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News

Additional funding secured for gunshot detection system

Shotspotter : 18 June, 2008  (Company News)
ShotSpotter gains funding for further development of its gunshot detection system for market expansion
ShotSpotter has announced the recent closure of equity financing totaling $7.5 million. The company will use this expansion capital to further solidify the dominance of its flagship product, the ShotSpotter GLS, in both the US domestic public safety and military markets and to accelerate market expansion internationally. The funds will also be used for strategic purposes.

The Westly Group of Menlo Park led the round, joined by Norwest Venture Partners (NVP) of Palo Alto and Broidy Capital Management of Los Angeles. The company's existing investors include the Band of Angels, City Light Capital, Claremont Creek Ventures, Labrador Ventures, Lauder Partners and Levensohn Venture Partners.

"As the pre-eminent leader in gunshot location and technology, ShotSpotter is already protecting more than 600,000 people where they live and work," said Steve Westly, managing partner, The Westly Group. "I'm proud to be an investor in a company that also helps the emergency services do their jobs and will make soldiers safer on the battlefield."

29 cities across the United States rely on ShotSpotter systems every day to detect and accurately locate gunfire, which studies indicate is only reported to the emergency services less than 50% of the time, depending on the city. The ShotSpotter GLS leads the market in deployments, arrests, weapons confiscations and lives saved. The company's technology has been credited with reducing violent crime by nearly 35 percent and gunfire rates by nearly 60 to 80 percent in cities in which it is deployed.

"It is a privilege to invest in a company whose innovative technology benefits society in such a positive way and actually saves lives," said Matthew Howard, general partner, Norwest Venture Partners (NVP). "It's clear that ShotSpotter's technology is mature and is becoming a 'must have' in cities across the United States. There is a tremendous opportunity for ShotSpotter to continue to help fight crime in even more locations throughout the country, and we look forward to working with the company to rapidly expand its business internationally."

The addition of three new investors in this financing round attests to the continued dramatic growth of the company and lays the foundation for ShotSpotter GLS to become the international system of choice, according to ShotSpotter president and chief executive officer James Beldock.

"Over the past two years, our investors have witnessed ShotSpotter's sales grow ten-fold, and their recent investment marks their commitment to our continued expansion. We will use this new capital to expand into the international market just as quickly as we have deployed throughout the United States," said James Beldock. "The investment further validates the vital importance of this technology for law enforcement, homeland security and military customers, as well as solidifies ShotSpotter's leadership position in the field."

"James is laser-focused in his leadership and has a single-minded commitment to excellence. His passion is contagious and it is one reason why ShotSpotter has defined the standard for gunshot location and detection in urban environments," said Pascal Levensohn, founder and managing partner of Levensohn Venture Partners.

In addition to providing real-time notification of gunshot events, complete with audio files of the event, ShotSpotter captures information that can be used for subsequent detailed forensic and intelligence analysis of events and for criminal prosecution. Such information can include comparative calibre and direction-of-fire analysis and even information on drive-by shooters on the move. In addition, ShotSpotter GLS interoperates with camera and surveillance systems, crime analysis tools and other dispatching technologies.
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