VideoIQ Has New CEO, New FundingSeptember 12, 2011
by Chris Reidy
VideoIQ, a Bedford company specializing in video surveillance products and services, announced that it has a new chief executive and $7.5 million in Series C funding.
Ed Bednarcik is the company’s new president and chief executive; he succeeds Scott Schnell, the company said in a press release. Most recently, Bednarcik led Wright Line, a Worcester company, VideoIQ said in a press release. Bednarcik was also an early employee of A123 Systems. Now located in Waltham, A123 is a supplier of lithium-ion batteries. Schnell has not disclosed his next move, VideoIQ said.
In a separate release, VideoIQ added that it has raised its $7.5 million in a Series C funding from Atlas Venture, Cisco, Matrix Partners, and Tenaya Capital.
According to Matrix Partners, VideoIQ has reached “the classic inflection point in a start-up company’s lifecycle” and is poised for “explosive growth.”
“Bednarcik’s experience and track record make him a perfect fit as VideoIQ’s growth continues to accelerate,” Matrix Partners general partner David Skok said in a statement.
VideoIQ’s offers such products as advanced surveillance cameras as well as video management services.