Westec Intelligent Surveillance Receives Growth Funding

Remote video monitoring company Westec Intelligent Surveillance announced this week an additional $20 million in equity funding.

Led by Argonaut Private Equity and Egis Capital Partners, with support from existing investors, Westec said the funds will be used to continue growth in the retail, restaurant and hospitality sector.

"Raising capital at this time and in this economic environment had its challenges, but we achieved a major milestone in the company's development that will allow us to maintain our leadership position," said Kelby Hagar, Westec’s president and newly-appointed CEO. "The capital will enable us to strengthen our balance sheet and provide growth capital for expansion of the business."

The company’s technology because it features two-way audio connections to each location monitored, providing a virtual guard service and saving money compared to on-site security guards.

While watching a retail location live from Westec’s monitoring center in Iowa, company personnel can push a button and talk to a potential store thief to notify them that they are being watched and that police may be called.

The company is looking to expand its market share with retail theft increasing due to the downturn in the economy. The Retail Industry Leaders Association released a survey in January that found an increase in theft/amateur shoplifting, financial fraud and organized retail crime.

“We save more than $2.2 million on an annual basis since we replaced our security guards with the Westec Virtual Guard Service," said Rich Mellor, vice president of loss prevention with Helzberg Diamonds. "Our stores are safe, our executive management team is delighted with the savings and I can rest at night knowing our locations are being watched 24/7 by a team of experts."

About the Author

Brent Dirks is senior editor for Security Today and Campus Security Today magazines.

Featured

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

  • Achieving Clear Audio

    In today’s ever-changing world of security and risk management, effective communication via an intercom and door entry communication system is a critical communication tool to keep a facility’s staff, visitors and vendors safe. Read Now

  • Beyond Apps: Access Control for Today’s Residents

    The modern resident lives in an app-saturated world. From banking to grocery delivery, fitness tracking to ridesharing, nearly every service demands another download. But when it comes to accessing the place you live, most people do not want to clutter their phone with yet another app, especially if its only purpose is to open a door. Read Now

  • Survey: 48 Percent of Worshippers Feel Less Safe Attending In-Person Services

    Almost half (48%) of those who attend religious services say they feel less safe attending in-person due to rising acts of violence at places of worship. In fact, 39% report these safety concerns have led them to change how often they attend in-person services, according to new research from Verkada conducted online by The Harris Poll among 1,123 U.S. adults who attend a religious service or event at least once a month. Read Now

  • AI Used as Part of Sophisticated Espionage Campaign

    A cybersecurity inflection point has been reached in which AI models has become genuinely useful in cybersecurity operation. But to no surprise, they can used for both good works and ill will. Systemic evaluations show cyber capabilities double in six months, and they have been tracking real-world cyberattacks showing how malicious actors were using AI capabilities. These capabilities were predicted and are expected to evolve, but what stood out for researchers was how quickly they have done so, at scale. Read Now

Most   Popular

New Products

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation.

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.