Motorola Solutions has made its first overseas investment since being split from now-Google-owned-Motorola Mobility in 2011, after the US firm partook in a round of funding for video analyst specialist Agent Vi, in an undisclosed Series C that was completed by Israel-based Indigo Strategic Partners.
Israel-based Agent Vi’s technology is used as part of surveillance networks and it allows for automated analysis, searching and other filtering of video footage data. The company says that the new funding will go towards expanding its sales and marketing reach, that includes the launch of operations in the US, and it has begun hiring immediately. Agent Vi will also channel some of the new cash into developing its ‘next generation’ product.
“This investment by Motorola Solutions, Indigo Strategic Partners and our existing shareholders is a clear vote of confidence in Agent Vi’s strategy and vision” said Itsik Kattan, CEO of Agent Vi. “Despite the challenging economic climate, we see strong and growing demand for video analytics, and we plan to further expand our global operations through this financing round to properly support that demand.”
Motorola Solutions Venture Capital MD Boaz Or-Shraga said that the move comes in response to the company’s increased focus on Israel’s rapidly developing technology sector.
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“We see the company’s products as valuable assets for customers in the public safety and government sectors allowing them to quickly and effectively detect moments that matter in the surveillance video,” Or-Shraga added.
Agent Vi previously raised seeding funding to tune of $2 million, before closing a $3 million round in 2007 and a $9 million round in 2008. Its solutions are used in more than 26 global markets and it recorded 100 percent business growth in 2010.
Image via Flickr / zigazou76
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