Bednarcik brings a wealth of experience in building companies from early-stage to large multi-billion dollar market leaders.

“Videoiq is bringing a truly disruptive technology to market,” said Ed Bednarcik, president and CEO of Videoiq. “Using intelligence and storage in the camera has allowed them to solve the network traffic problems caused by HD video streams, and their award-winning analytics have also proven to be highly effective at preventing crime. This has led to explosive growth and I am honoured to be joining Videoiq’s world-class team and helping revolutionise the security industry.”

The additional funds will be used to further accelerate the company's rapid growth and product development.

Unlike conventional IP video systems, which face significant bandwidth and storage challenges, Videoiq’s iCVR cameras and encoders store video in up to 500GB of onboard storage for months of continuous recording, while at the same time intelligently reducing network traffic and bandwidth consumption by more than 90 percent. Videoiq’s all-in-one solutions deliver up to full 1080p high-definition video and calibration-free adaptive analytics to provide unmatched perimeter protection for critical infrastructure, commercial and industrial facilities.

“Pairing advanced video analytics with distributed storage has allowed us to develop the most intelligent and network efficient IP-based video solution on the market,” said Ed Bednarcik, president and CEO of Videoiq. “This combination makes it dramatically easier for corporations and critical infrastructure customers to protect their facilities and expand the use of their existing networks without saturation or bottlenecks.”

Morgan Keegan & Company, Inc. served as exclusive advisor and placement agent to Videoiq in the transaction.