TimeSight Systems Raises $1 Million

TimeSight Systems, a video surveillance storage company, received an investment from the New Jersey Economic Development Authority (NJEDA) of $1M.

Press release:

TimeSight Systems(TM), the industry leader in the practice of video lifecycle management (VLM) for video surveillance, today announced the company received an investment from the New Jersey Economic Development Authority (NJEDA) of $1M. As a fast-growing, New Jersey-based technology company, TimeSight Systems will use the investment to continue its path of innovation in the areas of Security and Surveillance.

The NJEDA’s investment in TimeSight follows a wave of industry awards in recognition of the company’s Network Video Recorder (NVR) platform that is unique in its ability to provide automated VLM, including the Security Industry Association’s prestigious “Best Video Device” award at ISC West 2009 in Las Vegas and the esteemed ASIS Accolades award at ASIS 2009 in Anaheim, Calif. for TimeSight’s unique approach to security.

“We believe that TimeSight is extremely well positioned to continue its growth in this exploding sector, while simultaneously creating job and economic opportunities in New Jersey,” said Kathleen Coviello, director of Technology and Life Sciences for the NJEDA. “Our diligence highlighted the level of leadership and skill in the TimeSight management team, as well as their unique technology. The NJEDA is eager to support the company’s continued success.”

Even in challenging economic times, video surveillance continues to perform well. Recently released forecasts from market intelligence research firm In-Stat found that after a challenging 2009, revenue from surveillance cameras, DVR/NVR, and IP encoders is expected to grow to over $19 billion in 2011 in the U.S. alone. Additionally, with higher quality cameras and the ability to store this data for longer periods of time with VLM, video continues to become more valuable to the organization beyond traditional security use by allowing the video to be used in liability mitigation, operations and marketing.

“Our VLM solutions are a powerful answer to the video surveillance market’s need to capture higher resolution video and retain it longer, while using a smaller storage footprint,” said Charles Foley, chairman and CEO, TimeSight Systems. “It is an honor to be recognized by the NJEDA for our strong market acceptance. This investment will help continue to drive our go-to-market initiatives and extend our position as a thought leader in the industry.”

TimeSight Systems offers the only intelligent network video recorder (NVR) to provide automated VLM capability. VLM is the practice of reducing the size of stored video over time, according to business rules, as the video ages and becomes less relevant. The result is massive storage savings. TimeSight’s use of VLM through dynamic H.264 compression, along with its exclusive Motion Optimized Recording (MORe), makes higher resolution analog and IP solutions even more effective and affordable. In addition, TimeSight’s Analog Camera Environment (ACe) feature brings plug-n-play capability for existing analog cameras into an NVR, with better image quality and longer retention than currently possible on most DVRs, in a small, economical footprint.

About TimeSight Systems(TM)

TimeSight Systems Inc. was formed in 2004 to address the requirement for innovative storage management in the video surveillance market. The company is staffed by industry executives with decades of systems, server, storage, software, networking, security, compliance and law enforcement experience to address the growing need for high resolution, IP based video surveillance systems. Applying proven principles and technologies from the demanding IT industry to the digital video surveillance market, TimeSight(TM) Systems has developed a platform to deliver today’s required image clarity and retention times to support improved security and compliance at up to 90 percent less cost than existing technologies and approaches. The company’s TimeSight(TM) architecture allows easy migration into the world of higher resolution cameras, video analytics, and IT convergence with minimal budget impact.