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12/21/2006

RemoteReality Secures $7.3 Million in Series A Financing

Battelle Ventures, L.P., has co-led with Chart Venture Partners the $7.3-million Series A financing of RemoteReality, Corp., the designer and manufacturer of intelligent-omni-video systems with real-time viewing and analysis software for continuous 360� surveillance, conferencing and other applications supporting government, commercial and enterprise business markets. Participating in the funding round was Battelle Ventures’ affiliate fund, Innovation Valley Partners.

Battelle Ventures General Partner Ralph Taylor-Smith commented, “Current intelligent-video-surveillance products are not robust enough to meet requirements for persistent situational awareness, protection of critical assets and efficient communication of essential information. But, through its patented imaging technology integrating hardware and proprietary software, RemoteReality has solved key technical limitations, including those on video quality, and has reduced the high costs associated with systems that are predominantly in use today.

“By integrating high-resolution 360� mirrors, optics, sensors and intelligent processing into unique single-lens, solid-state, high-frame-rate video appliances, RemoteReality promises high-quality 360� real-time video with the ability to simultaneously detect and track multiple objects, in both visible and infrared thermal spectra,” Taylor-Smith continues. “This is an important development for the homeland security, defense and commercial security markets, and an advance that holds significant promise for enterprise business markets; for example, in video-conferencing applications.”

Taylor-Smith, who has joined the Westborough, Mass.-based company’s Board of Directors, notes that RemoteReality was identified as an investment opportunity with the help of Dr. James Ionson, an experienced technologist, corporate executive, senior defense appointee, entrepreneur, award-winning scientist and author of a number of patents for “instant digital imaging” inventions.

Dr. Ionson, now the CEO of RemoteReality, says: “Our systems are reliable in low-bandwidth network environments, are fully compatible with current object-recognition applications, have no moving parts and operate at maximum efficiency in just about any wireless communication network environment.

“Typical surveillance applications,” he notes, “are the acquisition and analysis of visual and thermal infrared video of the perimeters of critical facilities, such as ICBM silos, nuclear facilities, airports, harbors, embassies, and military bases, as well as corporate properties. Situational awareness applications include 360� visible and thermal video of hostile environments viewed from within the relative safety of armored vehicles.

“Our products also are sufficiently sophisticated to meet the needs of remotely piloted ground, aerial and maritime vehicles,” he says, noting that the company’s initial products – for perimeter surveillance, for vehicle situational awareness and for night-vision applications – “are currently being evaluated and field tested by top-tier defense and commercial systems integrators.”

Dr. Ionson says that RemoteReality, which is based in Westborough, Mass., has “completed successful demonstrations in a variety of situations, including corporate security surveillance in industrial parks, critical infrastructure protection, military-base security, and 360� persistent situational awareness on unmanned aerial, ground and seafaring vehicles.”

“The company now has sufficient funding to support its government markets business – to augment the sales effort, perform additional market development for enterprise businesses and ramp to volume production,” he says. “In the next year or so, the company also expects to begin to build high-quality, low-cost systems for commercial markets, with input from several original equipment manufacturers.”

For more information, please visit: www.remotereality.com