SOURCE: TimeSight Systems

TimeSight Systems

April 26, 2011 08:00 ET

TimeSight™ Systems Announces Additional Growth Capital Injection to Extend Market Reach of Breakthrough Video Surveillance Systems

New Investors Join Existing Venture Team to Drive Growth of Award-Winning Video Management Systems Into a Growing Global Market

MT. LAUREL, NJ--(Marketwire - Apr 26, 2011) - TimeSight™ Systems, the industry leader in Video Lifecycle Management (VLM), today announced that it 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 Partners joins existing TimeSight investor New Venture Partners LLC in funding this next-generation video surveillance solutions company.

TimeSight Systems' unique video management solution has proven able to support the ever-larger networks of high-resolution, IP-based cameras without the massive 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 70-90%. 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," stated Bob Greene, Co-Managing Partner at Contour Ventures and new member of the TimeSight board of directors. "The same research showed that TimeSight has an exciting technology which drives a significant ROI, enables much higher levels of protection through enhanced video and retention, and is proven in hundreds of sites already."

High resolution extended retention video surveillance storage systems are experiencing what many analysts consider to be hyper-growth towards becoming a multi-billion 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 rapidly increasing deployment of high-resolution, 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."

TimeSight Systems' patent-pending technology delivers VLM by allowing compression of video surveillance files over time according to business rules. This approach allows users to embrace the new generation of high resolution, IP based video systems without incurring the massive storage costs normally associated with these cameras. Applying proven principles from the demanding IT industry to the digital video surveillance storage market, TimeSight Systems has developed a suite of products that deliver improved security and compliance at up to 90 percent less storage cost than existing solutions.

"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 LLC 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."

About TimeSight Systems

TimeSight Systems Inc. was formed by industry executives with decades of systems, server, storage, software, networking, security, compliance and law enforcement experience to address the growing need for high resolution, IP based video surveillance systems. Applying proven principles and technologies from the demanding IT industry to the digital video surveillance market, TimeSight™ Systems has developed a platform to deliver today's required image clarity and retention times to support improved security and compliance at up to 90% less cost than existing technologies and approaches. The company's TimeSight™ architecture allows easy migration into the world of higher resolution cameras, video analytics, and IT convergence with minimal budget impact.

About New Venture Partners

New Venture Partners LLC, the global venture capital firm dedicated to corporate technology spinouts, has over $700 million under management. New Venture Partners provides a bridge between technology corporations and traditional venture capital. Through its unique, hands-on approach, the firm offers a systematic process for commercializing innovations and provides an alternative path to market for corporate technologies. The New Venture Partners team has completed over 50 spinouts from the R&D labs and business units of global technology corporations including Lucent/Bell Labs, British Telecom, Philips Electronics, Agere, Boeing, Freescale, Intel, Telstra, and others, and has become the benchmark for corporate spinout venturing.

About Contour Venture Partners

Contour Venture Partners is a New York based early stage venture capital firm. Contour invests in companies that provide innovative technology enhanced products and services into the financial services, digital media and internet sectors. Contour teams with passionate entrepreneurs and management teams to build great businesses that seek to ultimately transform their industries.

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