SOURCE: TimeSight Systems

October 21, 2008 08:00 ET

TimeSight™ Systems Announces Series A Funding Led by New Venture Partners to Commercialize Breakthrough Video Surveillance Systems

Explosive Growth Expected in High-Resolution Surveillance Technologies, Accelerating the Adoption of Video Lifecycle Management (VLM) Solutions

MT. LAUREL, NJ--(Marketwire - October 21, 2008) - TimeSight™ Systems, the industry leader in Video Lifecycle Management (VLM), today announced that it closed its Series A round of venture funding led by New Venture Partners, LLC of Murray Hill, NJ.

Formed in 2004 to address the requirement for innovative storage management in the video surveillance market, TimeSight Systems has brought the industry's first commercially available instantiation of VLM to market and will use this round of funding to expand its market reach. In conjunction with this round of financing, Rob Rosenberg and Tom Uhlman of New Venture Partners will join TimeSight Systems' Board of Directors.

"The move from analog to digital to high-resolution video cameras, combined with regulatory and security requirements for longer retention of video footage, creates an enormous storage problem and drives the need for a fresh approach for surveillance systems. TimeSight Systems' VLM solution is that fresh approach," said Robert Rosenberg, partner at New Venture Partners. "TimeSight Systems' field-proven technology coupled with significant, anticipated growth in the video surveillance storage systems market makes this an attractive investment for New Venture Partners," added Tom Uhlman, managing partner at New Venture Partners.

Driven by the need to eliminate grainy video quality and gaps in video coverage, the demand for high-resolution, extended retention video surveillance storage systems will experience what many analysts consider to be hyper-growth into a multi-billion dollar storage market. Industry experts have noted that the key to addressing the prime 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.

With technology partners including IQinvision and Network Engines, TimeSight Systems has deployed video management systems leveraging VLM in numerous customers nationwide, saving on average 90 percent of the storage required while increasing image quality and retention times.

"We continue to see strong adoption of our higher resolution megapixel camera lines as customers realize that actionable video data is an increasingly high-value corporate asset," stated Paul Bodell, CMO for IQinVision. "Video lifecycle management's ability to remove the barrier of increased storage costs should further accelerate megapixel technology adoption."

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 platform to deliver today's required image clarity and retention times to support improved security and compliance at up to 90 percent less storage cost than existing solutions.

"Surveillance users worldwide are recognizing that they must have better image quality while retaining video data longer in order to truly lower risk," said Charles Foley, CEO and chairman of TimeSight Systems. "This is especially important in tough economic times where factors such as crime, becomes an increasing concern."

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.

Contact Information

  • For more information, contact:
    George Mele
    TimeSight Systems
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    Joanne Hogue
    LVA Communications
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