IC Real Tech Closes $15 Million Investment Round
IC Real Tech, Inc. announced that it has closed a $15 million funding round. The financing will further the marketing and development of the company’s revolutionary 360 x 360 degree video cameras that together with its App, delivers an immersive Virtual Reality viewing experience as if the user is standing in the location in real-time.
The company has been a lead in video surveillance and security product innovation for nearly a decade and has been working for years with such global technology leaders as Verizon, Qualcomm and Motorola Solutions, among others.
The financing represents significant strategic expansion for IC Real Tech. The company’s fully-spherical 360 x 360 technology brings a fresh, new approach to the professional security channel, extending IC Real Tech’s status as a leading innovator. It also makes it possible for the company to delve into consumer markets, where a portable version of the camera is poised for both in-home video monitoring or the mobile creation and sharing of immersive action videos. The technology -- which was conceptualized and contributed to by IC Real Tech shareholder 360 Lab -- has won numerous awards at industry events this past year including ICES and ISC West, and has received critical acclaim in the burgeoning Virtual Reality sector by many media outlets such as TechCrunch, Yahoo Tech, Reuters and many others. The company’s technology has also been endorsed by YouTube for its 360 YouTube initiative.
“The financing will enable us to rapidly ramp-up for the launch of our cameras to the professional and consumer markets within the next few months,” said Lee Munder (founder of Munder Funds), chairman of IC Real Tech, Inc. “Given the overwhelmingly positive customer feedback and numerous industry awards that the technology has received, resellers and retailers are extremely enthusiastic about the new profit opportunities that our products will bring to them.”
The Funding was arranged by the private placement group of Raymond James.
Overview of the Highly-Innovative Cameras
The IC Real Tech 720 and ALLie 360 x 360 cameras feature a dual-megapixel-sensor system and proprietary viewing App that together deliver views spanning from floor-to-ceiling and completely around the camera itself. Using either a Smartphone, tablet, or Virtual Reality headset, the platform provides a fully-immersive viewing experience, as if the user is standing in the location in real-time. Navigation is achieved by panning the display in the desired directions or finger control of the display’s screen. Serving the professional markets, one IC720 camera satisfies fields-of-view that previously required several cameras to achieve. In the consumer markets, the portable version (ALLie) is already considered a leading solution in the Virtual Reality sector for its ability to create and share immersive action videos. The IC720 and ALLie will become available for sale later this year.