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.
Pivot3 Raises $45 Million For Sales And 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. ;)
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