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Closed circuit television co Adyoron completes $5.5 million round

Marketing partner Pelco expects to sell $50m worth of Adyoron products in 2002

Adyoron Intelligent Systems has completed a $5.5 million financing round at a post-money company value of $25 million.

The company makes closed circuit television digital video recording systems for the security market. Video recordings can be viewed simultaneously from various locations.

Cintek Capital led the round with $4 million, and $1.5 million was placed by other investors, among them Israeli venture capital funds, and investors who had invested in the company in the past.

CEO Yoram Sagir said that the company regards the agreement with Cintek a strategic investment. He said leading European entities that are invested in Cintek are to assist Adyoron penetrate big markets in Europe where September 11 events increased demand for security solutions.

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In order to compete with its more established rivals, such as Nice Systems (Nasdaq:NICE) and Comverse Technology (Nasdaq:CMVT), in August 2001 Adyoron signed a marketing agreement with Pelco, the leading company in the United States in closed circuit television.

At the time Pelco estimated it would sell $50 million worth of Adyoron products by the end of 2002. Sagir said that Adyoron would be getting $15 million from the Pelco sales.

Adyoron's revenue for 2001 came to about $10 million. The company was founded in 1999 by Yoram Sagir, Co-CEO Ronen Sagir and Co-CEO Adi Pinhas.