Series A Funding Round
London, UK, Tuesday, July 1st, 2008 - Videalert Limited is pleased to announce the closing of its Series A funding round, led by the SSAAS Partnership. The SSAAS Partnership has not only invested in Videalert but the three principals of SSAAS, David Richmond, Dave Berry and Tim Daniels, have taken significant management positions in the business.
David Richmond of SSAAS said: “I have been researching the video analytics space for a while and am very excited that the market is moving from being hype-driven to one where real-world deployments are delivering critical business value. Videalert has developed a proven solution with unique algorithms and is poised for a significant growth. We are not only injecting a significant amount of cash but have also decided to take a very hands-on approach with this investment, so that we can scale the business across all aspects of sales, marketing and development concurrently.”
Robert Stevenson, founder and CTO of Videalert said: “With the success of our field trials in 2007 we are now ready to grow the business dramatically. Rarely do you see an investment combination of cash and high-quality people and I am delighted that not only have we demonstrated to SSAAS our market-leading technology but also that our business plan can deliver significant growth to capture this rapidly expanding market opportunity, in the U.K. and abroad.”
To also cater for the planned growth and expansion post funding, at the beginning of August Videalert will be moving to larger premises in the King's Cross area of London.