Avidence Secures $5.0 Million in Series A Funding.Investment Drives Company Growth and Development of Open Source Solutions for Making Video Content Easily Available to Business Applications SUNNYVALE, Calif. -- Avidence Inc. today announced it has secured $5.0 million in first round financing from Red Rock Ventures and ArrowPath Venture Partners. Investment proceeds will be used to further product development, sales, and marketing activities. The Avidence vision is to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. how people use digital video in the enterprise. Founded in 2006, Avidence is developing the industry's first open source platform for incorporating smart video into new and existing business solutions. The Avidence Video Application Server uses open source components and algorithms created by leading video software partners, software developers, and universities from around the world. The open source model allows the Avidence system to continue to expand in scope and functionality as new components and algorithms are created by the growing ecosystem of Avidence partners and developers. "Avidence was founded on the principle of delivering the power of sight to mainstream enterprise applications," stated Frank Bishop, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Avidence and former VP and GM at Oracle (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ORCL ORCL Oracle (stock symbol) ). "With the Avidence system it is possible to automate To turn a set of manual steps into an operation that goes by itself. See automation. very complex tasks that previously were dependent upon human sight." The Avidence product offering is unique in its ability to organize raw video streams, either live or recorded, into structured, coherent and actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. information. Its rich set of development tools eliminates the complexity of building video-enabled applications and simplifies integrations with enterprise systems, enabling developers to exploit the power of video technology without requiring extensive digital video expertise. "Avidence is revolutionizing the use of video in the enterprise," said Richard Strobridge, vice president of sales and marketing of Awarepoint, makers of RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. asset tracking applications. "By building a truly open video application server, Avidence has made it easy for partners like Awarepoint to integrate video into our solutions to solve real-world business problems." With Avidence, applications can now see. For more information on Avidence, please visit www.avidence.com. [c] 2007 Avidence Inc. All rights reserved. Avidence is a trademark of Avidence Inc. |
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