ANN ARBOR — The Ann Arbor-based image processing and data analytics technology developer Pixel Velocity Inc. said it has raised some $10 million through the sale of preferred stock in a private placement with investors.
CEO Matthew Van Haaren said the funding round “not only brings us the capital needed to pursue our business plan, but has also added valuable new skills and perspectives to our board of directors. We are excited about the future of Pixel and the opportunities that this new capital has opened up for us.”
The investors weren’t immediately disclosed.
A company announcement said the proceeds of the offering “will fund the company’s growth and operations, add to working capital and be used for general corporate purposes.”
New York City-based Daroth Capital Advisors LLC acted as financial adviser and placement agent to sell the stock.
Pixel Velocity products include imagery and data analytic tools that protect customers from security threats.
More at www.pixel-velocity.com.