Evolon Technology Inc., a developer of proprietary software technology that takes surveillance video and turns it into real time information, announced the completion of a $16 million Series A funding.
The new funding will help expand the team and accelerate research and product development efforts, enhance sales and marketing initiatives, implement new products and solutions, and drive growth in the perimeter surveillance software industry.
“The avalanche of video security data in the coming years will drive the need for much better threat detection, nuisance alert reduction and accurate object classification,” said Kevin Stadler, CEO of Evolon. “Market and technology trends are creating a perfect storm for rapid adoption of innovative and disruptive security solutions. Evolon is uniquely positioned to lead these advancements. This infusion of new capital will accelerate our ability to deliver better, faster and cheaper security solutions.”
Industry data shows the global security camera installed base is increasing at a rapid pace, with as many as one billion installed security cameras expected by the close of 2021. Evolon’s solutions meet market demand by providing edge-to-cloud capabilities that deliver real-time detection of objects of interest with fewer nuisance alerts.
National Securities Corporation acted as sole placement agent for the offering. The Liquid Venture Partners group at National Securities Corporation was responsible for sourcing and executing the offering.
The company’s initial financing was led by ReignRock Capital Partners, LLC in November 2018 and November 2020.
“The transformation of Evolon into a fast-growth product company has been very impressive,” said Douglas H. Kramp of ReignRock Capital Partners. “We look forward to this next chapter of Evolon’s ability to be a disruptive force in an industry that seeks innovative solutions.”