MHT and ACG name top Tech Dealmakers for 2007

December 7, 2007, Mass High Tech: The Journal of New England Technology
Top recapitalization/financing deal: Winner VideoIQ spins out of GE, into $8M
Scott Schnell was an "entrepreneur in residence" at Atlas Venture, looking for a business investment opportunity where he could also step in as CEO. Schnell saw potential in GE Security, and is now the CEO of GE spinout VideoIQ Inc.
Waltham-based VideoIQ announced in April it secured $8 million in Series A funding from the Waltham-based Atlas and Matrix Partners.
After the spinout, VideoIQ focused on extending technology leadership in the growing video-analytics market.
Under the terms of the spinout deal, VideoIQ acquired the core products and patent-pending technology associated with the video analytics business at GE Security. As part of the financing, Axel Bichara of Atlas Venture and David Skok of Matrix Partners joined the VideoIQ board of directors.
VideoIQ's video analytics software transforms video surveillance into a real-time intelligent system for guarding against intruders, and gaining early warning of security breaches.
"After speaking to dozens of customers, vendors and analysts playing in this space, it is clear that there is no company out there like VideoIQ - in terms of technology, team and opportunity. VideoIQ is a breakthrough in the industry," said Skok, general partner at Matrix Partners.
"With security concerns continuing to rise across a wide range of global sectors, the physical security market is growing at an astonishing rate. Yet there are few solutions out there that are truly effective," said Axel Bichara, partner, Atlas Venture.
The Deal: VideoIQ won $8 million in Series A venture funding. Closed on April 26, 2007.
Key Executives: Scott Schnell, CEO, VideoIQ; David Skok, general partner, Matrix Partners; Axel Bichara, partner, Atlas Venture.

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Mailing Address:
VideoIQ, Inc.
213 Burlington Road
Bedford, MA 01730 USA
Phone: 781.222.3069
Fax: 781.271.0275