Smartvue Raises $15 Million to Fuel Growth and Innovation
Smartvue Corporation, Nashville, announced at Interop, a leading IT and Technology Conference, that it has secured $15 million in financing to support its rapid growth as one of the leading cloud video surveillance and Internet of Things Video (IoTV) platform companies. Smartvue’s latest round of capital funding will be used to scale operations and systems to support new and existing customers. Smartvue Corporation secured the $15 million of financing through funds managed by affiliates of Fortress Investment Group LLC, New York, N.Y., a diversified global investment firm with approximately $67.5 billion in assets under management as of December 31, 2014. "Smartvue provides elegantly simple cloud video surveillance and IoTV infrastructure which generates new recurring revenue for commercial and residential service companies," said Martin Renkis, founder & CEO of Smartvue Corporation. “This new financing supports the current opportunities we have with internet service providers (ISP), cable companies, telcos, IoT device companies, and cloud storage providers to deliver globally scalable and secure video surveillance capture, storage, management, and distribution.”
Smartvue’s rapid growth has been driven by increased demand for video surveillance services in both the commercial and residential markets as well as opportunities to provide these services embedded into IoT devices such as televisions, game consoles, point of sale systems, and home automation solutions.
“We have developed a comprehensive technology platform to provide global video services for IoT companies,” said Toby Cahoon, CTO of Smartvue Corporation. “Our systems enable these companies to quickly and cost-effectively embed video services into almost any device and generate new value for their customers, creating more ‘sticky’ customer relationships and delivering new revenue streams for themselves.”
Smartvue plans to use the investment to support customer growth, finance the scaling of systems and engineering as well as drive continued development of its comprehensive patent portfolio.