Avaak Raises $10M to Expand Market for Wireless Video Monitor
Avaak, the San Diego startup that specializes in ultra low-power wireless video networking technology, says today it has raised $10 million in a Series B round of venture funding led by Qualcomm Ventures, the San Diego chipmaker’s strategic investment arm. Existing investors Trinity Ventures, InterWest Partners, and Leapfrog Ventures joined in the round. The three Silicon Valley VC firms invested about $7 million in Avaak’s first round in 2007.
As I explained last year, Avaak sells a wireless Internet gateway and two small video cameras, which are linked with the gateway through a wireless mesh network, enabling consumers to monitor their homes or businesses remotely. Users can access the real-time video feed via the Internet on their computer or a mobile device.
Avaak co-founder and CEO Gioia Messinger says in a statement released by the company that the additional capital would be used to expand Avaak’s Vue system into retail distribution, and to make further enhancements to the company’s products. Messinger, who is attending the DEMO Spring 2010 conference in Palm Desert, CA, could not be reached for comment earlier today.
Nagraj Kashyap, who is vice president of Qualcomm Ventures (and is also attending the Demo conference), said in a statement, “Avaak has taken video monitoring to a new level of simplicity, allowing consumers to view live video on their mobile devices… Qualcomm is pleased to support Avaak as it enters its next exciting growth phase.”