Vidsys Hangs On, Gets $11M New Funding

By: Brian Karas, Published on May 16, 2016

The founder of Vidsys claims to have invented the term "PSIM" in 2005, and for some time, many thought that PSIM was going to be the new VMS.

Over the next decade, several competitive PSIM companies arose, and then faded, got acquired for low valuations (ADT/ProximexNICE/OrsusVerint/Rontal),or are still available for purchase [link no longer available].  Meanwhile, Vidsys continued on.

We spoke with founder/CEO James Chong [link no longer available] about Vidsys's latest funding of $11M, and their new term, "CSIM".

*** ******* ** ****** claims ** **** ******** the **** "****" ** 2005, *** *** **** time, many thought **** **** *** going ** ** *** new ***.

**** *** **** ******, several *********** **** ********* arose, *** **** *****, got ******** *** *** valuations (***/************/***********/******),** *** ***** ********* for ******** [**** ** longer *********].  *********, ****** continued **.

** ***** **** *******/*** James ***** [**** ** longer *********] ***** ******'* latest ******* ** $***, and their *** ****, "****".

[***************]

Funding ******

****$*** ************* ****** ** **** $*** in ***** ******* **** the **** ** *****, a *********** ****** ** money *** * ********-**** product, *** * **** amount ******** ** *** PSIM ******** ****** ***** is ** *** $*** million ****** ******* ***** globally, ******* * ****** of **** *** *******.

** ********* ** ******* valuation, ** ** **** was ** ** ***** or **** ***** **** provided.

****** **** **** ****** round ** ******* **** focus ** ******* ***** *** marketing *****, *** **** there **** *** ****** be *** ***** ************ to *** *******. **** also **** ** *** money ** ******** ** ** used *** ************. 

Vidsys ******* ********

**** ***** *** ********* on ****** ******* ** number ** *********** ** date, ****** ******** ** provide *** *******.

Middle **** ********* ** ***** ******** ******

****** *** **** **** **** seen *********** *********** ********** the ****** ****, *** in **** ** *** in *** ***** ******* with ********* **** ** spoke **** ***.

*** ****** **** ****** has **** ***** **** both ***** *** ******** concerns **** *** **** several *****, *** *** contributed ** ******* *********' revenue.  **** *** ******* ****** continued *********** ** *** Middle **** ** ***** ** **** ********* *******.

CSIM ** *** *** ****

****** ** *** ********* "Converged ******** & *********** Management", ******. ********* ** ******, CSIM **** ** ****** beyond ******** ******* ** IoT ******* *** ********** points ** *****.

****** *** ******* ** new, *** ******* ** essentially *** **** ** PSIM: **** ** **** from ******** *******/*******, *** correlate **** **** ** event.

******' ******* ********** *** ability ** "**********" *****-***** solutions, ***** ***** ***** web-based ** ** ******** easy ** **, ******* the ******* ****/**** ******** is ******** ** ******* cloud ******** *********.

PSIM/CSIM ****** *******

** ********** ****** *** PSIM/CSIM ********* ** ****** relatively **** *******.  *** technology ** ****** *** primarily ****** ** **** large/complex ***********, ***** ****** the *********** ****** ************* to ******** ******* ** spend ******* ** $***,*** and **** ** ****** a ********** ******.

****** ******* **** **** no *********** ****** ** *** market, ** **** *********** the ******* **** *** undergo ***** ************ *** this ***** ** **** to ****** ***** *** marketing.

****** ****** ******** ********* from ********* ** *** of *** *** ******* marketed (********** ********) **** companies **** ********.

Comments (3)

Wonder how much of that is going to the ceos salary. Just seems strange that investors would invest in something that is not in high demand more so falling in demand.

Probably not as much as you would think.

Obviously CEO salaries can vary a lot, but for a startup-ish company like Vidsys I'd expect the CEO salary to be around $250K base, with some bonuses for hitting sales numbers or other metrics (increasing margin, etc.) that would add another ~$150K annually.

Many times in situations like this the investors will have terms that give them preferences like a minimum amount of return in the event of an exit (2x minimum guaranteed is not uncommon).

It can be hard to figure out exactly what the pitch was, or what the investors really see in any given company, but I think the shift to CSIM and IoT references could have played into the valuation hype. IoT has been a hot topic for VC funds the last few years.

It sounds as though they are, at worst, a niche custom programming consultancy, and likely get their valuation based on the strength of their current and anticipated engagements.

