Avidence Secures $5.0 Million in Series A Funding

Mar 20, 2007

Avidence Inc. has secured $5.0 million in first round financing from Red Rock Ventures and ArrowPath Venture Partners. Investment proceeds will be used to further product development, sales, and marketing activities. Avidence is working to change how people use digital video in the enterprise.

Founded in 2006, Avidence is developing an open source platform for incorporating "smart" video into new and existing business solutions. The Avidence Video Application Server uses open source components and algorithms created by video software partners, software developers, and universities from around the world. The open source model allows the Avidence system to continue to expand in scope and functionality as new components and algorithms are created by the growing ecosystem of Avidence partners and developers. The Avidence product offering provides the ability to organize raw video streams, either live or recorded, into structured and actionable information. Its development tools are designed to eliminate the complexity of building video-enabled applications and to simplify integrations with enterprise systems.