Chart Venture Partners
RemoteReality Phase III Success: $12M in Phase III funding
DAWNBREAKER: Success Stories 10/01/2008
DAWNBREAKER
RemoteReality Corp., headquartered in West-borough, Mass., is the designer and manufacturer of next-generation intelligent-omni-video systems with real-time 360-degree viewing and analysis software for continuous surveillance, security and other applications supporting military, government and commercial markets.
The eleven year-old, Boston-based company was founded based on patented imaging technology providing quality, fidelity, and precision. According to Raghu Menon, executive vice president for Advanced Programs & Sales, "these criteria are unique for enabling panoramic fire control."
The project, Mast-Mounted In-Port Video Surv-eillance System, was originally funded by the Navy for 360° visual monitoring for perimeters around any critical asset (ships, ports, or shorelines). The critical capability called for alarm notification on detection of potential threats.
The technology is "military hardened" with dual-use applications (offers real commercial value—camera security, video conferencing, automotive 360° views—all in real-time). The company has completed a Marine Corp/ONR field test at the WARTEC facility at Camp Wilson (29 Palms California). Live fire desert training requires a high level of safety and security to separate the users from lines of fire.
Initial Navy specifications included the need for continuous visual coverage of an entire perimeter, day and night, automatic notification of potential threats, and a 500 meter detection range for small vessels.
Other applications include unmanned watercraft, for example, where the smart cameras for daylight and night-vision applications are able to keep constant watch on a 360-degree perimeter around the platform and warn the pilot of any perimeter incursion from other aircraft, missile, or other weapon. The company has also recently delivered a system for submarines at periscope depth, which affords control and positioning of the boat.
To successfully commercialize the technology, there is a strong need for large volume manufacturing. One path toward commercialization is to position the technology with large defense contractors. To that end, the company recently hired a new CEO. According to Michael Zwolinski, Chief Operating Officer, "We recently hired a new CEO [Dennis McGinn, a former Battelle corporate officer and Vice Admiral (U.S. Navy,Ret.)]. Mr. McGinn is the right leader for future growth."
Since the company is venture capital financed, information pertaining to sales and growth are considered proprietary. However, according to Zwolinski, "The company has already raised over half the financing necessary in a relatively short period of time."
|