ShotSpotter, Inc. Secures More Than $10M in New Funding
Company Focused on Advancing Public Safety and Security Technologies and Continuing Expansion of World's Leading Gunshot Detection & Location System and Service
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- ShotSpotter, Inc., the market leader and innovator in gunshot location and detection technology, announced the recent closing of equity financing totaling $7 million and the expansion of its credit facility by $3.5 million. The company will use this expansion capital to transform ShotSpotter's technology solutions into a new domestic public safety Platform-as-a-Service (PaaS) delivery model, and solidify the dominance of its flagship product, the ShotSpotter Gunshot Location System(R) (GLS), in the international public safety and security markets.
The investors consisted of the company's existing investors including City Light Capital, Claremont Creek Ventures, Labrador Ventures, Lauder Partners, Levensohn Venture Partners, Norwest Venture Partners, and The Westly Group.
"We're excited about our growth prospects at ShotSpotter. This latest round of funding reinforces the commitment of our investors to support ShotSpotter's success in delivering innovative public safety and security solutions to cities and communities worldwide," said Ralph A. Clark, President and CEO, ShotSpotter, Inc. "We're focused on the introduction of a new services-based offering which will enable us to deliver our proven acoustic detection solution and its efficacy faster and more affordably to more public safety agencies and organizations globally."
"ShotSpotter is in an excellent position to capitalize on the global demand for technology solutions focused on security and safety," said Pascal Levensohn, Managing Partner of Levensohn Venture Partners and chairman of the board of ShotSpotter. "We and our co-investors from Claremont Creek, Lauder Partners, Labrador Ventures, City Light Capital, The Westly Group and Norwest Venture Partners see strong momentum building at ShotSpotter and remain committed to support the company's strategic growth plan as put forward by Ralph and his leadership team. We share the team's vision and are enthusiastic about helping them take advantage of this key market opportunity."
About City Light Capital (www.citylightcap.com)
City Light Capital is a venture capital firm seeking market-based solutions to major social problems. City Light invests in early stage, for-profit businesses that create solutions in Safety and Security, Education and Information Services, and Energy and the Environment. The firm is headquartered in New York, NY.
About Claremont Creek Ventures (www.claremontvc.com)
Based in Oakland, CA, Claremont Creek Ventures is a venture capital firm investing in early-stage information technology companies, particularly in the San Francisco Bay Area. The firm's three principals are all experienced managers and proven venture investors, and share a deep commitment to helping entrepreneurs build successful companies from the ground up. They focus on IT sectors where they have deep domain expertise, including - but not limited to - mobility, healthcare and security markets.
About Labrador Ventures (www.labrador.com)
Labrador Ventures, founded in 1989, is one of the oldest, premier seed stage funds in Silicon Valley. With over $200 million under management, Labrador has invested in more than 90 companies over the last 17 years, helping transform the way we work, communicate and transact business. Labrador invests in software, communications/networking, messaging, semiconductors and information services.
About Lauder Partners (www.lauderpartners.com)
Lauder Partners is a Silicon Valley-based venture capital firm that has invested in more than 75 private companies since 1986. Areas of investment specialty include cable/IPTV/TV-related technologies and Internet/web/telecom spaces, but occasionally include great companies that defy traditional classification such as ShotSpotter.
About Levensohn Venture Partners (www.levp.com)
Levensohn Venture Partners (LVP) is an early stage venture capital firm specializing in security and digital home infrastructure technologies since 1996. LVP's current and past portfolio companies include Akros Silicon, Atheros, BigFix, Broadlogic, Capella Photonics, Rapt, Reconnex, TeraLogic and Ubicom.
About Norwest Venture Partners (www.nvp.com)
Norwest Venture Partners (NVP) is a global venture capital firm that has actively partnered with entrepreneurs to build great businesses for more than 45 years. NVP focuses on investments in information technology including: software, services, enterprise and communications systems, semiconductor/components and Internet, media and consumer. The firm currently manages more than $2.5 billion in venture capital out of its office in Palo Alto, California.
NVP has funded over 400 companies in the U.S. since inception, as well as several direct investments in India and more than 20 cross border companies. Some of the firm's recent investments and transactions include Adventity, Airespace (acquired by Cisco Systems), deCarta, KACE, mBlox, Omeneon Video Networks, Open-Silicon (acquired by Unicorn Investment Bank), Persistent Systems, Rackspace, Resonext Communications (acquired by RF Micro Devices), SideStep (acquired by Kayak), Spinnaker Networks (acquired by Network Appliance), Winphoria Networks (acquired by Motorola) Yatra, and Yipes (acquired by Reliance/Flag Telecom). NVP has also funded such market leaders as Actel Corporation, Cerent (acquired by Cisco Systems), Documentum, Extreme Networks, Forte Software (acquired by Sun Microsystems), PeopleSoft and Tivoli Systems (acquired by IBM).
About The Westly Group (www.westlygroup.com)
The Westly Group is one of the nation's leading clean tech venture funds. The firm has six professionals focused on investing in cutting-edge companies in solar, biofuels, green building materials and water. The Westly Group also invests in government-related industries such as health care and security.
ShotSpotter Inc. is the leading developer of acoustic surveillance systems for gunfire and explosive events. Its technology solutions are focused on improving public and community safety by locating gunshots and other explosive events, and ultimately, helping reduce and prevent violent gun crime and improving intelligence-led policing and community policing initiatives. Its flagship product, the ShotSpotter Gunshot Location System(R), pioneered the use of wide-area acoustic surveillance coupled with audio analytics for public safety, homeland security, and military applications. For over a decade, public safety agencies have relied on ShotSpotter GLS solutions to provide them with timely and precise event detection and actionable intelligence to aid their proactive anti-crime strategies and operations. Currently, ShotSpotter GLS solutions protect many cities and counties nationwide, enabling law enforcement to respond more quickly, safely, precisely and consistently to gunfire. ShotSpotter possesses a multitude of patents that are the result of nearly two decades of innovation in the area of acoustic gunshot location technology. Its solutions are protected by many existing patents and pending patents. Information about ShotSpotter can be found at www.shotspotter.com. For ongoing news, please visit http://www.shotspotter.com/news/index.html.
Source: ShotSpotter Inc.
Released June 16, 2011