San Francisco, CA (PRWEB) December 7, 2009
ReTel Technologies, Inc., an advanced surveillance video analytics company, has recently closed its first round of institutional financing. The round, led by Jeff Clavier of SoftTech VC, will be used to expand ReTel's engineering and sales teams, as well as to continue development of ReTel's surveillance video-based business intelligence and analytics solutions.
Jeff Clavier will be joining ReTel's board of directors, along with Ira Weiss from Hyde Park Angels. In addition to SoftTech and Hyde Park Angels' investments, ReTel's seed round includes participation by Dave McClure via FF Angel, Maples Investments, eonBusiness and Zelkova Venture Capital.
"This is further validation of our technology platform and market opportunity," said George Aspland, ReTel Technologies CEO. "We're excited to have the participation of a number of top early-stage investors, including many with very direct and relevant experience that will help accelerate our business' growth."
Unlike existing surveillance video analytics products, ReTel's proprietary surveillance video analysis technology augments computer vision with a human feedback loop to create the most flexible and accurate video analytics system available, with capabilities that directly solve business issues faced by its customers.
ReTel's flagship product suite, ConstantAudit, helps franchisees and corporate employees at restaurant and retail chains gain access to powerful data about their stores' operational efficiency, employee productivity and consumer experience using the surveillance equipment they already have. Early customers include international chains and franchisees of chains such as Shell Petroleum and Dunkin' Donuts, with a number of additional chains currently participating in private pilots.
In addition to the financing, ReTel was recently chosen as one of seven finalists out of hundreds of applicants for Amazon.com's 2009 AWS Start-Up Challenge. The competition features the most promising early stage companies that leverage Amazon Web Services in their business.
About ReTel Technologies: Based in San Francisco, CA and Chicago, IL, ReTel Technologies develops advanced analytics that help businesses optimize their security, operations and consumer experience through ongoing analysis of surveillance video. ReTel's unique system seamlessly augments computer vision with human auditing to uncover actionable insights previously unavailable at scale or low cost. ReTel was founded in 2007, and is also a 2009 TechStars company.
About Jeff Clavier & SoftTech VC: Jean-Francois 'Jeff' Clavier is the Founder and Managing Partner of SoftTech VC. Since 2004, his fund has invested in more than 60 consumer Internet companies, almost exclusively in Silicon Valley. In 2008, BusinessWeek named him one of 'The 25 Most Influential People on the Web,' praising his eye for fast-rising startups, such as personal-finance service Mint, recently sold to Intuit for $170M.
About Hyde Park Angels: Hyde Park Angels (HPA) is a Chicago-based angel investor network that makes seed and early-stage investments in businesses, primarily in the Midwest, in a wide variety of industry sectors. These include technology, healthcare, business and financial services, and consumer and industrial products. HPA's members include current and former corporate executives, entrepreneurs, and venture capitalists who offer domain expertise, strategic advice and coaching to HPA's portfolio companies. HPA is affiliated with the Polsky Center of Entrepreneurship at the University of Chicago's Booth School of Business.
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