iMove Lands $7.5-Million Series B Round
PORTLAND, ORE. -- iMove, which provides spherical imaging systems, said it has received $7.5 million in Series B funding.
New investors The Grosvenor Funds of Washington, D.C. and SmartForest Ventures co-led the round, with a combined investment totaling $5 million. The round also consisted of previous debt financing provided by individual investors that converted into equity and totaled more than $2 million.
The proceeds from this round will be used to penetrate the homeland security market. CEO Roger Thomas said the new funds should take the company to profitability in 2003. He said the post-money valuation for the down round was $12 million. The company has raised $14 million to date.
In addition to the funding, Steve Bottum, managing partner at The Grosvenor Funds, and Hugh Mackworth, managing partner at SmartForest, joined the board. Existing board members include Mr. Thomas; Will Swope, senior vice president at Intel; Robert Daltry, retired chairman and CEO of Flir Corp.; and Joe Tanous, managing partner at Bison Ventures. Mr. Thomas said the company will make one more appointment to the board in two weeks.
iMove's spherical imaging system comprises six separate cameras packaged as a single sensor that enables viewers to see in all directions at once and also digitally store, retrieve, and analyze the captured images. The company has also received funding from eFund International and individual investors. iMove has 25 employees and will add up to eight more over the next six months.