CoVi Technologies Secures $15 Million in Additional Funding Fueling Growth of World's First High Definition, IP-based Video Surveillance System.Funding to Boost Worldwide Expansion of Sales, Customer Support and DevelopmentAUSTIN, Texas, July 31 /PRNewswire/ -- CoVi Technologies, Inc., the high definition video surveillance company, today announced that it has secured $15 million in additional funding bringing the company's total equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to date to $46 million. The funding round includes CoVi original investors: Oak Investment Partners, Polycom, Inc., and Walden International, as well as the addition of Centennial Ventures. CoVi will expand its sales and support globally to address the increasing demand for the CoVi Crystal HD video surveillance system, as well as continue investment in advanced technology development. CoVi introduced its first product CoVi EVQ-1000 High Definition video surveillance camera in April 2004, which was awarded the International Security Conference (ISC (1) (Internet Systems Consortium, Redwood City, CA www.isc.org) An organization founded by Paul Vixie, Carl Malamud and Rick Adams in 1994 and later sponsored by UUNET and other Internet companies. ) New Product Showcase Award for CCTV CCTV abbr. closed-circuit television CCTV closed-circuit television . CoVi's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. Crystal HD was delivered in September 2005. As the recipient of the Technology Innovation Award in Video Surveillance by analyst firm Frost & Sullivan, CoVi Crystal HD is the world's first and only video surveillance system employing High Definition technology over IP networks. Unlike other surveillance systems, Crystal HD uniquely provides unparalleled image quality in both live and recorded video, combined with bandwidth management features for network efficiency and information accessibility so users benefit from clearly discernable, accessible video for forensics and prosecution. "With Crystal HD, we've established solid traction in multiple markets and are ready to embark on the next phase of our company's growth," said Barry Walker, President and 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. , CoVi Technologies, Inc. "We will be further advancing our market position by expanding sales and support functions in Europe and well as North America where we have seen increasing demand." "CoVi has evolved an industry that has seen little innovation for two decades by delivering up to 16 times higher video quality to the mission- critical application of security," continued Walker. "With the support of our investors we will continue to deliver this essential solution to security professionals worldwide." About CoVi Technologies CoVi Technologies is the leader in high definition video surveillance solutions. CoVi designs and manufactures HD quality video security products suitable for a wide range of environments. Created by veterans from the security, videoconferencing, storage, networking, broadcast, and streaming media industries, CoVi utilizes leading edge, standards based technologies to enable the industry's most powerful surveillance solutions. Our commitment: to provide Total Video Quality(TM) to our customers through superior products and solutions. CoVi Technologies, Inc. was founded in 2002 and is located in Austin, Texas. For more information visit http://www.covitechnologies.com/ . CoVi Technologies, Inc, the CoVi logo, EVQ EVQ Everquest (game) EVQ Equivalent Vector Quantizer and Crystal HD are trademarks of CoVi Technologies, Inc. All other trademarks acknowledged. Information contained in this document is subject to change without notice. CONTACT: Stacy Saxon of CoVi Technologies, Inc., +1-512-527-5998, or ssaxon@covitechnologies.com Web site: http://www.covitechnologies.com/ |
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