360fly Closes $17.8 Million in Series B Round Funding with Qualcomm as Latest Investor Qualcomm Joins Lead Investor Catterton as well as Investment Partners Voxx International Corp. and Former Qualcomm Executive Steve Altman
PITTSBURGH, Aug. 12, 2014 /PRNewswire/ -- 360fly, a revolutionary single-lens camera and software platform that captures stitch-less 360-degree video, today announced the closure of a $17.8 million Series B financing round. Qualcomm Incorporated, through its venture capital group, Qualcomm Ventures, joins lead investor Catterton, Voxx International (VOXX) and Steve Altman, former President and Vice Chairman of Qualcomm Incorporated, as primary investors of 360fly.
360fly, which changed its company name from EyeSee360 [earlier this year], will use proceeds from the investment to increase software and product development as it works towards a Fall 2014 consumer launch of the 360-degree panoramic video camera, the 360fly MICRO smartphone attachment, 360fly.com video hosting and sharing service and the 360fly apps for both iOS and Android platforms.
"Our investment partners see the tremendous potential of 360fly to deliver a product and software solution that will revolutionize the way people consume and share video," said Tim O'Neil, CEO of 360fly. "The positive feedback we are receiving from consumers around our new products is matched only by the national retailer community's interest in supporting our launch in the fall."
Earlier this year at CES 2014, VOXX Electronics Corporation, a wholly owned subsidiary of VOXX International Corporation, announced a distribution partnership to deliver the 360fly line of panoramic video cameras and software to the market.
The camera allows users to capture and share an interactive video with a field of view of 360 degrees horizontal by 240 degrees vertical. 360fly frees the user from the limitations of traditional video – capturing the full experience in 360 degrees. The intuitive design and app interface give users an engaging experience when viewing video content. 360fly MICRO is a smartphone lens attachment that puts a spin on traditional video, offering smartphone users the ability to simultaneously record everything around them and share an immersive experience instantly through social media.
To learn more and keep updated on 360fly's launch progress, please sign up on www.360fly.com.
Formerly under the company name EyeSee360, 360fly creates products and software for interactive 360 degree video experiences. They aim to fundamentally change the way consumers record, watch and share video by capturing life just as you experience it — in 360 degrees.
Founded out of Carnegie Mellon University's Robotics Institute, 360fly is the technology leader in single-shot panoramic imaging for both still and video photography. 360fly has decades of experience in robotic vision, image rendering, and software interface development. Although 360fly's technology was originally designed for aviation and military use, they now make consumer and broadcast products. 360fly has offices in Pittsburgh and Virginia.
Catterton is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-four year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton's investments include: Restoration Hardware, Plum Organics, Baccarat, PIRCH, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, PIADA, Heartland RV, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature's Variety pet foods, Kettle Foods, Odwalla and P.F. Chang's, to name a few. More information about Catterton can be found at www.cpequity.com.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) is the new name for Audiovox Corporation, a company that was formed over 45 years ago as Audiovox that has grown into a worldwide leader in many automotive and consumer electronics and accessories categories, as well as premium high-end audio. Through its wholly-owned subsidiaries, VOXX International proudly is recognized as the #1 premium loudspeaker company in the world, and has #1 market positions in automotive video entertainment and remote starts, digital TV tuners and digital antennas. The Company's brands also hold #1 market share for TV remote controls and reception products and leading market positions across a wide-spectrum of other consumer and automotive segments. Among the key domestic brands are Klipsch®, RCA®,Invision®, Jensen®, Audiovox®, Terk®, and Acoustic Research®. . For additional information, please visit our Web site at www.voxxintl.com.
About Steve Altman
Steve Altman has had a long and distinguished career at QUALCOMM until his retirement from the company in early 2013. During his 24-year tenure at Qualcomm, Steve served in many different roles including General Counsel, President and Vice Chairman of the company. Steve is considered the chief architect of Qualcomm's strategy for licensing its broad intellectual property portfolio for wireless communications and will be joining our technical advisory board.