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/Proximex, NICE/Orsus, Verint/Rontal),or are still available for purchase. Meanwhile, Vidsys continued on.

We spoke with founder/CEO James Chong about Vidsys's latest funding of $11M, and their new term, "CSIM".

*** ******* ** ****** claims ** **** ******** the **** "****" ** 2005, *** *** **** time, **** ******* **** PSIM *** ***** ** be *** *** ***.

**** *** **** ******, several *********** **** ********* arose, *** **** *****, got ******** *** *** valuations (***/********,****/*****,******/******),** ******** ********* *** ********. *********, ****** ********* on.

** ***** **** *******/******** ********** ******'* ****** ******* of $***, *** ***** new ****, "****".

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

Funding ******

****$*** ************* ****** ** **** $40M ** ***** ******* over *** **** ** years, * *********** ****** of ***** *** * software-only *******, *** * huge ****** ******** ** the **** ******** ****** which ** ** *** $100 ******* ****** ******* range ********, ******* * decade ** **** *** funding.

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

****** **** **** ****** round ** ******* **** focus ** ******* ***** and ********* *****, *** that ***** **** *** likely ** *** ***** enhancements ** *** *******. They **** **** ** the ***** ** ******** to ** **** *** acquisitions.

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

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

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

****** *** **** **** have **** *********** *********** throughout *** ****** ****, and ** **** ** was ** *** ***** meeting **** ********* **** we ***** **** ***.

*** ****** **** ****** has **** ***** **** both ***** *** ******** concerns **** *** **** several *****, *** *** contributed ** ******* *********' revenue. **** *** ******* showed ********* *********** ** the ****** **** ** their** **** ********* *******.

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 *********** ****** ** the ******, ** **** acknowledge *** ******* **** not ******* ***** ************ and **** ***** ** more ** ****** ***** and *********.

****** ****** ******** ********* 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"....

Login to read this IPVM report.
Why do I need to log in?
IPVM conducts unique testing and research funded by member's payments enabling us to offer the most independent, accurate and in-depth information.

Related Reports

IFSEC 2019 Show Report on Jun 19, 2019
The UK's largest trade show, IFSEC, is underway and IPVM has been examining what is new and happening at the show. Inside, we cover: Huawei...
Startup Vaion Launching End-to-End AI Solution Backed with $20 Million Funding on Jun 17, 2019
An EU / USA video surveillance startup, Vaion, founded by ex-Cisco Senior Directors is launching an end-to-end VSaaS platform with $20 million in...
Embattled $400 Million China Funded Philippines Surveillance System Proceeds on Jun 13, 2019
An embattled 12,000 camera surveillance system project that will cost ~$400 million will proceed.  The project contract was awarded, had its...
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...
Aegis AI Gun Detection Video Analytics Startup on May 07, 2019
Gun detection analytic startups are increasing as the promise of AI and the threats of active shooters grow.  One company, Aegis AI, is being led...
Bastille Cell Phone Tracking Profile on Apr 30, 2019
Is tracking someone by their cellphone the next generation of surveillance? Bastille is a US startup which tracks people by their cellphone or...
Verkada Gets Half Billion Dollar Valuation on Apr 26, 2019
Last week, when we profiled Verkada (The Fastest Growing Video Surveillance Sales Organization Ever - Verkada), we predicted they would raise $40...
Failed Integrator Rollup, Securadyne Sells to Guard Giant Allied on Apr 10, 2019
One of the most ambitious integrator rollups of the decade has reached its conclusion—selling to a mega guard company. Allied Universal has...
Silicon Valley Access Startup Proxy Raises $13.6 Million on Mar 28, 2019
This mobile-credential based access startup just raised $13.6 million in funding.  Further, they claim that their technology can free businesses...
Large Hospital Security End User Interview on Mar 21, 2019
This large single-state healthcare system consists of many hospitals, and hundreds of health parks, private practices, urgent care facilities, and...

Most Recent Industry Reports

Security Dealer 'Social Media Contractor' Program on Jun 25, 2019
A $20,000 video surveillance system can be yours for free if you are willing to post on social media about the security dealer. Good deal, bad...
Axis Live Privacy Shield Analytics Tested on Jun 25, 2019
Privacy is becoming a bigger factor in video surveillance, driven both by increased public awareness and by GDPR. Now, Axis has released Live...
Directory of 55 Video Surveillance Startups on Jun 25, 2019
This directory provides a list of video surveillance startups to help you see and research what companies are new or not yet broadly known. 2019...
Hikvision Colorvu Camera Tested on Jun 24, 2019
Hikvision says their new ColorVu line captures "vivid chromatic images in darkness", with unconventional white light illuminations whereas most...
China Subway Facial Recognition System Examined on Jun 24, 2019
A China city of 6+ million people has installed facial recognition-enabled gates in subways, allowing commuters to enter stations by simply showing...
HID Mobile Tested on Jun 21, 2019
HID Global is one of the largest access brands, but their mobile access has had challenges. Indeed, the company has already restructured their...
Genetec Beats Milestone For IHS #1 on Jun 21, 2019
For years, Milestone has touted that they are the #1 VMS. Now, Genetec has beaten them in IHS rankings. But what is this? Even other manufacturers...
Risk of Amazon Alexa Guard: No Battery Or Cell Backup on Jun 20, 2019
Amazon positions its Alexa Guard Service as a "smart home security system" and says it can help you "keep your home safe". However, the...
Exacq Remote Cloud Access Tested on Jun 20, 2019
Remote cloud access has been missing from most VMSes (including Exacq and Milestone). Now, Exacq, after releasing Cloud Drive Storage earlier in...
Briefcam Buys Frost Award* on Jun 20, 2019
Frost 'awards' are well-known and widely disrespected. Now Briefcam is touting their win. The way it has worked for many years is that Frost...

The world's leading video surveillance information source, IPVM provides the best reporting, testing and training for 10,000+ members globally. Dedicated to independent and objective information, we uniquely refuse any and all advertisements, sponsorship and consulting from manufacturers.

About | FAQ | Contact