DALLAS — Evolon Technology, a developer of proprietary software technology that takes surveillance video and turns it into real-time actionable information, announces the completion of a $16 million Series A funding round.
The new funding will help expand the team and rapidly accelerate research and product development efforts, enhance sales and marketing initiatives, implement new products and solutions, and drive growth in the perimeter surveillance software industry.
“The avalanche of video security data in the coming years will drive the need for much better threat detection, nuisance alert reduction and accurate object classification,” says Kevin Stadler, CEO of Evolon. “Market and technology trends are creating a perfect storm for rapid adoption of innovative and disruptive security solutions. Evolon is uniquely positioned to lead these advancements. This infusion of new capital will accelerate our ability to deliver better, faster and cheaper security solutions.”
Industry data shows the global security camera installed base is increasing at a rapid pace, with as many as one billion installed security cameras expected by the close of 2021. What’s more, the video security ecosystem is extremely large, unstructured and complex, opening the door for pioneering companies like Evolon to make significant advancements in detection technology, according to the announcement.
The market demand for situational intelligence solutions that combine patented advancements and emerging technologies to deliver detection and classification accuracy has never been more pressing, according to the announcement. Evolon claims its solutions satisfy this need by providing edge-to-Cloud capabilities that deliver hyper-accurate real-time detection of objects of interest with fewer nuisance alerts.
National Securities Corp. acted as sole placement agent for the offering. The Liquid Venture Partners group at National Securities Corp. was responsible for sourcing and executing the offering.
The company’s initial financing was led by ReignRock Capital Partners in 2018 and 2020.
“The transformation of Evolon into a fast-growth product company has been very impressive,” notes Douglas H. Kramp of ReignRock Capital Partners. “We look forward to this next chapter of Evolon’s ability to be a disruptive force in an industry that seeks innovative solutions.”
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