Avaak, Inc. Secures $7 Million in Series A Funding
Avaak, the industry leader in easy-to-use, wire-free personal video networking technology, today announced that it raised $7 million in Series A funding. The capital will support product development, marketing, and sales of Avaak’s new and unique consumer product, scheduled for release in early 2009. The financing was led by Trinity Ventures, a firm focused on early-stage technology investment opportunities with an emphasis on digital media and Internet services, among other markets. InterWest Partners and Leapfrog Ventures also made significant investments in Avaak’s initial round of funding.
“We were impressed by Avaak’s unique market opportunity and the management team’s ability to marry a proven security technology with digital technology to deliver a much-needed consumer application,” said Fred Wang, a general partner at Trinity Ventures. “By combining innovative ultra-low power wireless video mesh networking technology with the power of the Internet, Avaak has created uniquely simple products that any consumer can easily use to stay visually connected with family and friends no matter where they are. The company’s patented wire-free video networking technology enables consumers or small business owners to keep an eye on their homes or offices from afar, delivering utility and accessibility that anyone can use.”
Avaak’s innovative wireless video mesh networking technology was first developed with funding from the Defense Advanced Research Projects Agency (DARPA) and Office of Naval Research (ONR) for use in defense and security applications. The company continues to support the mission of these organizations, and was recently awarded an additional $3 million contract by the Office of Naval Research.
“Trinity Ventures, InterWest Partners, and Leapfrog Ventures’ combined track records in helping consumer-focused start-ups reach their potential is unequalled,” said Gioia Messinger, co-founder and chief executive officer of Avaak, Inc. “With our new consumer product we’re defining an entirely new category of products and we’re thrilled to have the backing of these notable firms. We welcome Fred to Avaak’s board, and look forward to working with him as our product launch approaches and in the years to come.”
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About Trinity Ventures
Trinity Ventures, a 22-year veteran in the venture business with more than $1 billion under management, partners with exceptional entrepreneurs to build great companies. Trinity Ventures focuses on early-stage technology investment opportunities with a particular emphasis on the digital media, Internet services, mobility, security and software markets. Trinity has invested in more than 100 ventures, including such leading companies as Aruba Networks (NASDAQ:ARUN), Blue Nile (NASDAQ:NILE), Crescendo Communications, Extreme Networks (NASDAQ:EXTR), Forte Software, Illustra, LoopNet (NASDAQ:LOOP), Photobucket (acquired by News Corporation:NWS), Speedera Networks (acquired by Akamai Technologies:AKAM), Starbucks (NASDAQ:SBUX) and Sygate Technologies (acquired by Symantec:SYMC).
About InterWest Partners
InterWest Partners, founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its tenth fund, IW X, a $650 million fund, InterWest has raised more than $2.8 billion of capital since inception. InterWest has 14 investing partners in Menlo Park, Calif., and Dallas, Texas, who bring together deep domain knowledge in life sciences and information technology.
About Leapfrog Ventures
Leapfrog invests in companies with identifiable customers and proprietary technology over the competition. Information technology, software, communications/wireless, and technology-heavy consumer spaces are preferred markets. Leapfrog Venture’s portfolio includes, Cloud9, Compassoft, Contactual, FastScale Technology, IronKey, RedSeal Systems, Teqlo, Radar Networks, Riya and Vast.
About Avaak, Inc.
Founded in 2004, Avaak, is the world’s leader in ultra low-power, easy-to-use, wire-free video technology that enables pervasive imaging applications where video and snapshots can be viewed, captured and shared from anywhere at anytime without the need of wiring cameras or downloading software. Originally developed for homeland security and defense purposes, Avaak’s technology enables the use of video in consumer and commercial applications and locations that were previously deemed infeasible. With a wide array of uses, the company’s product launching in early 2009 will allow consumers to take full advantage of the digital lifestyle. To learn more, please visit www.avaak.com.