Major cablers fund @Security venture
Home security provider @Security Broadband Corp. landed $45 million in its second round of financing from multiple investors, including seven major cable companies.
Financing for the nearly year-old company, whose security systems operate over the Web, included funds from Cox Communications, Adelphia Communications, Charter Communications, Shaw Communications, Comcast and Cablevision Systems.
The funding will go to continued technology development and preparing the product launch.
A $14 million first round went to product development and beta testing in Las Vegas, Chairman Jerry Lindaur told CEDaily. Lindaur and President and CEO William Glasgow had spent two decades at Prime Cable, he says. When launching the company, the two approached their contacts at the cable companies, landed the seed funds, then did the same for the $45 million.
Lindaur credits the cable companies and their CEOs with having the confidence in the new venture to fund it.
Test results in Las Vegas "proved up," he says, although he won't give specifics. "We've been very satisfied."
The product uses cable's broadband capabilities on a home security system with real-time audio and video alarm verification, 24-hour monitoring and a Web site with remote system access features and security content, the company says. Cable companies use the product on existing systems without affecting other uses.
Later this year, @Security will launch a controlled deployment in three as-yet-undetermined cities, for a limited number of suppliers, Lindaur says. He expects a mass deployment in late 2002 or early 2003, for which the company will "probably have to consider" another round of financing.