost of storage and servers to house the swelling data volumes. The introduction of VLM technology into this market by TimeSight has been welcomed by customers and integrator partners alike, allowing faster project implementations on a smaller overall investment. By deploying TimeSight, customers have found that they can reduce the infrastructure required to support their video surveillance needs by up to 70 to 90 percent. TimeSight will use this additional capital to pursue market expansion both domestically and internationally.
“Our research showed a clear and continuing growth of the digital surveillance market, with particular emphasis swinging to systems that store and manage this valuable data,” said Bob Greene, Comanaging Partner at Contour Ventures and new member of the TimeSight board of directors.
High resolution extended retention video surveillance storage systems are experiencing what many analysts consider to be hypergrowth towards becoming a multibillion dollar storage market driven by the need to eliminate grainy video quality and gaps in video coverage. Industry experts have noted that the primary obstacle to growth in this sector lies in reducing the mounting storage costs which result from the increasing deployment of HD and IP-based cameras and increasing business, security and regulatory requirements to retain surveillance footage for longer periods of time.
“This is an exciting time of growth for us, both in market presence and customer base,” said Charles Foley, CEO and Chairman of TimeSight Systems. “Over the last two years we've added significant feature/function to the base product, and are positioned extremely well for expansion. We're pleased to have Contour Ventures join our team, and we look forward to working with them as well as our existing investors to aggressively drive deeper into this market.”
“We've been pleased with the progress that TimeSight has made since our initial investment in 2008, as the company has grown an impressive customer base while retaining a technological lead in this massive global market,” said Rob Rosenberg, Partner at New Venture Partners who led the initial venture investment in TimeSight Systems. “This is a great time to grow the investor base as TimeSight expands its reach, and the chance to collaborate with the outstanding partners at Contour Ventures is an additional bonus.”