Avaak , a provider of ultra-low power wireless video networking technology, announced that it raised US$10 million in Series B funding led by strategic investor Qualcomm who joins Avaak's existing investors Trinity Ventures, InterWest Partners and Leapfrog Ventures in backing Avaak's revolutionary wireless video technology, being delivered in the personal video network consumer product.
The system allows consumers to monitor their homes or businesses via the Internet and access a live video feed through a mobile device. The system features a network of small, battery-powered cameras that can be placed anywhere, a unique and valuable offering in today's consumer electronics market.
"Avaak has taken video monitoring to a new level of simplicity, allowing consumers to view live video on their mobile devices," said Nagraj Kashyap, VP of Qualcomm. "The solution has been impressive and illustrates the product's strong market potential. Qualcomm is pleased to support Avaak as it enters its next exciting growth phase."
The capital will support expansion of the system into retail distribution and the development of next-generation of products. Since the technology began shipping in September, the product has simple setup and wireless video streaming capabilities, qualities afforded by the company's new and innovative video mesh networking technology.
"This strategic investment reflects confidence in our personal video networking product that has the potential to fundamentally alter the economics of installing and implementing video services in the consumer DIY market," said Gioia Messinger, co-founder and CEO of Avaak. "The technology is transforming how busy individuals and families keep track of what's important to them. With the help of our investment partners, we're excited to extend our reach to a broader customer base and make further enhancements to our award-winning product portfolio."