Meaning they are selling more "bodies" than "boxes"....

Read this IPVM report for free.

This article is part of IPVM's 6,362 reports, 854 tests and is only available to members. To get a one-time preview of our work, enter your work email to access the full article.

Already a member? Login here | Join now

Related Reports

Acquisitions - Winners and Losers on Dec 10, 2019
Most major manufacturers have been acquired over the last decade. But which have been good deals or not? In this report, we analyze the...
Vidsys New President Interviewed on May 31, 2019
A decade ago, PSIM was hot with projections then of a billion dollar market by now. This has not come close to happening. However, Vidsys, one of...
Prysm PSIM Profile on Mar 05, 2019
A decade ago, PSIM promised significant potential but has always suffered from significant problems. Now, a number of PSIMs have either gone out of...
OnSSI Co-Founders Are Out on Jan 04, 2019
OnSSI's co-founders, Gadi Piran [link no longer available] and Mulli Diamant [link no longer available], are out of the company just a week after...
Unisight Company Profile on Nov 01, 2018
Hikvision's largest US OEM, LTS has started to carry Unisight, whose products (shown below) look a lot like Hikvision's rival Dahua: Who is...
Pelco Is For Sale on Jun 27, 2018
Pelco is for sale, being shopped by an investment bank, IPVM has confirmed from multiple sources. The company, acquired by Schneider Electric in...
Panasonic Sells Security Camera Patents To Troll on Jun 04, 2018
In a highly atypical move, Panasonic has sold off nearly 100 security camera patents to one of the most well-known patent trolls. This comes just...
Death Of A Dummy Camera Manufacturer on Apr 25, 2018
5 years ago, IPVM gathered insights from a dummy camera manufacturer, who was then the top selling dummy camera provider on Amazon and 3rd in all...
Arecont EVP Schafer Ousted on Oct 09, 2017
Days after IPVM reported Troubles At Arecont Vision, the public face of Arecont and the incoming Chairman of the Security Industry Association,...
Exacq Favorability Results 2017 on Feb 22, 2017
For years, Exacq has been one of the most frequently favored VMSes in IPVM integrator statistics (e.g., see Favorite VMS Manufacturers...

Most Recent Industry Reports

Access Control Online Show - July 2020 - With 40+ Manufacturers - Register Now on Jul 01, 2020
IPVM is excited to announce our July 2020 Access Control Show. With 40+ companies presenting across 4 days, this is a unique opportunity to hear...
Hanwha Face Mask Detection Tested on Jul 01, 2020
Face mask detection or, more specifically lack-of-face-mask detection, is an expanding offering in the midst of coronavirus. Hanwha in partnership...
UK Government Says Fever Cameras "Unsuitable" on Jul 01, 2020
The UK government's medical device regulator, MHRA, told IPVM that fever-seeking thermal cameras are "unsuitable for this purpose" and recommends...
Camera Course Summer 2020 on Jun 30, 2020
This is the only independent surveillance camera course, based on in-depth product and technology testing. Lots of manufacturer training...
Worst Over But Integrators Still Dealing With Coronavirus Problems (June Statistics) on Jun 30, 2020
While numbers of integrators very impacted by Coronavirus continue to drop, most are still moderately dealing with the pandemic's problems, June...
FLIR Screen-EST Screening Software Tested on Jun 30, 2020
In our FLIR A Series Test, the cameras' biggest drawback was their lack of face detection, requiring manual adjustment when screening each...
Dahua Buenos Aires Bus Screening Violates IEC Standards and Dahua's Own Instructions on Jun 30, 2020
Dahua has promoted Buenos Aires bus deployments as "solutions that facilitate community safety". However, they violate IEC standards and,...
UK Firm Markets False Fever Screening, Hikvision Disavows on Jun 30, 2020
A UK security firm falsely claimed its Hikvision-based thermal solution could be used for "accurately detecting fever in any person", even claiming...
Industry Study: 83% of US Temperature Screening Sellers Falsely Say Not Medical Devices on Jun 29, 2020
83% of US companies selling temperature screening devices, aka 'fever' detectors, claim they are not medical devices, contrary to FDA definition,...
Manufacturers on Virtual 'ISC West' 2020 and Potential ISC West 2021 on Jun 29, 2020
With the 2020 ISC West show now officially canceled, attention turns to Reed's new "ISC West 2020 Virtual Event" planned for October and for the...