Sunday, March 28, 2010

Avaak, Inc. Secures $10 Million in Series B Funding - Qualcomm Ventures, Trinity Ventures, InterWest Partners and Leapfrog Ventures

Avaak, Inc. Secures $10 Million in Series B Funding
Qualcomm Ventures Joins Leading Venture Capital Firms in Supporting Funding Avaak's Product Development and Market Expansion

Avaak, the industry leader in ultra low power wireless video networking technology, today announced that it raised $10 million in Series B funding led by strategic investor Qualcomm Incorporated who joins Avaak's existing investors Trinity Ventures, InterWest Partners and Leapfrog Ventures in backing Avaak's revolutionary wireless video technology, being delivered today in the Vue(TM) personal video network consumer product.

"This strategic investment reflects confidence in our Vue personal video networking product that has the potential to fundamentally alter the economics of installing and implementing video services in the consumer DIY market," said Gioia Messinger, co-founder and chief executive officer of Avaak, Inc. "The Vue is transforming how busy individuals and families keep track of what's important to them. With the help of our investment partners, we're excited to extend our reach to a broader customer base and make further enhancements to our award-winning product portfolio."

The Vue system allows consumers to monitor their homes or businesses via the Internet and access a live video feed through a mobile device. The system features a network of small, battery-powered cameras that can be placed anywhere, a unique and valuable offering in today's consumer electronics market.

"Avaak has taken video monitoring to a new level of simplicity, allowing consumers to view live video on their mobile devices," said Nagraj Kashyap, vice president of Qualcomm Ventures. "Vue's early success has been impressive and illustrates the product's strong market potential. Qualcomm is pleased to support Avaak as it enters its next exciting growth phase."

No comments: