Avaak, a San Diego-based provider of ultra low power wireless video networking technology, has raised $10 million in Series B funding. Qualcomm led the round, and was joined by return backers Trinity Ventures, InterWest Partners and Leapfrog Ventures. Avaak previously raised $7 million.
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™ personal video network consumer product.
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.”
The capital will support expansion of the Vue system into retail distribution and the development of next-generation of products. Since the Vue began shipping in September, the product has received rave reviews from media, technology enthusiasts, and individual users for its simple set-up and wireless video streaming capabilities, qualities afforded by the company’s new and innovative FrameMesh™ video mesh networking technology.
“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 personal video network is currently available at Amazon.com or directly from Avaak at Vuezone.com.
About Qualcomm Ventures
Qualcomm Ventures, an investment function at Qualcomm Incorporated, was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures’ aim is to support Qualcomm’s mission of enabling and fostering 3G CDMA and wireless Internet markets through strategic investments in privately owned startup ventures. These strategic investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide. For more information, please visit www.qualcomm.com/ventures.
About Trinity Ventures
Founded in 1986, Trinity Ventures, a boutique firm, partners with passionate entrepreneurs to transform revolutionary ideas into reality. With over $1 billion under management, Trinity Ventures was founded on the principle of personal engagement and mutual respect with the entrepreneurs we fund. Trinity Ventures focuses on early stage technology ventures with a particular emphasis on digital media, Internet services, mobility, security and software markets.
Trinity Ventures has invested in more than 100 ventures, including such leading companies as Affinity Labs (acquired by Monster.com), Aruba Networks (ARUN), Bix (acquired by Yahoo!: YHOO), Blue Nile (NILE), Crescendo Communications (acquired by Cisco: CSCO), Extreme Networks (EXTR), Forte Software (FRTE), IntruVert Networks (acquired by Network Associates: NWK), LoopNet (LOOP), Modulus Video (acquired by Motorola: MOT), Network Alchemy (acquired by Nokia: NOK), Photobucket (acquired by News Corporation: NWS), SciQuest, Speedera Networks (acquired by Akamai Technologies: AKAM), Starbucks (SBUX), Sygate Technologies (acquired by Symantec: SYMC) and Wall Data (WALL). Please visit www.trinityventures.com for more information.
About InterWest Partners
InterWest Partners, founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its tenth fund, IW X, a $650 million fund, InterWest has raised more than $2.8 billion of capital since inception. InterWest has 14 investing partners in Menlo Park, Calif., and Dallas, Texas, who bring together deep domain knowledge in life sciences and information technology.
About Leapfrog Ventures
Leapfrog Ventures invests in companies with identifiable customers and proprietary technology over the competition. Information technology, software, communications/wireless, and technology-heavy consumer spaces are preferred markets. Leapfrog Venture’s portfolio includes Cloud9, Contactual, IronKey, RedSeal Systems, Peanut Labs, PureWave, Like, SilverTail Systems, and Vast.
About Avaak, Inc.
Founded in 2004, Avaak, is the world’s leader in ultra low-power, easy-to-use, wire-free video technology that enables pervasive imaging applications where video and snapshots can be viewed, captured and shared from anywhere at anytime without the need of wiring cameras or downloading software. Originally developed for homeland security and defense purposes, Avaak’s technology enables the use of video in consumer and commercial applications and locations that were previously deemed infeasible. With a wide array of uses, the company’s products will allow consumers to take full advantage of the digital lifestyle. Avaak is a private company with headquarters in San Diego, Calif., which is funded by Qualcomm Incorporated, Trinity Ventures, InterWest Partners and