Hie Electronics Raising $5M Toward $10M Series A

Venture Wire

September 22, 2006

McKinney, Texas -- Hie Electronics Inc., a developer of optical video recording technology for the security and medical industries, is looking to close a $5 million first tranche toward a $10 million Series A by the end of this year, company Chairman and Chief Executive Patrick Humm told VentureWire.

Founded in January 2005, Hie has taken in an undisclosed amount of seed funding from angel investors up until this point. The company is talking to venture capitalists and early stage investors for the Series A round, Humm said.

Hie is developing technology that provides long-term video surveillance storage for the security industry. The company plans to target the security market, including airports, casinos, government and the armed forces. Hie is also using its technology to target the telemedicine market, including hospitals and medical imaging businesses, to provide long-term storage to medical record files, including MRIs and CAT scans.

Humm said the company aims to provide cost-effective long term data storage to the security and health care industries, where records often need to be kept for long periods of time. The company, which is scheduled to launch its products within four to 18 months, is projected to be cash positive within 18 months, Humm said.

Based in McKinney, Texas, Hie currently has about 35 employees.