IC Real Tech has closed a $15 million funding round. The financing will further the marketing and development of the company’s revolutionary 360-by-360 degree video cameras, that together with its app, deliver an immersive virtual reality viewing experience as if the user is standing in the location in real-time.
Above: The IC ALLie
Below: The IC Real Tech 720
The company has been a provider of video surveillance and security products for nearly a decade, working in conjunction with global technology companies such as Verizon, Qualcomm and Motorola Solutions, among others.
The financing represents significant strategic expansion for IC Real Tech. The company’s fully spherical 360-by-360 technology represents a novel approach to the professional security channel, reinventing IC Real Tech’s position in that sector. 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 and 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 media outlets such as TechCrunch, Yahoo Tech, and Reuters. 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 and chairman of IC Real Tech. “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 Camera Models
The IC Real Tech 720 and ALLie 360-by-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. Using a smartphone, tablet, or virtual reality headset, the platform provides a fully immersive viewing experience, as if the user were 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 can satisfy fields of view that previously required several cameras to capture. The IC720 and ALLie will become available for sale later this year.