BY MARA LEE
A company that designs surveillance cameras for the military has moved from the suburbs of Boston to Putnam, winning $1 million in venture funding from Connecticut Innovations, the state’s quasi-public authority that invests in technology firms.
RemoteReality Corporation also received venture capital from a private VC firm, Kuwait Holdings and an individual investor.
RemoteReality, which has received more than $10 million from the Pentagon to advance its technology, is looking to hire engineers.
Denny McGinn, a retired Vice Admiral and the company’s chairman and CEO, said: “We continue to see strong demand for our products in the military market, and we plan to expand our focus over time to include mission-critical surveillance applications, as well as commercial applications.”
The camera systems the company designs can replace several regular cameras, covering a 360 degree view without rotating.
“We are very excited that RemoteReality’s technology has the potential to change the way real-time video surveillance is performed,” said Peter Longo, president and executive director of CI. “The fact that this technology could help save the lives of military personnel in the field makes it extremely valuable. We are delighted that RemoteReality has chosen Connecticut as its new home and look forward to working with the company to help it achieve its goals.”
Copyright © 2011, The Hartford Courant