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| Video storage co VideoCells raises $3.2m | Published by: Globes
www.globes.co.il
Yaniv Magal
28/01/2009
| No venture capital fund has invested in the company.
Video storage start-up VideoCells Ltd. Has raised $3.2 million in a financing round led by entrepreneur Marc Belzberg, a company director, and other private investors.
Prior to the current round, VideoCells had raised just over $500,000 from private investors. No venture capital fund has invested in the company. VideoCells directors George Cohen and Menachem Schwartz, and Eran Yaron founded the company in 2004. Its CEO is Stuart Steinberg. The company provides video solutions for monitoring companies and telecommunications operators. The company's solution costs less than its peers, and its first product targets the security market. The company has customers in the US, UK, Netherlands, Italy, and Russia.
VideoCells says that its product is mature and has been commercially installed at several locations worldwide. The company will use proceeds from the current financing round for marketing its products and customizing its to customers' needs.
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