Pixel Velocity has landed $10 million in seed capital thanks to a Series B round of investment in the image processing and data analytics startup.
"They're really well-positioned in an area that combines data from sensors and data analytics," says Jonathan Murray, managing director of the Ann Arbor office of
Draper Triangle Ventures, which also participated in
Pixel Velocity’s Series B.
The Ann Arbor-based company creates sensor technology that helps provide safety, security and operational continuity solutions to commercial and government facilities. Its imagery and data analytic tools help protect users from accidental or natural threats, such as leaks, spills or intrusion. The company is planning to expand into the oil and gas market this year.
Money from the Series B will fund the Pixel Velocity’s revenue growth and expanding operations by adding more working capital to its bottom line. That money will help do everything from adding inventory to expanding its staff. The company has hired 10 people over the last year, including positions in executive management, software development, and hardware engineers. It currently employs 17 people and the occasional intern.
"We will also be doing some work on our branding," Grisham says.
Source: Heather Grisham, COO of Pixel Velocity, and Jonathan Murray, managing director of the Ann Arbor office of Draper Triangle Ventures
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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