Dallas-based Evolon Technology Inc., an advanced video surveillance platform, has raised $16 million in Series A funding and aims to expand.
Founded by former engineers and scientists from the Los Alamos National Laboratory more than a decade ago, the company develops proprietary software technology that turns surveillance video into real-time actionable information.
Evolon CEO Kevin Stadler says market and tech trends are “creating a perfect storm” for the fast adoption of innovative security systems. He sees an “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.”
The company is “uniquely positioned to lead these advancements,” the CEO said.
Evolon product and growth funding
The CEO, who was tapped to helm the company in 2020, said the infusion of new capital will accelerate the company’s ability to deliver “better, faster, and cheaper security solutions.”
The funding will fuel the expansion of the Evolon team and accelerate product and research development efforts to drive growth in the perimeter surveillance software industry, the company said in a news release. Evolon also plans to enhance sales and marketing initiatives and implement new products and solutions.
Addressing the growing security market demand with tech
Evolon points to industry data showing the global security camera installed base is increasing at a fast clip. As many as one billion installed security cameras are expected by the end of the year.
The video security ecosystem “is extremely large, unstructured, and complex,” opening the door for advances from pioneering companies like Evolon, the company said.
Evolon says the need for industry-leading detection and classification accuracy is pressing. The company’s patented Situational Intelligence solutions use emerging technologies to satisfy that need. Using edge-to-cloud capabilities, security solutions aim to deliver hyper-accurate real-time detection of objects of interest— and fewer nuisance alerts.
The company’s software and analytics turn video security cameras and security systems into smart devices, it says. Evolon’s AI and deep-learning solutions scale to meet the needs of commercial and government organizations for situational intelligence in real time to reduce potential loss from criminal activity or business downtime.
New brand name in 2020
The company got a new brand name last year when Jemez Technology, a leading global provider of perimeter surveillance solutions for critical asset and infrastructure protection, announced its name change to Evolon. The company said its new name reflected the company’s continuing innovation and its evolving focus on advanced, AI-driven video analytics solutions.
“The Evolon name better represents the evolution of the industry and our company, which applies cutting-edge AI-based technology to solve challenging customer problems,” said Stadler, at the time. “Our new products and ability to use artificial intelligence at the perimeter all the way to remote monitoring ensures fast, intelligent detection that improves response time with fewer errors and at less cost.”
National Securities Corporation was the sole placement agent for the offering, the company said. The Liquid Venture Partners group at National Securities Corporation handled sourcing and executing the offering.
Evolon’s initial financing in November 2018 and November 2020 was led by ReignRock Capital Partners LLC.
“The transformation of Evolon into a fast-growth product company has been very impressive,” Douglas H. Kramp of ReignRock Capital Partners said in a statement. “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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