Pivot3 Raises $45 Million For Sales And Marketing

The press release reads like a dictionary of IT buzzwords, but the jist is they're trying to move beyond surveillance into 'other applications' of storage boxes. Clearly the $45 million is for marketing.

I saw that too. Totally baffled why investors are giving them more money.

SSN is reporting:

"Video analytics is an area of interest for video surveillance storage provider Pivot3, which received a $45 million equity and bank financing on Feb. 24."

That's even more insane, if possible.

They are at least $150 million total funding, if not approaching $200 million.

On the plus side, there are some people successfully using Pivot3 in surveillance but it clearly remains a niche.

There's a one liner about video analytics in the press release as well--almost like it's a footnote. I imagine the powerpoint pitch simply included all conceivable keywords related storage (cloud, virtualization, appliances, data centers), with a few surveillance keywords thrown in for good measure. I like "transformative IT infrastructure technology."

BTW, their Steve Mitchell is no relation. ;)